CONSOLIDATED NET REVENUE OF R$ 3.8 BILLION IN THE 3Q17 CONSOLIDATED EBITDA OF R$ MILLION & EBITDA MARGIN OF 16.4% (+1.4 p.p.

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1 CONSOLIDATED NET REVENUE OF R$ 3.8 BILLION IN THE 3Q17 CONSOLIDATED EBITDA OF R$ MILLION & EBITDA MARGIN OF 16.4% (+1.4 p.p.) Rio de Janeiro, November 1 st, 2017 Lojas Americanas S.A. [BOVESPA: LAME3 (common) and LAME4 (preferred)], one of the leading retail chains in Brazil. With 1,180 stores in 09/30/2017 and present in all Brazilian states, announces today its results for the 3 rd quarter of 2017 (3Q17) and for the first 9 months of 2017 (9M17).The accounting information that serves as the basis for the comments that follow are presented in accordance with the international financial reporting standards (IFRS), and the rules issued by the Brazilian Securities Exchange Commission (CVM) and in Reais (R$). The comparisons refer to the 3 rd quarter of 2016 (3Q16) and the first 9 months of FINANCIAL AND OPERATIONAL HIGHLIGHTS Executive Summary 3Q17 Comparison to 3Q16 Consolidated Net Revenue (R$ MM) 2,304 3Q11 4,036 3,966 3,653 3,840 2,666 3,078 3Q12 3Q13 CAGR 8.9% 3Q14 3Q15 3Q16 3Q17 Consolidated Gross Profit (R$ MM) and Gross Margin (%NR) Q Q Q13 CAGR 10.9% 1, Q14 1, Q15 1, Q16 1, Q17 Consolidated Adjusted EBITDA (R$ MM) and Adjusted EBITDA Margin (%NR) Q Q Q13 CAGR 13.5% Q Q Q16 Evolution in Number of Stores ,063 3Q11 3Q12 3Q13 3Q14 3Q15 3Q Q17 1,180 3Q17 Net Revenue In the 3Q17, the Parent Company s net revenue was R$ 2.3 billion, an increase of 3.7% in relation to the 3Q16. Regarding the consolidated result, the net revenue was of R$ 3.8 billion, a variation of -3.2% in relation to the 3Q16. Same Stores Net Revenue The growth in same stores net revenue was of 2.5% in the 3Q17. Gross Margin The Parent Company s gross margin was of 34.9% of the net revenue in the 3Q17, same level as in the 3Q16. In the consolidated result, the gross margin reached 31.3% of the net revenue, an increase of 1.4 p.p.. Adjusted EBITDA The Parent Company s Adjusted EBITDA reached R$ million in the 3Q17 and Adjusted EBITDA margin (%NR) of 20.1%. For the consolidated result, the Adjusted EBITDA totaled R$ million in the 3Q17 and the Adjusted EBITDA margin (%NR) was of 16.4% in the 3Q17 (+1.4 p.p. vs. 3Q16). Net Income The consolidated net income was of R$ 23.1 million in the 3Q17. Expansion 85 anos em 5 Somos Mais Brasil : For the period between 2015 and 2019, we plan to open 800 new stores in Brazil; For 2017, we aim to open 200 new stores. Thus far, we have inaugurated 82 new stores (vs. 29 until 11/01/2016) and we have 124 scheduled stores yet to open. Convenience Stores During the 3Q17, we have inaugurated 3 stores in the convenience format. +AQUI In September, we reached 1.3 million credit cards issued; In addition, we have launched the Lojas Americanas Prepaid Credit Card. Innovations 3Q17 Lojas Americanas made products available on B2W Digital s websites; New Lojas Americanas discount channel on the Americanas.com app; Self-Checkout: a new self-service solution for the clients. B2W DIGITAL B2W Digital announces a total GMV of R$ 3.2 billion, a growth of 5.1% in the 3Q17; B2W s Marketplace is still in fast developing and has already reached R$ 1.15 billion of the GMV in the 3Q17 (101.2% growth), with a participation of 35.7% in the total GMV. GMV (Gross Merchandise Volume) is the consolidated gross sales and services revenue plus sales placed through B2W Digital s marketplace, after Parent Company Consolidated 3Q17 3Q16 Var. (%) Financial Highlights (R$ MM) 3Q17 3Q16 Var. (%) 2, , % Net Revenue 3, , % % Gross Profit 1, , % 34.9% 34.9% - Gross Margin (%NR) 31.3% 29.9% +1.4 p.p % Adjusted EBITDA % 20.1% 20.1% - Adjusted EBITDA Margin (%NR) 16.4% 15.0% +1.4 p.p Net Income % -3.1% +4.1 p.p. Net Margin (%NR) 0.6% -1.8% +2.4 p.p. returns, and including taxes. Adjusted EBITDA - Operating profit before interest, taxes, depreciation and amortization, other operating income/expenses, equity accounting, minority participation. 1 / 21

2 COMMENTS ON OPERATIONAL PERFORMANCE GROSS MERCHANDISE VOLUME (GMV) GMV (Gross Merchandise Volume) presents the consolidated gross sales and services revenue plus the sales placed through B2W Digital Marketplace platforms and, consequently is part of the consolidated financial statements of Lojas Americanas. In the 3Q17, the consolidated GMV reached R$ 5.6 billion, a growth of 6.1% in relation to the R$ 5.2 billion registered in the 3Q16. GROSS REVENUE In the 3Q17, the Parent Company s gross revenue was of R$ 2.7 billion, an increase of 2.8% in relation to the 3Q16. In the consolidated result, the gross revenue reached R$ 4.5 billion, a variation of -4.3% when compared to the 3Q16. For the 9M17, the Parent Company s gross revenue was of R$ 8.2 billion, an expansion of 3.5% in relation to the 9M16 result. Regarding the consolidated result, the gross revenue reached R$ 13.6 billion, a variation of -3.9% in relation to the 9M16. NET REVENUE In the 3Q17, the Parent Company s net revenue was of R$ 2.3 billion, an increase of 3.7% in relation to the 3Q16. In the consolidated result, the net revenue was R$ 3.8 billion, a variation of -3.2% in relation to the 3Q16. For the 9M17, the Parent Company s net revenue reached R$ 7.2 billion, an expansion of 4.7% in relation to the 9M16. For the consolidated result, the net revenue was of R$ 11.5 billion, a variation of -2.8% in relation to the 9M16. For the 3Q17, the growth in the net revenue regarding the same store concept was of 2.5% in comparison to the same period of the previous year and 3.3% against the first 9 months of / 21

