CONSOLIDATED GROSS REVENUE OF R$ 9.3 BILLION IN 1H15 CONSOLIDATED EBITDA OF R$ MILLION, AN INCREASE OF 18.6% 27 NEW STORES OPENED AS OF TODAY

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1 CONSOLIDATED GROSS REVENUE OF R$ 9.3 BILLION IN 1H15 CONSOLIDATED EBITDA OF R$ MILLION, AN INCREASE OF 18.6% 27 NEW STORES OPENED AS OF TODAY Rio de Janeiro, August 13th, 2014 Lojas Americanas S.A. [BOVESPA: LAME3 (common) and LAME4 (preferred)], one of the leading retail chains in Brazil with 978 stores and present in all Brazilian states, announces today its results for the 2 nd quarter (2Q15) and 1st half of 2015 (1H15). The accounting information that serves as the basis for the comments that follow are presented in accordance with the international financial reporting standards (IFRS), to the rules issued by the Brazilian Securities Exchange Commission (CVM) and in Reais (R$). The comparisons refer to the 2 nd quarter of 2014 (2Q14) and 1st half of 2014 (1H14). Consolidated Gross Revenue (R$ MM) Consolidated Gross Profit* (R$ MM) and Gross Margin* (%NR) OPERATIONAL AND FINANCIAL HIGHLIGHTS Executive Summary 1H15 Comparison to 1H14 Parent Company Consolidated 1H15 1H14 Var. (%) Financial Highlights (R$ MM) 1H15 1H14 Var. (%) 4, , % Net Revenue 8, , % 1, , % Gross Profit* 2, , % 31.8% 31.0% +0.8 p.p. Gross Margin* (%NR) 29.0% 28.9% +0.1 p.p % Adjusted EBITDA % 15.7% 14.8% +0.9 p.p. Adjusted EBITDA Margin (%NR) 11.7% 11.3% +0.4 p.p % Net Income % 0.9% 1.7% -0.8 p.p. Net Margin (%NR) 0.5% 0.9% -0.4 p.p. * Consolidated Gross Profit and Gross Margin Check the effects of the consolidation of B2W shippers on page 3; Gross Revenue In 1H15, parent company gross revenue totaled R$ 4.9 billion, an increase of 10.8% over 1H14. Consolidated gross revenue grew 15.0% in relation to 1H14, reaching R$ 9.3 billion; Net Revenue In 1H15, parent company net revenue reached R$ 4.3 billion, an increase of 12.0% in relation to 1H14. Consolidated net revenue growth 15.0%, reaching R$ 8.1 billion; Same Stores Net Revenue Growth in same stores net revenue of 9% in the first half of 2015; Consolidated Adjusted EBITDA (R$ MM) and Adjusted EBITDA Margin (%NR) Gross Margin* In the parent company, gross margin was 31.8% of net revenue in 1H15, an increase of 0.8 p.p. Consolidated gross margin was 29.0% of net revenue; Adjusted EBITDA In the parent company, Adjusted EBITDA totaled R$ million in 1H15, an increase of 18.5% over 1H14. Adjusted EBITDA margin was 15.7% of net revenue, a growth of 0.9 p.p. over 1H14. Consolidated Adjusted EBITDA reached R$ million in 1H15. Consolidated Adjusted EBITDA margin was 11.7% of net revenue in 1H15, a growth of 0.4p.p.; Net Income Consolidated net income reached R$ 39.5 million in 1H15; Evolution in Number of Stores Expansion 85 anos em 5 Somos Mais Brasil : For the next 5 years ( ), we plan to open 800 new stores in Brazil; In 2015, year-to-date, we have opened 27 stores and have more than 90 stores which are contracted or in advanced stage of negotiation. B2W DIGITAL In 2Q15, B2W presented a GMV growth of 23.8%, combined with a consolidated gross revenue growth of 16.0%. Charts 1H means first half of each year. GMV (Gross Merchandise Volume) represents consolidated gross sales and services revenue plus sales placed through B2W Digital s marketplace, after returns, including taxes. Adjusted EBITDA - Operating profit before interest, taxes, depreciation and amortization, other operating income/expenses, equity accounting, minority participation, statutory participation and discontinued operations. 1 / 21

2 MULTICHANNEL RETAIL STRUCTURE Lojas Americanas operates through a multichannel service structure. In addition to the bricks-and-mortar store chain, the Company reaches customers with a wide range of products and services sold via the Internet, telephone, catalogues, TV and kiosks, that complement the range of products in the physical stores. B2W DIGITAL is the leading e-commerce company in Latin America. The Company operates through a digital platform, with a portfolio of brands including Americanas.com, Submarino, Shoptime, SouBarato, Digital Finance, Submarino Finance e Ingresso.com offering more than 40 categories of own and partners products and services. Lojas Americanas participation in B2W Companhia Digital on June 30 th was 55.68%. The following organizational chart illustrates the integrated approach of Lojas Americanas: Multichannel Retailer Bricks-and-Mortar E-commerce, TV, Telephone Sales, Catalogues and Kiosks Participation: 55.68%* Results Consolidation: 100% *Position on 06/30/ / 21

