2Q17 Highlights. Same-store sales growth reached 10.8% in 2Q17 among brick and mortar stores. Double-digit growth not seen since 3Q13.

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2 July 24, 2017 Via Varejo S.A., Brazil s largest electronics, home appliances and furniture retailer, announces its results in the second quarter of 2017 (2Q17). On November 1, 2016, the Company started consolidating the results of both the online and offline channels after the corporate reorganization concluded on October 31, To facilitate understanding and comparison of the figures in this report, we prepared pro forma statements for 2Q16 assuming, for illustration purposes, the consolidation of the online channels and brick-andmortar stores. We also present (i) 2016 net revene adjusted by Lei do Bem related credits; (ii) EBITDA adjusted by Other Operational (expenses) revenues; and (iii) net income adjusted by term of agreement signed on July 4, Q17 Highlights Same-store sales growth reached 10.8% in 2Q17 among brick and mortar stores. Double-digit growth not seen since 3Q % growth in Gross GMV from the Online Business in 2Q17 (compared to 19.1% decline in 2Q16), outperforming market growth. In 2Q17, Click&Collect accounted for 25% of eligible products, showing significant improvement in our multichannel strategy. Consistent growth in consolidated adjusted gross margin, which reached 31.2% this quarter, 274 bps higher than the margin in 2Q16. Consolidated adjusted EBITDA margin of 5.8%, up 517bps from 2Q16. Positive EBITDA from the Online business, resulting from the conclusion of integration and the capture of synergies announced, as well as the progress made in the implementation of our commercial strategy. Adjusted Net Income pre term of agreement³ of R$19 million, compared to pro forma net loss of R$488 million in 2Q16. We ended the quarter with net cash of R$2.0 billion and cash flow of R$ 742 million. Credits around R$670 million (PIS/COFINS based on ICMS) may positively impact the result after a decision of the Supreme Court (STF). 1

3 R$ million (2016 Pro-forma non-audited) 2Q17 2Q16 % 1H17 1H16 % Bricks and Mortar - SSS 10.8% 2.6% 5.4% (5.4%) Online - Change Gross GMV 22.5% (19.1%) 15.4% (32.3%) Online - Net GMV change 26.4% (23.7%) 14.4% (42.9%) Adjusted Net Revenue 6,146 5, % 12,139 11, % Adjusted Gross Margin 31.2% 28.5% 274bps 31.2% 29.9% 126bps EBITDA % % EBITDA Margin 3.1% 1.6% 151bps 4.1% 0.6% 346bps Adjusted EBITDA¹ % % Adjusted EBITDA Margin 5.8% 0.6% 517bps 5.7% 2.9% 271bps Financial Results (195) (344) (43.3%) (335) (458) (26.8%) Adjusted Net Earnings 19 (488) na 116 (581) na Net Margin 0.3% (8.8%) 911bps 1.0% (5.2%) 612bps Net Earnings (45) (350) (87.1%) 52 (546) na Net Cash 1,962 1,220 61% 1,962 1,220 61% (¹) Excluding other operational revenues and expenses Management Comments We ended 2Q17 with significant market share gains and a significant improvement in our operating and financial indicators, as a result of diverse initiatives implemented by Management in recent months. We registered double-digit growth in our Bricks & Mortar stores for the first time since 3Q13. Our strategy for seasonal events proved successful - we had the best Mother's Day in recent years and obtained excellent results during Valentine's Day. We registered 22.5% growth in Gross GMV from the online business as a result of our commercial strategy that involved adjustments to the product and service portfolio, the pricing methodology and the multichannel approach (Click & Collect), which already accounts for 25% of eligible products. Gains in consolidated gross margin continue to be substantial, mainly due to the online business, which registered positive EBITDA. The increase in revenue and gross margin, combined with strict control over our expenses and operating leverage, enabled us to register an approximately 517 bps increase in adjusted EBITDA margin over 2Q16 to reach 5.8%. Excluding the impacts of the agreement signed on July 4, the Company recorded net income of R$ 19 million, compared to a pro-forma loss of R$ 488 million in 2Q16. We remain focused on our initiatives aimed at the future of the Company. This quarter, we started rolling out the regional pricing system across our brick and mortar stores- by mid-july 40% of our sales volume was generated in this model. This is a project that generates significant gains in our commercial margin, since it enables us to devise the best commercial strategy considering the differences in market dynamics in each of the regions where we operate. The premium stores project implemented in March was expanded. The segment that delivers substantial sales growth and increase in profitability, now has 51 stores, compared to 36 in 1Q17. We improved our model with new assortments, prices and services, besides providing more specific training for this type of store. We are also continuously gaining market share in the regions where these stores operate. 2