3 GROSS PROFIT AND GROSS MARGIN In the 3Q17, the Parent Company s gross margin was equivalent to 34.9% of the net revenue (NR), aligned with the 3Q16 result. In the consolidated view, the gross margin for the 3Q17 represented 31.3% of the NR, an expansion of 1.4 p.p. in relation to the 29.9% gross margin achieved in the 3Q16. For the 9M17, the Parent Company s gross margin was equivalent to 34.9% of the NR, also aligned with the 9M16 result. Regarding the consolidated view, the gross margin for the 9M17 was of 30.8% of the NR, an expansion of 1.1 p.p. when compared to the 9M16. The maintenance of high gross margin results is directly connected to our acquired excellence in different levels of the operation and throughout the whole supply chain. Furthermore, the Company continues to mature several projects such as: Supply Chain, Private Label, +AQUI and Pricing. SALES, GENERAL AND ADMINISTRATIVE EXPENSES For the 3Q17, the Parent Company s sales, general and administrative expenses totaled R$ million, 14.8% of the NR. In the consolidated view, the sum was of R$ million, which corresponds to 14.9% of the NR. For the 9M17, the Parent Company s sales, general and administrative expenses reached R$ 1.2 billion, 16.1% of the NR, whereas for the consolidated result the sum was of R$ 1.8 billion, corresponding to 15.6% of the NR. 3 / 21

4 EBITDA AND EBITDA MARGIN For the 3Q17, the Parent Company s Adjusted EBITDA reached R$ million, an increase of 4.1%, with a margin of 20.1% of the NR, sustaining the same margin when compared to the 3Q16. In the consolidated view, the Adjusted EBITDA reached R$ million with a margin of 16.4% of the NR, an increase of 1.4 p.p. in relation to the 3Q16. For the 9M17, the Adjusted EBITDA for the Parent Company reached R$ 1.3 billion, an expansion of 4.8%, whilst keeping the same margin of 18.8% of the NR when compared to the 9M16. For the consolidated result, the Adjusted EBITDA reached R$ 1.8 billion, a 2.3% growth with a 15.2% of the NR margin, a 0.7 p.p. expansion. Adjusted EBITDA - Operating profit before interest, taxes, depreciation and amortization, other operating income/expenses, equity accounting, minority participation. EBITDA (CVM 527/12) For the 3Q17, the Parent Company s Adjusted EBITDA reached R$ million. According to CVM s 527/12 Instruction, if we exclude other revenues and operational expenses and equity accounting, the EBITDA would be equal to R$ million in the 3Q17, representing 17.7% of the NR. In the consolidated view, the Adjusted EBITDA totaled R$ million in the 3Q17. According to CVM s 527/12 Instruction, if we exclude other revenues and operational expenses, the EBITDA would be equal to R$ million in the 3Q17, representing 16.0% of the NR. VARIATION IN THE WORKING CAPITAL In the 9M17, the variation in the Parent Company s net working capital was of R$ million over a variation of R$ million during the same period of the previous year. Comparing both periods, we had a reduction of R$ 94.5 million in the working capital necessity. Parent Company Working Capital - R$ MM 9M17 9M16 Inventories (462.1) (229.1) (233.0) Suppliers (426.9) (866.8) Gross Accounts Receivable from Credit Cards (112.4) (+/-) Working Capital (372.5) (466.9) 94.5 NET FINANCIAL RESULT The Company s net financial expenses totaled R$ million in the 3Q17, a positive variation of 25.1% when compared to the R$ million reported in the 3Q16. In the consolidated view, the net financial expenses were equal to R$ million in the same period, a positive variation of 27.4% in relation to the R$ million registered in the 3Q16. The improvement observed for the 3Q17 financial result derives from the variation of the Company s net debt and the recent decreases in the CDI*. These positive effects were partially compensated by a decline in the volume of supplier payment anticipations which also had their rates influenced by the CDI* reduction. *CDI - Interbank Deposit Certificate: average rate of funding through the interbank market. 4 / 21