3 COMMENTS ON OPERATING PERFORMANCE EASTER MISMATCH In 2015, the Easter Holiday occurred on April 5, while in 2014 it occurred on April 20. Therefore, in 2014, revenues related to this important event had a greater impact in the second quarter. GROSS MERCHANDISE VOLUME (GMV) GMV (Gross Merchandise Volume) represents consolidated gross sales and services revenue plus the sales placed through B2W Digital s Marketplace and, as consequence, in the consolidated financial statements of Lojas Americanas. In 1H15, consolidated GMV reached R$ 9.5 billion, a variation of 17.8% in relation to the R$ 8.1 billion registered in 1H14. NET REVENUE In 1H15, parent company net revenue reached R$ 4.3 billion, a variation 12.0% in relation to the R$ 3.9 billion registered in 1H14. Consolidated net revenue of Lojas Americanas and its subsidiaries reached R$ 8.1 billion in 1H15, an increase of 15.0% when compared to 1H14. In terms of same stores sales, net revenue growth in the first half of the year was 9%. EFECTS RELATED TO THE CONSOLIDATION OF B2W S TRANSPORTATION SUBSIDIARIES ON GROSS PROFIT AND SELLING, GENERAL AND ADMINISTRATIVE EXPENSES IN THE CONSOLIDATED RESULT Click-Rodo and Direct (subsidiaries of B2W) provide distribution services for B2W Digital. These services generate an elimination effect in the consolidation of B2W Digital s gross revenue and SG&A (Distribution expenses) and consequently in the consolidated financial statements of Lojas Americanas, according to the present accounting rules. The consolidated gross profit of B2W Digital and consequently the consolidated gross profit of Lojas Americanas is reduced by an amount equal to the positive effect observed in selling, general and administrative expenses, but with no effect on EBITDA and EBITDA margin. As the subsidiaries Click-Rodo and Direct continue to provide more services to the Company, this effect will become increasingly relevant. Gross Profit Consolidated gross profit presented by Lojas Americanas in 1H15, without the effects of the consolidation (operational financial highlights table, page 1), would be R$ 2,344.8 million or 29.0% of net revenue. SG&A Consolidated Sales, General and Administrative Expenses of Lojas Americanas presented in 1H15, without the aforementioned consolidation effect, would be R$ 1,400.8 million or 17.3% of net revenue. EBITDA Consolidated Adjusted EBITDA of Lojas Americanas would remain unchanged in the amount of R$ million or 11.7% of net revenue. 3 / 21

4 GROSS PROFIT AND GROSS MARGIN In 1H15, the parent company s gross margin was 31.8% of net revenue (NR), an evolution of 0.8 p.p. when compared to the 1H14 margin of 31.0%. Consolidated gross margin in 1H15 was 27.4% of NR (without the effects of the consolidation of the transportation companies, gross margin would be 29.0% of NR). Over the last two years the Company invested in projects aimed at supporting growth and profitability. The improvement in the gross margin during the first half of the year is the result of partnerships with our suppliers and an improved combination of seasonal product assortment and other product categories (creating opportunities for cross-selling). In addition, supply chain improvements enabled a greater degree of efficiency in the delivery of inventory from distribution centers to stores across all regions of the country, and improved in-store product turnover through more efficient inventory management. Many of the projects mentioned are in the maturation phase and the noted gains until now make us optimistic to continue investing in continuous improvement of our operations, always focused on the customer. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES In 1H15, parent company selling, general and administrative expenses totaled R$ million, or 16.2% of NR, the same level of 1H14. Consolidated selling, general and administrative expenses in 1H15 totaled R$ 1,266.5 million, or 15.7% of NR, a variation of -1.8 p.p. in relation to the same period of last year (without the aforementioned consolidation effect, SG&A would be 17.3% of NR). Constantly seeking growth combined with profitability, in the first half of the year we improved a series of optimization measures related to administrative expenses, headcount, rental expense, and general services, as well as the search for energy efficiency. 4 / 21

5 EBITDA AND EBITDA MARGIN In 1H15, parent company Adjusted EBITDA reached R$ million, an increase of 18.5% in relation to 1H14. Adjusted EBITDA margin was 15.7%, an improvement of 0.9 p.p. compared to the level in 1H14. Consolidated Adjusted EBITDA reached R$ million in 1H15, a growth of 18.6% in relation to 1H14. Consolidated Adjusted EBITDA margin in 1H15 was 11.7% of NR, an improvement of +0.4p.p. compared to 1H14. EBITDA (CVM 527/12) On October 4 th, 2012, Brazilian Securities Exchange Commission (CVM) enacted Instruction 527/12, which disposes about the voluntary disclosure of non-gaap information, such as EBITDA. The Instruction aims to standardize the disclosure, in order to improve the understanding of this information and making it comparable among the publicly listed companies. To keep the consistency and the comparability between previous periods, we present the EBITDA reconciliation in the following table: EBITDA Reconciliation - R$ MM 1H15 1H14 % 1H15 1H14 % Gross Profit 1, , % 2, , % (+) Sales Expenses (654.7) (583.4) 12.2% (1,156.1) (1,140.5) 1.4% (+) General and Administrative Expenses (44.1) (40.3) 9.4% (110.4) (90.2) 22.4% (=) Adjusted EBITDA % % EBITDA Margin (%NR) 15.7% 14.8% +0,9 p.p. 11.7% 11.3% +0,4 p.p. (+) Other Operat. Income (Expenses)* % (15.5) (17.9) -13.4% (+) Equity Accounting (53.1) (53.0) 0.2% (=) EBITDA (CVM 527/12) % % EBITDA Margin (%NR) CVM 527/ % 13.4% +1,1 p.p. 11.5% 11.1% +0,4 p.p. * In the old accounting rules, considered as "non-operating income". Parent Company Consolidated Adjusted EBITDA - Operating profit before interest, taxes, depreciation and amortization, other operating income/expenses, equity accounting, minority participation, statutory participation and discontinued operations. 5 / 21