4 In the online business, we remain focused on improving the service level, we optimized the portfolio, we drastically reduced the current stockout level, which today is around 3%, and made progress in Click & Collect. We have expanded beyond the Rio de Janeiro-São Paulo axis and about 25% of sales of eligible products came from this model. In the marketplace, the focus on Sellers with products that complement our portfolio and with a matching service level positively contributed to GMV growth and improved client satisfaction. The Company maintains its strategy of looking to the future. In addition to the joint effort with IBM on using the Watson platform and its focus on artificial intelligence, and the projects in partnership with Accenture focusing on consumer behavior, we are analyzing new store formats - smaller and/or fully digital in order to adapt ourselves to the continuous evolution of the market in which we operate. The i) consistent improvement in results, combined with ii) solid financial structure, iii) high execution capacity, and iv) the focus on innovation, consolidate Via Varejo's leadership in the multichannel electronics and furniture market in Brazil. The Management 1 3 In that sense, was signed on July 4 th, a Term of Agreement was entered into among Via Varejo, GPA and the Klein Shareholders, according to which the parties adjusted and ruled the payment of losses and damages incurred by both parties until the Base Date, as well as the criteria for determining each party s responsibilities for losses incurred after the Base Date and guarantees of their respective payment to Via Varejo by CB. The Term of Agreement is subject to the approval of the Board of Directors and the Independent Special Committee for Related Party Transactions of GPA. 3

5 Operating Performance Net Sales R$ million (2016 Pro-forma non-audited) 2Q17 2Q16 % 1H17 1H16 % Bricks and Mortar 4,929 4, % 9,820 9, % Online 1,217 1, % 2,319 2, % Net Revenue 6,146 5, % 12,139 11, % B&M Lei do Bem na na Online Lei do Bem na na Bricks and Mortar 4,929 4, % 9,820 9, % Online 1,217 1, % 2,319 2, % Adjusted Net Revenue 6,146 5, % 12,139 11, % We ended 2Q17 with sales growth, which was higher than in 1Q17 in both segments. Adjusted net sales in our brick and mortar stores grew 11.1%, while the online business registered 9.5% growth. Despite a challenging quarter, with several holidays in April, in May we had the best Mother s Day in recent years and in June, we had a Valentine s Day that surpassed our expectations. During the period, we noticed a recovery in the performance of all categories. In 2Q17 we also continued to implement our sales and profitability strategy using our portfolio of products and financial services. Revenue from payment books, cards, services, assembly and freight increased 19.2% from 2Q16. R$ million (2016 Pro-forma non-audited) 2Q17 2Q16 % 1H17 1H16 % Merchandise 5,375 4, % 10,648 9, % Freight % % Services % % CDC/Credit Cards % % Assembly (38.9%) (19.8%) Net Revenue 6,146 5, % 12,139 11, % Freight, Services, CDC/Credit Card and Assemb % 1,490 1, % % Total Net Revenue 12.5% 11.7% 88bps 12.3% 11.9% 40bps With regard to payment methods, 2Q17 saw an increase in the share of cash sales, already noticed in 1Q17, which contributed positively to the company's profitability. Sales by means of payment 2Q17 2Q16 Cash/Debit Card 37.1% 27.7% CDC (Payment Book) 13.1% 13.5% Co-branded Credit Card 12.2% 15.5% Third-party Credit Card 37.6% 43.3% 4