5 FINANCIAL OPERATION Restricted Public Offering of Shares At the Company s Board of Directors meeting held on March 8 th, 2017, an effective capital increase in the total amount of R$ 2.4 billion with the primary distribution of 9,303,562 common shares and 142,925,334 preferred shares was approved. The price was fixed at R$ per preferred share and at R$ per common share. The Company s intention is to use the net resources from the offer to (i) support store expansion; (ii) capitalize B2W Digital and; (iii) strengthen capital structure. The physical and financial settlement of the shares occurred on March 14, B2W Digital Capital Increase At the Extraordinary Shareholders Meeting performed by the subsidiary B2W, on March 25 th, 2017, the capital increase of R$ billion was approved, through the private emission of 110 million nominative common shares at the price of R$ per share. The Company subscribed on March 27 th, 2017, 68,378,509 shares, contributing with the amount of R$ million, which corresponded to the Company's proportional participation in the subsidiary's share capital, at the date of the capital increase notice to the shareholders. 11 th Issuance of Debentures On May 2 nd, 2017, the Company made the public distribution of the 11 th issue of simple debentures in two series, totaling R$ 1.5 billion with final maturity in April For the first series, remuneratory interest will be applied over 115.0% of the CDI* per year. On the second series the interest will be equivalent to the variation of the IPCA plus 1.70% per year. The funds raised through the debenture will be used to lengthen the Company's indebtedness profile within the scope of the ordinary management of its business. 3 rd Issuance of Promissory Notes On June 29 th, 2017, the Company performed the public distribution of the 3 rd issuance of commercial promissory notes, in a single series, totaling R$ 900 million with interest equivalent to % of the CDI* per year and maturity in June The funds raised through the promissory notes will be used to lengthen the Company's indebtedness profile, within the scope of the ordinary management of its business. *CDI - Interbank Deposit Certificate: average rate of funding through the interbank market. NO EXPOSURE TO FOREIGN EXCHANGE VARIATIONS The Company continues to reaffirms 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 to local currency and interest rate (as a percentage of CDI). In the same direction, it is worth remembering that the Company's cash is invested in the largest financial institutions in Brazil. 5 / 21

6 NET RESULT For the 3Q17, the consolidated net income reached R$ 23.1 million. The following table shows the main variations from the Adjusted EBITDA to the net result: Parent Company Reconciliation of the Net Result - R$ MM 3Q17 3Q16 % 3Q17 3Q16 % Adjusted EBITDA % % (+) Depreciation / Amortization (115.9) (90.5) 28.1% (201.2) (163.3) 23.2% (+) Net Financial Result (232.4) (310.4) -25.1% (423.5) (583.6) -27.4% (+) Equity Accounting (50.7) (105.2) -51.8% (+) Other Operat. Income (Expenses)* (7.0) (5.1) 37.3% (16.7) (16.7) 0.0% (+) Minority Interest % (+) Income tax and social contribution (42.1) (12.1) 247.9% % (=) Net Result 23.1 (70.6) (70.6) - * In the old accounting rules, considered as "non-operating income", including expenditure on action plan. Consolidated Adjusted EBITDA - Operating profit before interest, taxes, depreciation and amortization, other operating income/expenses, equity accounting, minority participation. INDEBTEDNESS Lojas Americanas consolidated short and long-term loans and debentures at 09/30/2017 totaled R$ 15,372.5 million. If we deduct the cash position of R$ 9,817.8 million (cash + financial investments + accounts receivable from credit and debit cards) from the total loans, we reach a net debt position of R$ 5,554.8 million. R$ MM Indebtedness 09/30/ /30/ /30/ /30/2016 Short Term Debt , ,082.4 Short Term Debentures 1, , Short Term Indebtedness 2, , , ,759.5 Long Term Debt 3, , , ,294.9 Receivables Fund (FIDC) , ,272.9 Long Term Debentures 3, , , ,717.1 Long Term Indebtedness 6, , , ,284.9 Total Debt (1) 9, , , ,044.4 Cash and banks 1, , Money market investments 2, , ,206.5 Money market investments (BWU)* Accounts receivable from credit / debit cards , , ,730.0 Total Cash (2) 5, , , ,590.8 Net Cash (Debt) (2) - (1) (3,662.2) (4,409.4) (5,554.8) (6,453.6) Net Debt / Adjusted EBITDA Average Maturity of Debt (in days) *Considers financial applications of BWU [NE 12 (a)] Parent Company Consolidated Adjusted EBITDA - Operating profit before interest, taxes, depreciation and amortization, other operating income/expenses, equity accounting, minority participation. In the consolidated view, the net debt was 2.0x the accumulated EBITDA from the last 12 months. The average debt maturity was 822 days in 09/30/2016 (27 months). In the Parent Company, the net debt was 1.7x the accumulated EBITDA from the last 12 months. The average debt maturity was 928 days in 09/30/2016 (30 months). To face the uncertainties and the volatility of the financial market, Lojas Americanas has the orientation of preserving cash and prolonging the debt profile. Throughout the last few years, several measures have been taken to this end, which let us consolidate our plan of long-term growth for the Company. 6 / 21

7 The accounts receivable considers receivables from credit cards, net of the discounted value, that have immediate liquidity and can be considered as cash. The breakdown of accounts receivable in Lojas Americanas view is shown in the following table: R$ MM Parent Company Consolidated Accounts Receivable Conciliation 09/30/ /30/ /30/ /30/2016 Gross credit-cards receivable , , ,715.9 Receivable discounts (348.4) (655.8) (2,477.4) (2,268.9) Electronic debits and checks receivables Receivables Fund (FIDC) ,272.9 Accounts Receivable from credit / debit cards , , ,730.0 Present-value adjustment (18.1) (9.6) (19.1) (12.0) Allowance for doubtful accounts (0.9) (0.7) (26.1) (22.4) Other accounts receivable Consolidated Net Accounts Receivable , , ,909.8 SALES BY MEANS OF PAYMENTS The opening of sales by means of payments of the Parent Company in 9M17 and 9M16 can be verified in the table below: Parent Company Means of Payment 9M17 9M16 Var. Cash 56% 55% +1 p.p. Credit Cards 44% 45% -1 p.p. 7 / 21