6 NET FINANCIAL RESULT Parent company net financial expenses totaled R$ million in 1H15, a variation of 45.9% in relation to the R$ million of net financial expenses presented in 1H14. Consolidated net financial results were R$ million. The variation in financial expense is primarily related to the increased rate of the Interbank Deposit Certificate CDI. In addition, the subscription to 18.4 million shares (R$ 1.0 billion) in B2W s private capital increase affected the net financial result of the parent company starting in June Thus, in the following table, we present a view of the financial result with the aforementioned effects. Breakdown of the Net Financial Result - R$ MM 1H15 1H14 % Parent Company Net Financial Result (412.8) (283.0) 45.9% Consolidated Net Financial Result (725.4) (595.5) 21.8% NO EXPOSURE TO FOREIGN EXCHANGE VARIATIONS The Company continues to reaffirm its commitment to a conservative cash investment policy, demonstrated by the use of hedge instruments in foreign currencies, and derivatives (swaps). The financial liability and the total cash position of the Company are FULLY PROTECTED against any foreign exchange fluctuations through these financial instruments, which offset the foreign exchange risk transforming the cost of debt for currency and local interest rate (as a percentage of CDI *). In the same vein, it is worth remembering that the Company's cash is invested in the largest financial institutions in Brazil. *CDI - Interbank Deposit Certificate: average rate of funding through the interbank market. NET RESULT Parent company net income in 1H15 totaled to R$ 39.5 million. Net Income variation is mainly related to the increase in net financial result during the period. The following table shows the main variations from Adjusted EBITDA to net result: Reconciliation of the Net Result - R$ MM 1H15 1H14 % 1H15 1H14 % Adjusted EBITDA % % (+) Depreciation / Amortization (131.1) (113.8) 15.2% (240.6) (175.6) 37.0% (+) Net Financial Result (412.8) (283.0) 45.9% (725.4) (595.5) 21.8% (+) Equity Accounting (53.1) (53.0) 0.2% (+) Other Operat. Income (Expenses)* % (15.5) (17.9) -13.4% (+) Minority Interest % (+) Income tax and social contribution (41.5) (54.9) -24.4% % (=) Net Result % % * In the old accounting rules, considered as "non-operating income". Parent Company Consolidated Adjusted EBITDA - Operating profit before interest, taxes, depreciation and amortization, other operating income/expenses, equity accounting, minority participation, statutory participation and discontinued operations. 6 / 21

7 INDEBTEDNESS Lojas Americanas uses its cash flow giving priority to investments that generate the best returns for shareholders. Thus, we have listed below the main actions carried out in the period between 07/01/2014 and 06/30/2015: Investments made by Lojas Americanas and B2W in property and intangible assets (websites and systems development) of R$ 1,440.4 million; Payment of interest on equity and gross dividend in the amount of R$ million; Lojas Americanas s consolidated short and long-term loans and debentures at 06/30/2015 totaled R$ 8,754.8 million. If we deduct the cash position of R$ 4,921.3 million (cash + money market investments + accounts receivable from credit and debit cards) from total loans, we reach a net debt position of R$ 3,833.5 million. R$ million Parent Company Consolidated Indebtedness 06/30/ /30/ /30/ /30/2014 Siort Term Debt Siort Term Debentures Siot Term Indebtedness , ,171.1 Long Term Debt 1, , , ,025.8 Long Term Debentures 3, , , ,464.3 Long Term Indebtedness 4, , , ,490.1 Total Debt (1) 5, , , ,661.2 Casi and banks Money market investments 1, , , ,398.0 Accounts receivable , ,395.2 Total Cash (2) 2, , , ,583.7 Net Cash (Debt) (2) - (1) (3,543.8) (3,226.9) (3,833.5) (3,077.5) Net Debt / Adjusted EBITDA LTM Average Maturity of Debt (in days) 1,082 1,229 1,034 1,118 At 06/30/2015, the Company s net debt was 1.7x LTM accumulated EBITDA. The average debt maturity was 1,034 days (34 months). With regard to the Parent Company, net debt was 2.1x LTM accumulated EBITDA. The average debt maturity was 1,082 days on 06/30/2014 (36 months). To match the uncertainties and the volatility of the financial market, Lojas Americanas has the orientation of preserving the cash and prolonging the debt profile. Throughout the last few years, many measures were taken related to this objective, which let us consolidate our plan of long-term growth for the Company. Accounts receivable are composed of receivables from credit cards, net of the discounted value which have immediate liquidity and can be considered as cash. The breakdown of accounts receivable is shown in the following table: R$ million Parent Company Consolidated Accounts Receivable Conciliation - R$ MM 06/30/ /30/ /30/ /30/2014 Gross credit-cards receivable , ,603.0 Electronic debits and checks receivables Receivable discounts (464.5) (598.4) (2,160.3) (2,228.6) Accounts Receivable from credit / debit cards , ,395.2 Present-value adjustment (6.4) (5.0) (12.1) (13.2) Allowance for doubtful accounts (2.3) (2.2) (31.9) (33.7) Other accounts receivable Consolidated Net Accounts Receivable , , / 21