6 Brick and mortar stores In 2Q17 we increased same-store sales growth to 10.8%, from 2.5% in 1Q17. We continued our strategy of striking a balance between sales growth and profitability, and also continued our initiative of providing guidance to our customers on withdrawing their balances in inactive FGTS accounts. We ended the quarter with market share gains, driven by healthy performances on special dates (Mother's Day and Valentine's Day). Net sales at brick and mortar stores grew 14.0% in 2Q17 compared to 2Q16. If the revenue of R$111 million from credits related to the Lei do Bem tax incentive law in 2Q16 were added, growth would be 11.1%. Online business Gross GMV¹ increased 22.5% in 2Q17, outperforming the market, while Invoiced GMV¹ ended the period 26.4% higher (GMV of R$ 1,469 million). We continued our strategy of optimizing our marketplace platform in order to strengthen our partnership with key sellers, who are aligned with the strategy of our brands and with the shopping experience that we want to offer on our websites. We are currently working with about 3,300 sellers who offer around 2 million items that complement Via Varejo s product portfolio. Net GMV of the Marketplace accounted for 25% total net GMV in 2Q17. Note that our strategy for the marketplace is to monetize (ROIC) segments in which we are not competitive or which could be more profitable if managed by a third party. In this rigorous analysis, our focus always remains on generating the best results for the Company. Net sales from the Online business grew 11.5% in 2Q17 compared to 2Q16. If the revenue of R$21 million from credits related to the Lei do Bem tax incentive law in 2Q16 were added, growth would be 9.5%. ¹Gross GMV Order made but not confirmed. Net GMV Order confirmed and dispatched to customer. 5

7 Gross Profit R$ million (2016 Pro-forma non-audited) 2Q17 2Q16 % 1H17 1H16 % Gross Profit 1,919 1, % 3,787 3,370 12% Gross Margin 31.2% 33.3% (204)bps 31.2% 29.9% 126bps Lei do Bem na na PIS/Cofins Credit - (353) na - (353) na Adjusted Gross Profit 1,919 1, % 3,787 3, % Adjusted Gross Margin 31.2% 28.5% 274bps 31.2% 30.0% 124bps Adjusted consolidated gross margin ended 2Q17 at 31.2%, increasing 274 bps from 2Q16. This increase is the result of: (i) the correct commercial strategy for both channels, notably in the Online segment, and the successful implementation of the multichannel commercial strategy, aimed at the correct positioning of prices and assortment for this channel; and (ii) the significant increase in the share of financial services and products in the net sales of brick and mortar stores. Selling, General and Administrative Expenses R$ million (2016 Pro-forma non-audited) 2Q17 2Q16 % 1H17 1H16 % SG&A (1,589) (1,567) 1.4% (3,157) (3,086) 2.3% % Net Revenue (25.9%) (28.9%) 308bps (26.0%) (28.1%) 209bps SG&A (1,589) (1,567) 1.4% (3,157) (3,086) 2.3% % Adjusted Net Revenue (25.9%) (28.3%) 240bps (26.0%) (27.4%) 141bps In 2Q17, we reduced by 240 bps our expenses as a ratio of adjusted net sales, demonstrating the effective control over expenses, by mitigating the effects of inflation on costs, and the significant impact of operating leverage which is additional revenue that helped dilute our fixed expenses. We are continuing our cost-cutting initiatives and, with the implementation of the multichannel strategy, expect to increasingly optimize our expenses. Adjusted EBITDA R$ million (2016 Pro-forma non-audited) 2Q17 2Q16 % 1H17 1H16 % EBITDA % % EBITDA Margin 3.1% 1.6% 147bps 4.1% 0.6% 346bps Other Operational (Expenses) Revenues (0.7%) (27.2%) Lei do Bem na na PIS/Cofins Credit - (353) na - (353) na Adjusted EBITDA % % Adjusted EBITDA Margin 5.8% 0.6% 517bps 5.7% 2.2% 342bps Consolidated EBITDA margin adjusted for Other Operating Income and Expenses was 5.8% in 2Q17, up 517 bps from the EBITDA in 2Q16. The successful multichannel commercial strategy, with a significant improvement in consolidated gross margin combined with the leverage of SG&A expenses, significantly contributed to the improvement in adjusted EBITDA margin. EBITDA from the Online business continues to grow, with the 2Q17 result higher than the 1Q17 amount in absolute terms. 6