8 INVESTMENT In the 9M17, the Parent Company invested a total of R$ million with emphasis on expansion, improvements in the stores and technology updates. The investment made towards the opening of new stores reflects the acceleration of the 85 em 5 Somos Mais Brasil plan with a higher number of stores being inaugurated and in construction phase. Investments R$ MM % Openings / Improvements % Technology % Operations and Others % 0% Total % EXPANSION EXPANSION OF STORE NETWORK With the aim to open 800 new stores in the period between 2015 and 2019, the Company maintains its expansion plan: "85 anos em 5 - Somos Mais Brasil". We believe that, at this time, there is the possibility of our physical retail to be present in a much more significant number of cities, besides the 463 cities that we currently have stores in. Our commitment is to meet the consumption needs of our customers, exceeding expectations. Lojas Americanas reaffirms its commitment to maintain the pace of business growth foreseen in the "85 anos em 5 - Somos Mais Brasil" Program with the goal of opening 200 new stores in Until now, we opened 82 new stores (vs. 29 until 11/01/2016). We already have 1,200 stores in operation, in addition to another 124 new stores scheduled for 2017, from which 92 stores are under construction and 32 have signed contracts. The current phase of negotiations indicates that we are on the right track to successfully complete the scheduled openings for the year. As in previous years, we will maintain our usual discipline in approving new points based on economic feasibility studies that consider several macroeconomic and operational assumptions, amongst them: population growth, per capita income, local economy evolution, logistics capacity, rent and expected return. The following table details the type of stores opened in the 9M17: Region Southeast Northeast South North Midwest TOTAL, Format As of 12/31/2016 Number of Stores Sales Area thousand m² Average thousand m² Traditional Express Traditional Express Traditional Express Traditional Express Traditional Express Traditional Express Refurbishment/Deactivation (8) (7.6) 1.0 As of 09/30/2017 1,180 1, / 21

9 CONVENIENCE STORES Lojas Americanas continues with its strategy to enter the convenience store market and reiterates its commitment to open circa of 10 stores by the end of After the successful opening of our first full-concept store in the neighborhood of Leme in Rio de Janeiro, in 2016, we opened two stores of the new format in the neighborhood of Copacabana and a third one in the center of Rio de Janeiro, adding up to four inaugurated stores. The format allows an on-site consumption experience combined with a pleasant environment. In addition, the 7:00 a.m. to 11:00 p.m. attending hours allows us to be closer to our customers at all times of the day, offering everything from breakfast options to basic everyday items. In addition to the traditional and indispensable assortment found in Lojas Americanas, the store offers a mix of products focused on food convenience, especially dairy products, sandwiches, savory, pre-prepared and frozen foods, coffees, beers and wines. Fresh products every day! All products are carefully selected taking into consideration analysis regarding local buying and consumption behavior. With focus on the accuracy of assortment choices, we serve necessities that were not being attended by neighborhood stores, by making the correct item at a fair price available to customers. As a result, through tests carried out in stores, it is already possible to notice an increase in customer buying recurrence. Using the Design Thinking method we are conducting a series of experiments such as: coffee and savory selfservice sales, extended hours of operation, withdrawal of categories and the inclusion of others in the store assortment. We aim to optimize the performance of the convenience stores, seeking to improve customer satisfaction and consequently achieving higher sales per m² and profitability levers. In addition, this new model also allows us to leverage licensed prepaid digital content cards and digital recharge sales, offering our customers more service solutions in a rapid and comfortable way. We are confident on the vast potential of the convenience market, which aligned to our execution and logistics capabilities, provide growth and value capture opportunities for the Company. 9 / 21

10 FINANCIAL PRODUCTS AND SERVICES: +AQUI +AQUI is responsible for the management and promotion of financial products and services at Lojas Americanas and has been presenting fast growth and significant evolution in its strategic plan. Aiming to "realize dreams and meet people consumption needs, providing credit, protecting their assets and exceeding their expectations with excellence", +AQUI is present in more than 300 Lojas Americanas spread throughout 140 cities in 17 states of the country, plus the Federal District. +AQUI operates in two strategic verticals of products and services: i) Assisted sales and; ii) Self-service. Assisted Sales The stores with the presence of +AQUI have a service station specialized in financial products and services that are adherent to the retail business, offering increasing benefits and convenience for all of our clients. In 2017, +AQUI started offering personal loans in all its service stations, providing yet another credit solution for our customers. In September 2017, +AQUI reached 1.3 million issued Lojas Americanas credit cards. The main advantages for customers who have the card are: exclusive discounts and differentiated installments in several departments of Lojas Americanas, in addition to a special credit limit for payment in installments in any establishment. For the Company the main advantages are: the commission received for every issued card, lower card fee costs, increased purchase frequency and average ticket. Self-service In the 3Q17 we added the Lojas Americanas Prepaid Card to the +AQUI product portfolio. The card allows for greater control of day-to-day expenses and transfer of resources between cards. Furthermore, it can be used as the means of payment for digital content subscriptions, as an allowance card and much more. In addition, the card also offers facilities such as expense alerts and balance inquiries by SMS, online recharging of mobile phones and the payment of bills. Present at all Lojas Americanas, the portfolio of products within the self-service format is an option for customers interested in several financial products and services. Currently, the portfolio includes prepaid cards, gift cards, themed gift certificates, licensed prepaid digital content cards, technical assistance for installation of air conditioners, TVs installation service, helpdesk and digital recharge of prepaid mobile phones. For 2017, Lojas Americanas continues enthusiastic about the opportunities presented by the evolution of + AQUI, which allows us to reach new levels of results. 10 / 21