8 Due to the adoption of the new CPCs/IFRS, in particular the CPC 38 and its corresponding IAS 39, the Company began to write off (derecognize) receivables from credit card administrators the moment they were effectively discounted (as of the explanatory notes of the financial statements). However, to better demonstrate the volume of receivables discounted on the base-dates analyzed, in the chart above the Company presents the accounts receivable adjusted by the discounts made until the base-dates under analysis. SALES BY MEANS OF PAYMENT Sales breakdown by means of payment in 1H15 and 1H14 can be observed in the following table: Parent Company Consolidated Means of Payment 1H15 1H14 Var. 1H15 1H14 Var. Cash 58% 60% -2 p.p 49% 48% +1 p.p. Credit Cards 42% 40% +2 p.p 51% 52% -1 p.p. PARENT COMPANY NET WORKING CAPITAL At 06/30/2015 net working capital was zero days in 06/30/2015, a no-necessity of working capital. (Net Working Capital = Days of Inventory + Days of Accounts Receivable Days of Suppliers) The evolution of Lojas Americanas net working capital in the period shows the constant search for balance between the working capital variables: inventory, suppliers and accounts receivable. Inventory: The improvements that have been implemented in the logistic process in the Company aim to improve, even more, the efficiency of the distribution of inventory between the distribution centers and stores of all the regions of the country and support our expansion program Suppliers: The evolution of this line in the last few years shows the constant search for improvements in our operational process and by continuously improving the relationships with our suppliers. Accounts Receivable: Improvements in the control over the offer of credit and the deadlines for payments in the stores, contributed to a reduction in accounts receivable during the quarter. 8 / 21

9 CUSTOMER SERVICE LEVEL Melhores e Maiores - Exame Lojas Americanas was first place in the Retail category, been considered the best company of the segment. On its 42 nd edition, the Maiores e Melhores prize of the EXAME magazine, acknowledge the success of companies that moves the Brazilian economy. Época Negócios 360º Maiores e 250 Melhores Lojas Americanas was 1 st place on the Retail category. Started in 2012, by the Época magazine, the 360 prize is considered a national guide to measure all the relevant dimensions for the continuous success of organizations. The six rated dimensions, with the collaboration of Fundação Dom Cabral, are: Financial Results, HR Practices, Corporate Governance, Innovation Capability, Social and Ecological Responsibility and Future Sight. Empresas de Maior Prestígio Época Negócios Lojas Americanas was 1 st place of the Retail segment, been considered the company with Biggest Prestige of the segment. The special ÉPOCA NEGÓCIOS 100, AS EMPRESAS DE MAIOR PRESTÍGIO NO BRASIL carried by the Branding Grupo Troiano. More than 15 thousand consumers, of different social classes and country regions, rate more than 270 corporative brands based in nine dimensions. Socioambiental Chico Mendes We renovated the Green Seal in the category of Responsible Social and Enviromental Management of Socioambiental Chico Mendes Prize which is considered the most expressive in the Sustainability field all over Brazil. The Program has the objective of recognize, stimulate and certify the commitment with the good social and ecological practices, through the diffusion of examples that have as principle the sustainability, the social justice and the respect with life. This award reinforces the company s commitment to its customers and its, which mission is make dreams come true and to meet customers needs, saving time and money, and overcoming their expectations. We thank our customers and associates who are an important part in this achievement. Lojas Americanas S.A. has the RA 1000 Seal since October It was created by the claims registrations website, Reclame Aqui, in order to reward companies that have excellent levels of customer service. The Company received the seal for having an excellent rate of Response, Solution and Evaluation in providing solutions to complaints. The Company is well-placed in the 20 best Reclame Aqui Companies rankings (most reputed complaints website in Brazil). Among thousands of recorded companies, Lojas Americanas presents 97,8% of the BEST SOLUTION INDEX, 91,6% of the BEST WILL DO BUSINESS AGAIN INDEX and grade 8.6 on Service. The seals and rankings highlighted above reinforce Lojas Americanas s objective to bring convenience to its customers and to exceed their expectations. * In June 30 th / 21

10 INVESTMENT AND EXPANSION INVESTMENTS In 1H15, Lojas Americanas Parent Company invested a total of R$ million, with emphasis on expansion, improvements in the store network and technological upgrades. Investments R$ million % Openings / Improvements % Technology % 0% Operations and Others % 0% Total % Expansion of Store Network So far in 2015, we have opened 27 stores, and have more than 90 stores with signed contracts or in an advanced stage of negotiation, which shows the Company s commitment in keeping the execution of our expansion program 85 anos em 5 SOMOS MAIS BRASIL. Currently the company has 978 stores in 361 cities in 26 states plus the Federal District. Our stores are distributed in the following way: 57.6% on the Southeast region, 18.6% in the South/Center-West and 23.8% in the North/Northeast. Besides the physical stores, the Company has four distribution centers located in Rio de Janeiro/RJ, São Paulo/SP, Recife/PE and Uberlândia/MG. The following table shows the profile of the stores opened in 1H15: Region Format Number of Stores Sales Area thousand m² Average thousand m² Southeast Northeast South North Midwest TOTAL As of 12/31/ Traditional Express Traditional Express Traditional Express Traditional Express Traditional Express Traditional Express Refurbishment/Deactivation (1) (3.3) -1.1 As of 06/30/ For the next five years ( ), we plan to open two new distribution centers and 800 new stores in Brazil. This program is based on our economic viability studies which consider many macroeconomic data points, such as: population growth, per capita income and evolution of the local economy. 10 / 21

11 With our confidence in the country s development, the continuity of the company s expansion plan shall benefit all regions in the country. Similar to what has happened in the past, the growth in the years to come must follow the 70% traditional stores (with selling area between 800 m² and 1,200 m²) and 30% Express (with selling area between 300 m² and 500 m²) proportion. The Company s current cash position and future cash generation, coupled with the lengthening of the debt profile, leave us in a comfortable position to handle the scheduled investments, which should be of, approximately, R$ 4.0 billion in the period between 2015 and We are optimistic about following our growth path and keeping the commitment with the profitability and the usual discipline on the studies of economic viability of opening new stores for the following years. PROMOTER OF FINANCIAL PRODUCTS AND SERVICES: +AQUI! Lojas Americanas created the Promoter of Financial products and services +AQUI! with the objective of offering to the customer a variety of financial services like insurance, loans and pre-paid cards. The first action of the Promoter was the signature of the contract with Bradescard to jointly offer credit cards in the stores. The partnership has been structured based on a commissioning model, where the credit operation is BradesCard s responsibility. Lojas Americanas will be responsible for offering the card to its millions of customers that go to the stores every week. The cards also offer exclusive advantages to the customers of Lojas Americanas, besides the 50% discount on the Cinemark cinemas, free first annual fee on the additional card and much more. The new Lojas Americanas Card has already started to be offered in the Northeast and Midwest regions and will be available all over the country by the end of With the Promoter, Lojas Americanas hopes to serve even better the necessities of their customers and reduce the expenses with credit cards. +Credit Cards: +Gift Cards: 11 / 21

12 OUR BRANDS Lojas Americanas have more than 10 own brands which offers high quality products, for fair prices distributed in numerous categories, such as: Beauty and Care, Apparel, Home products, Paperwork, Toys. The BASIC+ Care, own brand in the categorie of Beauty and Healty, is on its first year of performance and already counts with numerous items of many lines of the department. The brand was developed with the concept of health and welfare in all moments of your day. They are liquid soaps, intimate soaps, diapers, nail polish remover and many others. Over the available brands, we can highlight: i) BASIC+, in the Apparel and Accessories category: offers more than one thousand items and incorporates the essential basic concept of the most practical and versatile wardrobes; ii) Brink+, focused in the Toys category, counts with dozens of items aimed to the playfully universe of games, challenges and learning; iii) Classic Home and Casual Home, in the Home products category, has more than 250 items, and have multiple concepts. The first one aims the beauty and the quality to be present in special moments of your life. The second one presents practical products with modern design, perfect for the daily routine, and; iv) Christmas Traditions, which has approximately one thousand items and was created to spread the Christmas spirit, with products that will make part of this special holiday. COMPANHIA VERDE CONSCIOUS CONSUMPTION With the launching of the campaign for ecological education and conscious consumption, inspired in a classic from the cartoonist Ziraldo, Turma do Pererê, Lojas Americanas aims to raise the awareness of the associates and the clients for the importance of these vital natural resources, trying, above everything else, the preservation of these essential resources. PROTECT THE ENVIROMENT IS EVERYBODY S RESPONSIBILITY The adoption of simple habits, such as identify a leek and fix it right away, take advantage of natural light, close the valves while brushing your teeth, ironing a big number of clothes in one go, if you use the air conditioning, verify if the doors and windows are sealed, change the light bulbs for more economic ones, avoid using the elevator to going up or down few floors and not keep all electronics plugged can contribute a lot for saving these essentials resources. With this, and others, simple actions you can make your part for the environment and also help lowering yout water and light bills. 12 / 21

13 INDICATORS AND HIGHLIGHTS OF THE SUBSIDIARIES B2W DIGITAL We are presenting below the results for 2Q15 of our subsidiary B2W DIGITAL (BOVESPA: BTOW3). The accounting information that serves as the basis for the following comments are presented pursuant to international financial reporting standards (IFRS) as well as the regulations issued by the Brazilian Securities Exchange Commission (CVM) and the Novo Mercado listing regulations, and are in reais (R$). The comparisons refer to 2Q14. B2W DIGITAL announces Gross Merchandise Volume of R$ 2,351.9 million in 2Q15 In 2Q15, consolidated Gross Merchandise Volume reached R$ 2,351.9 million compared to R$ 1,900.1 million in 2Q14, representing a growth of 23.8%. B2W DIGITAL announces Adjusted EBITDA¹ of R$ million in 2Q15 In 2Q15, consolidated adjusted EBITDA¹ reached R$ million comparing to R$ million in 2Q14, representing a growth of 20.7%, an expansion of 0.4 p.p. in the adjusted EBITDA margin. Mobile devices in 2Q15 reached a participation of 32% in overall traffic and 18% in orders placed² across B2W Digital s brands Traffic on B2W Digital s websites from mobile devices reached a participation of 32% (+15 p.p. vs. 2Q14) and accounted for 18% of total orders placed² in 2Q15 (+7 p.p. vs. 2Q14). Marketplace reached R$ 158 million in sales in 2Q15, a growth of 17 times compared to 2Q14 With slightly more than one year of operation, Marketplace sales already totaled R$ million in 2Q15, growing by 17 times in relation to 2Q14, while reaching a participation of 7% in the Company s consolidated GMV. New partnerships within the Marketplace B2W Digital established Marketplace partnerships with Staples, Motorola, Emporio da Cerveja (Ambev), Mobly, Orange, Singer and MadeiraMadeira. As a result, B2W ended 2Q15 with more than 1,000 sellers on its platform and increased its product assortment by 8 times compared to 2Q14. B2W Digital announced the acquisition of 5 companies belonging to the Sieve Group The Sieve Group is comprised of five companies: Sieve, Site Blindado, SkyHub, Admatic and Infoprice; collectively the Sieve Group has more than 2,500 clients and monitors over 8,000 websites. This acquisition aims to accelerate the Marketplace and provide the best services platform for online stores in Latin America, offering an even wider product assortment to B2W s customers B2W Digital launches the online stores of Xiaomi, MotoMaker NET B2W Digital was chosen to operate the Brazilian online store for Xiaomi, one of the largest cellphone manufacturers in the world. B2W also began operating Motorola s smartphone customization store, MotoMaker, as well as the online store for NET, Latin America s largest multi-service cable company. B2W Digital was the top recipient of the principal e-bit Awards, reinforcing B2W Digital s brands as the most beloved in Brazilian Internet B2W Digital won in 4 categories. Americanas.com was elected the Most Beloved Diamond Store and awarded as a Top 5 Diamond Store, while Submarino was elected the Best Diamond Store and was also recognized as a Top 5 Diamond Store. 1-Adjusted EBITDA Operational earnings before interest, taxes, depreciation and amortization and excluding other operational revenues/expenses and equity accounting. 2- Orders placed Participation of the value of the orders made by mobile in Americanas.com, Submarino, Shoptime and SouBarato. 13 / 21