11 PRIVATE LABEL In the third quarter of 2017, the most representative brand was Basic+, our private label focus on apparel. The highlights for the quarter were: winter clothing items, Father's Day thematic t-shirts, packed t-shirts and jogging socks. In comparison to the last reported quarter, Leven doubled its revenue. Amongst the products that were launched, we highlight the Leven Chips in Traditional, Cheese and Light flavors which is already a great success in sales! In addition, Brink+ had a strong sales presence in the Children s Day event. The expectation is that in the main events of the year s last quarter (Red Friday and Christmas), the brand will also be a success with more than 500 items in stores, with a diverse assortment for different age groups. For Christmas, the label Christmas Traditions will make available decoration options with ornaments and christmas trees. In addition, D'elicce will be present with panettones, cakes and chocolates, with great news in flavors for our customers. INNOVATIONS LOJAS AMERICANAS MAKES PRODUCTS AVAILABLE ON B2W DIGITAL S WEBSITES During the 3Q17, Lojas Americanas started selling its products on Americanas.com, Submarino and Shoptime s Marketplaces. Throughout the 4Q17, more than 6,000 items will be made available for the states of São Paulo, Rio de Janeiro, Minas Gerais and Pernambuco. The operation counts with the support of B2W Digital s logistics and technology platforms: B2W Entrega (Logistics); B-Seller (Technology) and; SkyHub (Integration). In 2018, products will be made available for the entire country. GET THE APP GET A DISCOUNT On early September, Lojas Americanas launched a new discount coupon channel on the Americanas.com app. The app, which was developed with internal expertise, functions for all Lojas Americanas stores and offers discount coupons in selected products based on the shopping habits of each customer. After 2 months of operation, the discounts have already been activated more than 1 million times, serving a variety of consumer needs, as well as reducing the necessity of price-tag changes. With this new digital tool, coupled with advanced methods in analytics and big data, the Company will be able to improve customer relationship management and perform profitability strategies considering its client base - that already counts with millions of identified customers. SELF-CHECKOUT Since the beginning of the year, Lojas Americanas started offering self-service checkouts in selected stores. The initiative, currently present in 5 stores in Rio de Janeiro and São Paulo, has a selfexplanatory and simple interface and represents the addition of a new self-service solution in our stores, reinforcing our concern to provide a unique shopping experience to our customers. The solution is practical and allows customers to carry out the entire purchasing process by themselves. The implementation of this technology contributes to the operational performance of the stores, boosting sales, especially, in high level of traffic hours. In its short time of operation, the solution was received with great acceptance by our customers and already represents a relevant portion of the transactions in the stores where they are installed. 11 / 21

12 SOCIAL MEDIA As a result of our ever-growing digital presence, during this year s third quarter we have reached the mark of more than 8.5 million fans on Facebook. According to Socialbakers, our Facebook page had the biggest growth of fan-base in August considering all of the brands part of Facebook Brazil. Furthermore, Lojas Americanas Facebook posts reach, in average, 7 million impressions a day, which means that millions of people receive daily communication published on our page. On Instagram, we have reached 1.3 million followers. These milestones represent the strengthening of the Company s social medias, expanding the communication of products, offers and novelties for our clients. This way, we create comprehensive tools that integrate the digital culture to our sales model, aiming to expand our growing database and customer knowledge. AWARDS AND RECOGNITIONS Lojas Americanas invests in actions that improve its management processes such as advances on customer service, quality control of our products and services, supplier audits, operation of distribution centers and computerization of all our internal processes. As a result of this effort, the Company received several awards and recognitions that reinforced the brand s value, reputation and commitment to customers. Among the awards and recognitions of the third quarter of 2017, the highlights were: Reclame Aqui Valor Econômico Lojas Americanas won, for the fifth consecutive time, in the category "Retail Chains", in addition to being one of the super champions of the Época Reclame Aqui Award. The award recognizes the best companies for costumers based on a popular vote. Valor 1000 Valor Econômico Lojas Americanas ranked 2 nd on the 10+ Retail category and 27 th on the overall rank. The yearbook presents the top 1000 greatest Brazilian companies in 25 sectors of the economy. 500 Maiores Empresas da América Latina - América Economia Lojas Americanas ranked 72 nd, out of 500, in this award that presents the results of the 500 largest companies in Latin America. Prêmio Socioambiental Chico Mendes Instituto Chico Mendes Lojas Americanas has once again achieved the Selo Verde Certification, which aims to enhance and stimulate good sócio-environmental pratices through the dissemination of examples based on sustaintability, social justice and respect for life. 300 Maiores Empresas do Varejo Brasileiro - Sociedade Brasileira de Varejo e Consumo (SBVC) Lojas Americanas ranked 1 st place in the Department Store, Household Goods and Merchandise in General category and ranked 4th place in the 50 Largest Groups category. Now in its third edition, the research conducted by SBVC, presents the main figures of the largest retail companies in the country. RANKING NOVAREJO - Grupo Padrão Lojas Americanas won the 1 st place on the following categories: Clothing and Department Store and figured as a highlight on the Highest Employee Productivity analysis on the NOVAREJO rank. The rank is conducted by the Centro de Inteligência Padrão (CIP), in partnership with Serasa Experian and Insper, and presents the results of an unprecedented study on national retail performance, global retail outlook and a comprehensive macroeconomic scenario research for the sector. 120 Maiores Empresas do Varejo Brasileiro Instituto Brasileiro de Executivos do Varejo e Mercado de Consumo (IBEVAR) Lojas Americanas ranked 1 st place in the Department Store category. The rank aims to present the list of 120 leading companies in revenue generation in the retail of consumer goods in Brazil. 12 / 21