14 CORPORATE GOVERNANCE AND CAPITAL MARKETS Since 1940, Lojas Americanas S.A. has been listed on the Brazilian Stock Exchange (BM&FBOVESPA). The Company has a shareholder base composed of common shares (LAME3) and preferred shares (LAME4). Lojas Americanas has a Board of Directors consisting of seven members five appointed by the controllers and two appointed by the Board of Directors. Lojas Americanas also has a Fiscal Council formed by three members, one being indicated by the controllers and two indicated by the minority shareholders. The Board of Directors and the Executive Board determine the Company's guidelines, supported by internal committees, including the Finance Committee, the People and Remuneration Committee, the Digital Committee and the Sustainability Committee. Since 2006, the Company has maintained a commitment, as part of its bylaws, to concede 100% tag along rights for all of its common and preferred shares. This guarantees that all of Lojas Americanas shareholders will receive equal treatment in the event of a change of ownership, assuring them the right to sell their shares under the same terms extended to the controlling shareholders. Below is a brief description of the major corporate events of the year: On December 31 of 2014, at a Board of Directors Extraordinary Meeting, the members approved the distribution of the interest on equity, calculated based on the variation of the net worth, verified between and , the distribution of the complement of the interest on equity will occur in On March 11, 2015, at a Board of Directors Extraordinary Meeting, the members approved the early payment of dividends that were the subject of the proposal for the use of the net profits, debited from Net Profits for the fiscal year ending December 31, 2014 in the total amount of R$ 60.5 million. These dividends are to be paid as of April 6, 2015 and imputed to the mandatory dividend. On March 11, 2015, at a Board of Directors Extraordinary Meeting, the members approved: I - The Managment Report and Financial Statements, accompanied by their respective Explanatory Notes, referring the current fiscal year ending in December 31, 2014, as well as the Independent Auditors Report. II The maintenance of the report which gives support to the revisiting of fixed and intangible assets life. III Maintenance of the tax credits of the income tax and the social contribution referring to the temporary differences on the Financial Statements in December 31, IV Determinate the convocation of the Annual and Extraordinary Shareholders' Meeting, to submit to the shareholders the subjects of the meeting. On March 27, 2015, at a Board of Directors Extraordinary Meeting, the members approved: I The cancellation of the ordinary and preferred shares kept in treasury. II The end of the repurchase of self-issued shares program. III The Company new repurchase of self-issued shares program, beginning in March 30,2015 and ending in March 29, On April 30, 2015, the Company s General and Extraordinary Shareholders Meetings were held, at which the following resolutions were approved: I To take recognizance of the accounts prepared by the managers and related financial statements for the fiscal year ended December 31, 2014 and the net income destinations for the fiscal year ended December 31, 2014; II Proposal for adoption of the Capital Budget for the fiscal year of 2015; III Proposal for the remuneration limit of the company s administrators; IV Change on the 5th Arcticle of the Company s Bylaws to reflect the capital increase; V Consolidation of the bylaws; VI Establishment of the Fiscal Council and the election of Messrs. Ricardo Scalzo, Vicente Antonio de Castro Ferreira and Márcio Luciano Mancini to the position of full members and Messrs. Carlos Alberto de Souza, André Amaral de Castro Leal and Pedro Carvalho de Mello as alternate members. On May 6, 2015, at a Board of Directors Extraordinary Meeting, the members approved: I The cancellation of the ordinary and preferred shares kept in treasury. II The end of the repurchase of self-issued shares program. III The Company new repurchase of self-issued shares program, beginning in March 30 fo 2015, and ending in March 29, / 21

15 About Lojas Americanas S.A. Lojas Americanas, one of the main retail chains in Brazil, is present all over the national territory through its multichannel chain, which comprises bricks-and-mortar stores, e-commerce, kiosks, telesales, TV channel and catalogues operations. The Company operates with two store formats: Traditional and Express. The first one has an average sales area of 1,400 square meters, a daily fulfillment and an assortment of 60 thousand items while the second format has an average sales area of 400 square meters, just-in-time logistics and an assortment of 15 thousand items, selected according to every location s needs. Lojas Americanas assortment is in continuous evolution, always aiming at exceeding the clients expectations when meeting their needs. Currently, the 978 stores in the Traditional format and 341 in the Express format equivalent to a thousand square meter sales area) are present in 361 cities of all Brazilian states and are served by four distribution centers, located in Minas Gerais, São Paulo, Rio de Janeiro and Pernambuco. In ecommerce, the Company operates through B2W DIGITAL resulted of the merger in 2006 between Americanas.com and Submarino. The Company covers the entire national territory and holds the Americanas.com, Submarino, Shoptime, SouBarato, Digital Finance, Submarino Finance and Ingresso.com. Lojas Americanas shares are listed on the BM&FBOVESPA through ticker symbols LAME3 (common) and LAME4 (preferred). We Always Want More 15 / 21

16 ANEXO I INCOME STATEMENT Lojas Americanas S.A. Income Statement Consolidated Periods ended in June 30 Consolidated Periods ended in June 30 (in million of Brazilian reais) 2Q15 2Q14 Variation 1H15 1H14 Variation Gross M erchandise Volume (GMV) 4, , % 9, , % Gross Sales and Services Revenue 4, , % 9, , % Taxes on sales and services (600.5) (549.3) 9.3% (1,216.5) (1,056.9) 15.1% Net Sales and Services Revenue 3, , % 8, , % Cost of goods and services sold (2,911.8) (2,598.3) 12.1% (5,863.6) (4,995.9) 17.4% Gross Profit 1, , % 2, , % Gross Margin (% NR) 26.8% 28.4% -1,6 p.p. 27.4% 28.9% -1,5 p.p. Operating Revenue (Expenses) (707.5) (712.5) -0.7% (1,507.1) (1,406.3) 7.2% Selling expenses (524.8) (571.1) -8.1% (1,156.1) (1,140.5) 1.4% General and administrative expenses (52.2) (49.7) 5.0% (110.4) (90.2) 22.4% Depreciation and amortization (130.5) (91.7) 42.3% (240.6) (175.6) 37.0% Operating Income before Net Financial Result and Equity Accounting % % Net Financial Result (384.4) (305.5) 25.8% (725.4) (595.5) 21.8% Other operating income (expenses)* (10.9) (10.6) 2.8% (15.5) (17.9) -13.4% Minority interest % % Income tax and social contribution % % Net Income of the Period % % Net Margin (% NR) 0.4% 1.1% -0,7 p.p. 0.5% 0.9% -0,4 p.p. Adjusted EBITDA % % Adjusted EBITDA Margin (% NR) 12.3% 11.3% +1,0 p.p. 11.7% 11.3% +0,4 p.p. Adjusted EBITDA - Operating profit before interest, taxes, depreciation and amortization, other operating income/expenses, equity accounting, minority participation, statutory participation and discontinued operations. 16 / 21

17 ANEXO II INCOME STATEMENT Lojas Americanas S.A. Income Statement Parent Company Periods ended in June 30 Parent Company Periods ended in June 30 (in million of Brazilian reais) 2Q15 2Q14 Variation 1H15 1H14 Variation Gross Sales and Services Revenue 2, , % 4, , % Taxes on sales and services (310.2) (317.8) -2.4% (609.4) (592.4) 2.9% Net Sales and Services Revenue 2, , % 4, , % Cost of goods and services sold (1,516.3) (1,466.6) 3.4% (2,944.4) (2,660.8) 10.7% Gross Profit % 1, , % Gross Margin (% NR) 31.7% 29.7% +2,0 p.p. 31.8% 31.0% +0.8 p.p. Operating Revenue (Expenses) (421.4) (379.3) 11.1% (829.9) (737.5) 12.5% Selling expenses (330.9) (302.7) 9.3% (654.7) (583.4) 12.2% General and administrative expenses (22.3) (19.9) 12.1% (44.1) (40.3) 9.4% Depreciation and amortization (68.2) (56.7) 20.3% (131.1) (113.8) 15.2% Operating Income before Net Financial Result and Equity Accounting % % Net Financial Result (211.4) (147.3) 43.5% (412.8) (283.0) 45.9% Equity accounting (33.4) (23.5) 42.1% (53.1) (53.0) 0.2% Other operating income (expenses)* 0.8 (0.3) % % Income tax and social contribution (21.6) (28.4) -23.9% (41.5) (54.9) -24.4% Net Income of the Period % % Net Margin (% NR) 0.8% 1.9% -1.1 p.p. 0.9% 1.7% -0.8 p.p. Adjusted EBITDA % % Adjusted EBITDA Margin (% NR) 15.8% 14.2% +1.6 p.p. 15.7% 14.8% +0.9 p.p. 17 / 21

18 III BALANCE SHEET Lojas Americanas S.A. Balance Sheet Parent Company Consolidated (In Million Reais) 06/30/ /31/ /30/ /31/2014 ASSETS CURRENT ASSETS Cash and banks Marketable securities 1, , , ,618.4 Clients accounts receivable , ,979.5 Inventories 1, , , ,897.1 Recoverable taxes Dividends receivable Prepaid expenses Other accounts receivable Non-current assets classified as held for sale Total Current Assets 4, , , ,093.0 NON-CURRENT ASSETS Marketable securities Loans e advances to subsidiaries companies Receivables from stockholders - Stock Option Plan Deferred income tax and social contribution Escrow deposits Recoverable taxes , Investments 2, , Property, plant and equipment 2, , , ,317.7 Intangible assets , ,756.6 Total Non-Current Assets 5, , , ,765.0 TOTAL ASSETS 10, , , ,858.0 LIABILITIES AND SHAREHOLDER S EQUITY CURRENT LIABILITIES Suppliers 2, , , ,628.6 Loans and financing Debentures Payroll and related charges Taxes payable Income tax and currents social contribution Dividends and participations proposed Provisions for contingencies Other accounts payable Liabilities associated with assets classified as held for sale Total Current Liabilities 3, , , ,547.5 NON-CURRENT LIABILITIES Long term liabilities: Loans e advances to subsidiaries companies Loans and financing 1, , , ,779.0 Debentures 3, , , ,270.1 Taxes payable Income tax and deferred social contribution Allowance for contingencies Allowance for loss on investiments Advance for cession in mining usage rights Total Non-Current Liabilities 5, , , ,262.2 SHAREHOLDER'S EQUITY Social capital Capital reserves Goodwill on capital transactions (12.2) (3.1) (12.2) (3.1) Profit reserves Treasury shares (180.4) (219.8) (180.4) (219.8) Comprehensive result Profit/ loss for the period Additional distributable dividends Minority interest - - 1, ,369.4 Total Shareholders' Equity 1, , , ,048.3 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 10, , , ,858.0 The accompanying notes are an integral part of these financial statements 18 / 21