13 SUSTAINABILITY In 2017, for the third consecutive year, we conquered a participation in the B3 S.A. - Brasil, Bolsa, Balcão (B3) Corporate Sustainability Index (ISE). This way, we have been able to strengthen our commitment to social and environmental development, coupled with a good economic performance. We also received, for the third consecutive year, the "Selo Verde - Chico Mendes Award" in the "Socio-Environmental Responsible Management category. Through a partnership with the State Secretary of Education (Seeduc) and Senac, Lojas Americanas idealized and inaugurated logistics and high technology laboratories at the São João State School, in Queimados, Rio de Janeiro. The inauguration of the project happened in April 2017 and, with this, the students can now count on a professional course of Logistics Technician integrated to High School. In December of this year, a similar laboratory will be inaugurated at a public school in Mesquita, Rio de Janeiro. Until the end of the year, the Galpão Aplauso project, sponsored by Lojas Americanas, will open a new class of professional logistics course. The project serves low-income young professionals between the ages of 17 and 29, residents of Baixada Fluminense and neighborhoods in the west zone of Rio de Janeiro. The partnership has already contributed to the graduation of more than 300 students. Lojas Americanas successfully concluded the goal of supporting 10 Socio-environmental Stock Exchange (BVSA) projects, operated by the BM&FBOVESPA Institute and the Brazil Foundation. All projects were selected based on the United Nation s Sustainable Development Goals. Altogether, these projects will benefit circa of 5,000 people in four states of Brazil. Lojas Americanas also sponsors the Grael Project, reinforcing our support for sports and a healthy lifestyle by encouraging the inclusion, training and democratization of sports practice. In 2017, new classes were opened. The project assists for free 400 young people per year in sailing courses and professional workshops in the nautical sector. In 2017, the "Livros nas Praças" project, sponsored by Lojas Americanas, will be present in 10 different spaces in Rio de Janeiro, including Praça Mauá, an important touristic area of the city. During the second semester, the project will make special visits to the Benjamin Constant Institute. The library-bus has already impacted about 20,000 people, promoting free access to a diverse collection of children's, and adult's books. In line with the Company's sustainability strategy, Lojas Americanas joined in October the Ethos Institute of Business and Social Responsibility, whose mission is to mobilize, sensitize and help companies to manage their businesses in a socially responsible way. Joining the Institute we partner in building a just and sustainable society. 13 / 21

14 GENERAL CONSIDERATIONS 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 1,100 square meters, a daily replacement 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 each location s needs. Additionally, the Company is developing the new convenience store model with a mix of products directed to food convenience. Lojas Americanas assortment is in continuous evolution, always aiming to exceed clients expectations when meeting their needs. In 09/30/2017,the 1,180 stores 759 in the Traditional format, 418 in the Express format an 3 convenience stores equivalent to a thousand square meter sales area, in 459 cities on all Brazilian states and are served by four distribution centers, located in Minas Gerais, Pernambuco, São Paulo and Rio de Janeiro. Our stores are distributed as follows: 54.3% in Southeast region, 18.8% in the South/Midwest and 26.9% in the North/Northeast. Lojas Americanas shares are listed on the B3 through ticker symbols LAME3 (common) and LAME4 (preferred). For more information of the multiple and complementary platform of the Company, click here. ABOUT B2W DIGITAL B2W Digital is the leader in Latin America and has the propose of connecting people, businesses, products and services on a digital platform. B2W has the largest and most beloved internet brands (Americanas.com, Submarino, Shoptime and SouBarato) and a marketplace operation in fast growing. The platform that was constructed during the last years allows B2W to offer technology services, logistics, distribution, customer service and consumer finance. Lojas Americanas is the controlling shareholder of B2W DIGITAL, with a participation of 62.16%. The shares of the Company are negotiated through the ticker BTOW3 on B3, in the Novo Mercado segment, which has the highest Corporate Governance index in Brazil. For further access to the financial information of B2W, click here. CORPORATE GOVERNANCE Lojas Americanas S.A. has been listed on the Brazilian Stock Exchange (B3) since The Company has a shareholder base composed of common shares (LAME3) and preferred shares (LAME4). The Company has a Board of Directors composed by seven members five appointed by the controllers and two appointed by the Board of Directors. Lojas Americanas also has a Fiscal Council formed by four members, two indicated by the controllers and two indicated by the minority shareholders. MIGRATION TO THE LEVEL 1 The Company approved in an Extraordinary General Meeting held on August 17 th, 2017 the proposal to migrate to the special listing segment of the Level 1of Corporate Governance. To access the minutes of the board of directors, click here. We Always Want More 14 / 21

15 APPENDIX I CONSOLIDATED INCOME STATEMENT Lojas Americanas S.A. Income Statement Consolidated Quarters ended in September 30 Consolidated Periods ended in September 30 (R$ MM) 3Q17 3Q16 Variation 9M17 9M16 Variation Gross Merchandise Volume (GMV) 5, , % 16, , % Gross Sales and Services Revenue 4, , % 13, , % Taxes on sales and services (681.6) (758.7) -10.2% (2,068.9) (2,282.8) -9.4% Net Sales and Services Revenue 3, , % 11, , % Cost of goods and services sold (2,637.1) (2,780.1) -5.1% (7,965.9) (8,330.8) -4.4% Gross Profit 1, , % 3, , % Gross Margin (% NR) 31.3% 29.9% +1.4 p.p. 30.8% 29.7% +1.1 p.p. Operating Revenue (Expenses) (773.2) (754.9) 2.4% (2,367.1) (2,260.6) 4.7% Selling expenses (541.2) (556.5) -2.7% (1,678.8) (1,681.4) -0.2% General and administrative expenses (30.8) (35.1) -12.3% (113.2) (115.5) -2.0% Depreciation and amortization (201.2) (163.3) 23.2% (575.1) (463.7) 24.0% Operating Income before Net Financial Result % 1, , % Net Financial Result (423.5) (583.6) -27.4% (1,447.9) (1,500.0) -3.5% Other operating income (expenses)* (16.7) (16.7) - (45.8) (57.8) -20.8% Minority interest % % Income tax and social contribution % % Net Income of the Period 23.1 (70.6) - (47.1) (43.9) 7.3% Net Margin (% NR) 0.6% -1.8% +2.4 p.p. -0.4% -0.4% - Adjusted EBITDA % 1, , % Adjusted EBITDA Margin (% NR) 16.4% 15.0% +1.4 p.p. 15.2% 14.5% +0.7 p.p. *Under the old accounting norm, called "non-operational result" The accompanying notes are an integral part of these financial statements Adjusted EBITDA - Operating profit before interest, taxes, depreciation and amortization, other operating income/expenses, equity accounting, minority participation. 15 / 21