19 ANEXO IV CASH FLOW STATEMENT Lojas Americanas S.A. CASH FLOW STATEMENT - INDIRECT METHOD Parent Company Consolidated (In Million Reais) 06/30/ /31/ /30/ /31/2014 Cash Flow from Operating Activities Net Income for the Period: Adjustments to Net Income: Depreciation and amortization Residual and deferred value of fixed assets write-off Equity accounting Loss on the achievable value Income tax and social contribution referred (66.6) (59.3) Interest on credits (13.3) (11.5) (13.3) (11.5) Interest and variations financing and other debits Adjustment in provision for contingencies Stock option plan Allowance for doubtfull accounts 0.2 (0.4) 8.1 (5.4) Others Minority interest - - (58.8) (54.4) Adjusted Net Income Decrease (Increase) in Operating Assets: Trade accounts receivable (90.5) Inventories (198.3) (50.4) Recoverable taxes (34.9) (29.7) (193.2) (89.1) Prepaid expenses (15.2) (8.1) (21.6) (8.4) Escrow deposits (1.9) (24.0) 0.9 (23.8) Other accounts receivable (73.2) (48.4) (98.5) (51.8) Decrease (Increase) in Operating Liabilities: (296.2) Suppliers (257.4) (406.0) (1,089.5) (826.8) Payroll and related charges (5.3) Taxes payable (current and non-current) (109.1) (114.5) (96.3) (115.1) Contingencies payments (current and non-current) (31.2) (30.9) (31.2) (34.0) Loans and advances from subsidiaries (23.7) Other accounts payable (current and non-current) (55.8) (60.7) (84.2) (99.5) (482.5) (574.6) (1,295.1) (1,062.9) Net Cash Provided (or Used) by Operating Activities (447.4) (553.2) (664.4) Cash Flow from Investing Activities Marketable securities Discontinued operations' realization (14.7) (1,036.4) - - Investiments on subsidiaries (277.1) (210.4) (329.4) (275.3) Plant, property and equipment (63.7) (53.4) (328.4) (412.5) Intangible Net Cash Provided (or Used) by Invest Activities (1,219.2) 52.4 (421.3) Cash Flow from Financing Activities Loans e financing ( current and non-current): Borrowings Liquidations (64.3) (67.4) (250.0) (532.0) Debentures (current and non-current) (125.2) Borrowings Liquidations Discounted receivables (289.6) Receivables from Stock Option Plan Goodwill of the subsidiaries shares subscription (9.1) (22.0) (9.1) (22.0) Resources for capital increase non-controlling Capital Increase Capital Increase and/or variation of minority interest (13.5) Interest on equity and dividends paid (133.1) (137.1) (133.1) (137.1) Share buy-back (75.0) (9.5) (75.0) (9.5) Net Cash Provided (or Used) by Financing Activities (159.2) 1, ,452.2 Net Increase (Decrease) in cash (104.3) (252.4) Cash at the begining of period Cash at the end of period Net Increase (Decrease) in cash (104.3) (252.4) The accompanying notes are an integral part of these financial statements 19 / 21

20 Number of Stores Sales Area Number of Associates 06/30/ thousand m² 18,942 Opened 16 Transfered/Deactivated -2 09/30/ thousand m² 19,346 Opened 75 Transfered/Deactivated - 12/31/2014 Evolution of the number of stores, associates and sales area - Lojas Americanas Opened 5 Transfered/Deactivated thousand m² 20,771 03/31/ thousand m² 20,980 Opened 11 Transfered/Deactivated -1 06/30/ thousand m² 19, / 21

21 EARNINGS RESULTS CONFERENCE CALL EBITDA (CVM 527/12) Net income of the period plus income taxes, net financial expenses of financial revenues and depreciation, amortization and depletion. Adjusted EBITDA (Operating profit before interest, taxes, depreciation and amortization, other operating income/expenses, equity accounting, minority participation, statutory participation and discontinued operations) is presented as additional information because we believe it represents an important indicator of our operating performance, besides being useful for keeping the comparability with previous reported results. Statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Lojas Americanas, eventually expressed in this report are merely projections and, as such, are based exclusively on the expectations of Lojas Americanas management concerning the future of the business and its continued access to capital to fund the Company s business plan. Such statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and are, therefore, subject to change without prior notice MSCI Brand logo: The use of Morgan Stanley Capital International Inc. registered trademarks and indices ("MSCI") does not constitute any type of sponsorship, endorsement or promotion on the part of MSCI, its affiliates, its suppliers or other parties involved or related in the compilation, computation or creation of any MSCI index. MSCI s indices are registered trademarks of MSCI or its affiliates and Lojas Americanas S.A. has been granted a license to use these trademarks for given purposes. 21 / 21