16 APPENDIX II PARENT COMPANY INCOME STATEMENT Lojas Americanas S.A. Income Statement Parent Company Quarters ended in September 30 Parent Company Periods ended in September 30 (R$ MM) 3Q17 3Q16 Variation 9M17 9M16 Variation Gross Sales and Services Revenue 2, , % 8, , % Taxes on sales and services (337.8) (349.9) -3.5% (1,065.2) (1,106.0) -3.7% Net Sales and Services Revenue 2, , % 7, , % Cost of goods and services sold (1,521.6) (1,466.8) 3.7% (4,663.5) (4,454.7) 4.7% Gross Profit % 2, , % Gross Margin (% NR) 34.9% 34.9% % 34.9% - Operating Revenue (Expenses) (461.8) (425.7) 8.5% (1,472.6) (1,354.0) 8.8% Selling expenses (326.7) (317.2) 3.0% (1,090.0) (1,044.2) 4.4% General and administrative expenses (19.2) (18.0) 6.7% (64.8) (60.9) 6.4% Depreciation and amortization (115.9) (90.5) 28.1% (317.8) (248.9) 27.7% Operating Income before Net Financial Result % 1, , % Net Financial Result (232.4) (310.4) -25.1% (774.7) (780.8) -0.8% Equity accounting (50.7) (105.2) -51.8% (221.6) (222.9) -0.6% Other operating income (expenses)* (7.0) (5.1) 37.3% (21.6) (15.4) 40.3% Income tax and social contribution (42.1) (12.1) 247.9% (59.8) (62.7) -4.6% Net Income of the Period 23.1 (70.6) - (47.1) (43.9) 7.3% Net Margin (% NR) 1.0% -3.1% +4.1 p.p. -0.7% -0.6% -0.1 p.p. Adjusted EBITDA % 1, , % Adjusted EBITDA Margin (% NR) 20.1% 20.1% % 18.8% - *Under the old accounting norm, called "non-operational result" The accompanying notes are an integral part of these financial statements Adjusted EBITDA - Operating profit before interest, taxes, depreciation and amortization, other operating income/expenses, equity accounting, minority participation. 16 / 21

17 APPENDIX III BALANCE SHEET Balance Sheet Parent Company Consolidated (R$ MM) 09/30/ /31/ /30/ /31/2016 ASSETS CURRENT ASSETS Cash and banks 1, , Marketable securities 2, , , ,838.9 Clients accounts receivable , , ,135.9 Inventories 2, , , ,688.1 Recoverable taxes Dividends receivable Prepaid expenses Other accounts receivable , Total Current Assets 8, , , ,680.7 NON-CURRENT ASSETS Long-term achievable: Marketable securities Loans e advances to subsidiaries companies Receivables from stockholders - Stock Option Plan Deferred income tax and social contribution Escrow deposits Recoverable taxes , ,365.0 Other non-current Investments 3, , Property, plant and equipment 2, , , ,888.3 Intangible assets , ,634.6 Total Non-Current Assets 7, , , ,095.3 TOTAL ASSETS 15, , , ,776.0 LIABILITIES AND SHAREHOLDER S EQUITY CURRENT LIABILITIES Suppliers 2, , , ,546.5 Loans and financing , ,097.1 Debentures 1, , 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 4, , , ,472.8 NON-CURRENT LIABILITIES Long term liabilities: Loans e advances to subsidiaries companies Loans and financing 3, , , ,155.3 Debentures 3, , , ,693.4 Taxes payable Allowance for contingencies Allowance for loss on investiments Advance for cession in mining usage rights Total Non-Current Liabilities 7, , , ,148.1 SHAREHOLDER'S EQUITY Social capital 3, , , ,441.6 Capital reserves Goodwill on capital transactions (6.8) (5.3) (6.8) (5.3) Profit reserves Treasury shares (44.5) (44.5) (44.5) (44.5) Adjustment of equity valuation Loss for the period (47.1) - (47.1) - Minority interest 1, ,164.7 Total Shareholders' Equity 4, , , ,155.1 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 15, , , ,776.0 The accompanying notes are an integral part of these financial statements 17 / 21

18 APPENDIX IV CASH FLOW STATEMENT Lojas Americanas S.A. CASH FLOW STATEMENT - INDIRECT METHOD Parent Company Consolidated (R$ MM) 09/30/ /31/ /30/ /31/2016 Cash Flow from Operating Activities Lost for the Period: (47.1) (43.9) (190.1) (188.6) Adjustments to the Net Income (lost): Depreciation and amortization Residual and deferred value of fixed assets write-off Equity accounting Income tax and current social contribution Income tax and deferred social contribution (170.1) (201.9) Interest on other credits and debits 5.2 (29.7) 8.0 (29.7) Interest and variations on financing , ,237.0 Adjustment in provision for contingencies Reversal of provision for contingencies (7.4) - (7.4) - Stock option plan Allowance for doubtfull accounts (1.3) (1.2) (2.5) (1.2) Provision for losses in inventories (21.9) - (15.8) - Others (19.6) (8.3) (32.8) 2.6 Adjusted Lost 1, , , ,430.3 Decrease (Increase) in Operating Assets: Trade accounts receivable Inventories (352.0) (244.9) (444.7) Recoverable taxes (95.8) (125.0) (37.4) (430.6) Prepaid expenses 8.8 (16.5) Escrow deposits 2.0 (4.4) (10.9) (10.7) Other accounts receivable (237.8) (275.4) (489.6) (375.6) Increase (Decrease) in Operating Liabilities: (159.4) (397.9) (964.9) Suppliers (531.4) (874.8) (1,763.6) (1,439.6) Payroll and related charges 0.2 (1.8) Taxes payable (65.7) (69.2) (117.5) (88.6) Current income tax and social contribution (116.9) (78.0) (122.2) (80.9) Contingencies payments (38.1) (32.2) (57.6) (37.5) Loans and advances from subsidiaries (186.4) Interest settlement on loans and debentures (578.2) (621.9) (930.7) (961.8) Other accounts payable (109.2) 0.7 (268.2) (157.3) (1,625.7) (1,676.1) (3,258.3) (2,758.3) Net Cash Provided (or Used) by Operating Activities (507.6) (870.7) (1,279.4) (2,292.9) Cash Flow from Investing Activities Marketable securities (898.2) 1,032.9 (1,807.3) 2,319.7 Investiments on subsidiaries (752.2) (697.9) - - Plant, property and equipment (547.1) (345.5) (550.1) (373.3) Intangible (80.6) (73.1) (323.5) (383.1) Dividends received Capital reduction of direct subsidiary Net Cash Provided (or Used) by Invest Activities (2,273.4) (2,680.9) 1,563.3 Cash Flow from Financing Activities Loans e financing ( current and non-current): Borrowings , Liquidations (635.7) (230.7) (612.0) (497.8) , Debentures (current and non-current) Borrowings 1, , Liquidations (161.2) (57.6) (161.2) (57.6) 1,338.8 (57.6) 1,338.8 (57.6) Receivables from Stock Option Plan Goodwill of the subsidiaries shares subscription (1.5) (4.4) (1.5) (4.4) Capital Increase 2, , Capital Increase and/or variation of minority interest Interest on equity and dividends paid (115.0) (116.9) (115.0) (116.9) Share buy-back - (41.1) - (41.1) Net Cash Provided by Financing Activities 3, , Net Increase (Decrease) in cash 1,054.1 (545.9) 2,314.9 (671.8) Cash at the begining of period ,326.1 Cash at the end of period 1, , Net Increase (Decrease) in cash 1,054.1 (545.9) 2,314.9 (671.8) The accompanying notes are an integral part of these financial statements 18 / 21

19 APPENDIX V EFFECTS IN THE CONSOLIDATION OF B2W DIGITAL S TRANSPORTATION The Click-Rodo and Direct (subsidiaries of B2W Digital) provide merchandise distribution services to B2W, generating an elimination effect in the consolidated gross revenue and selling, general and administrative expenses (distribution expenses), according to the present accounting rules. The consolidated gross profit is reduced on the same proportion to the positive effect observed in the selling, general and administrative expenses, but with no effect on Adjusted EBITDA and Adjusted EBITDA Margin. Below is the adjusted consolidated result of Lojas Americanas, without the aforementioned effects on B2W Digital results and consequently on Lojas Americanas consolidated results: Lojas Americanas S.A. Income Statement Consolidated Quarters ended in September 30 Consolidated Periods ended in September 30 (R$ MM) 3Q17 3Q16 Variation 9M17 9M16 Variation Gross Merchandise Volume (GMV) 5, , % 16, , % Gross Sales and Services Revenue 4, , % 13, , % Taxes on sales and services (681.6) (758.7) -10.2% (2,068.9) (2,282.8) -9.4% Net Sales and Services Revenue 3, , % 11, , % Cost of goods and services sold (2,596.4) (2,687.6) -3.4% (7,832.7) (8,095.4) -3.2% Gross Profit 1, , % 3, , % Gross Margin (% NR) 32.4% 32.2% +0.2 p.p. 32.0% 31.6% +0.4 p.p. Operating Revenue (Expenses) (813.9) (847.4) -4.0% (2,500.3) (2,496.0) 0.2% Selling expenses (581.9) (649.0) -10.3% (1,812.0) (1,916.8) -5.5% General and administrative expenses (30.8) (35.1) -12.3% (113.2) (115.5) -2.0% Depreciation and amortization (201.2) (163.3) 23.2% (575.1) (463.7) 24.0% Operating Income before Net Financial Result and Equity Accounting % 1, , % Net Financial Result (423.5) (583.6) -27.4% (1,447.9) (1,500.0) -3.5% Other operating income (expenses)* (16.7) (16.7) - (45.8) (57.8) -20.8% Minority interest % % Income tax and social contribution % % Net Income of the Period 23.1 (70.6) - (47.1) (43.9) 7.3% Net Margin (% NR) 0.6% -1.8% +2.4 p.p. -0.4% -0.4% - Adjusted EBITDA % 1, , % Adjusted EBITDA Margin (% NR) 16.4% 15.0% +1.4 p.p. 15.2% 14.5% +0.7 p.p. * In the former accounting rules, considered as "non-operating income". The accompanying notes are an integral part of these financial statements Adjusted EBITDA - Operating profit before interest, taxes, depreciation and amortization, other operating income/expenses, equity accounting, minority participation. 19 / 21

20 APPENDIX V NUMBER OF STORES EVOLUTION 09/30/2016 Period Number of Stores Sales Area Opened 67 Transfered/Deactivated -3 12/30/2016 Evolution of the number of stores, associates and sales area - Lojas Americanas Opened 7 Transfered/Deactivated -2 Number of Associates 1, thousand m² 20,234 1, thousand m² 21,166 03/31/2017 1, thousand m² 20,898 Opened 16 Transfered/Deactivated -3 06/30/2017 1, thousand m² 20,704 Opened 38 Transfered/Deactivated -3 09/30/2017 1, thousand m² 21, / 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