8 Financial Performance R$ million (2016 Pro-forma non-audited) 2Q17 2Q16 % 1H17 1H16 % Operating Financial Revenues (56,9%) (39,8%) Operating Financial Expenses (258) (373) 0bps (422) (569) 0bps Debt Financial Expenses (15) (74) (80,1%) (45) (130) (65,6%) CDC Financial Expenses (91) (87) 4,1% (190) (171) 10,7% Credit Card Receivables' Discounting Expenses (152) (212) 0bps (188) (267) 0bps Financial Results pre monetary variation (245) (345) (28,8%) (363) (470) (22,8%) % Adjusted Net Revenue (4,0%) (6,2%) 222bps (3,0%) (4,2%) 118bps Monetary Variation 51 1 na % Net financial results (195) (344) (43,3%) (335) (458) (26,9%) % Adjusted Net Revenue (3,2%) (6,2%) 303bps (2,8%) (4,1%) 131bps In 2Q17, financial result pre monetary variation as a ratio of net sales reached 4.0%, down 222 bps from 2016, impacted by the reduction in the Company s financial debt and by lower expenses with discounting of receivables. The monetary variation account consists of non-recurring and non-cash inflation adjustments (revenue) from i) taxes recoverable, and ii) provisions for contingencies, especially labor contingencies. Other Non-Operating Income (Expenses) Other non-operating expenses in quarter amounted to R$ 167 million, higher than last year. Of this amount, R$ 97 million refers to a term of agreement³ between GPA and the Klein Family relating to civil, tax and labor contingencies, which have no cash effect. The balance is related to integration and expenses with store closures. Net Income R$ million (2016 Pro-forma non-audited) 2Q17 2Q16 % 1H17 1H16 % Net Earnings (45) (350) (87.1%) 52 (546) na Net Margin (0.7%) (6.5%) 573bps 0.4% (4.9%) 528bps Association Agreement post-taxes (64) - na (64) - na Pre Agreement Net Earnings 19 (350) na 116 (546) na % Adjusted Pro-forma Net Revenues 0.3% (6.3%) 662bps 1.0% (4.9%) 581bps Lei do Bem after tax - 95 na na PIS/COFINS Credit after tax - (233) na - (233) na Adjusted Net Earnings 19 (488) na 116 (581) na % Adjusted Net Revenues 0.3% (8.8%) 911bps 1.0% (5.2%) 612bps ( The Company posted a Pre-Agreement Adjusted Net Income of R$19 million in 2Q17, compared to a loss of R$488 million in 2Q16, already duly adjusted for the effects of Lei do Bem and PIS/Cofins tax credits. This result reflects the Company's efforts in rolling out the multichannel commercial strategy and its pursuit of operational efficiency. 7

9 Working Capital R$ million (2016 Pro-forma non-audited) 2Q17 2Q16 (+/-) (+/-) Inventory 3,782 3, Days of Inventory dias (+/-) Suppliers 5,245 4, Days of Suppliers dias Working Capital Change 1, In 2Q17, we maintained the healthy management of the working capital in relation to 2016 with suppliers finance strategy, whereby suppliers finance our stock. The excellent sales performance in the quartier positively contributed to the company s inventory turnover. Debt R$ million (2016 Pro-forma non-audited) (+/-) Availability 750 1,688 (938) On Balance Credit Card Receivables Not Discounted 1,688 1, Financial Debt (476) (1,490) +1,014 Net Debt with CC Receivables not Discounted 1,962 1, LTM Adjusted EBITDA 1, LTM EBITDA Net cash 1.6x 1.7x We ended the quarter with a solid net cash balance of R$1,962 million, including the unsold receivables portfolio of R$ 1,688 million. The positive working capital balance of R$636 million in the period was key component of consolidated free cash flow of R$742 million. 8

10 Payment book defaults 31.0% 43.3% 31.6% 26.3% 35.7% 39.2% 31.5% 28.4% 32.3% 17.0% 7.6% 8.1% 9.2% 9.9% 9.7% 10.3% 10.8% 10.9% 10.7% 11.2% 1Q15 2Q15 3Q15 4Q15 1Q16 Net Loss/Payment Book Net Revenue 2Q16 3Q16 4Q16 1Q17 Net Loss/Payment Book Porfolio 2Q17 The default rate of our payment book portfolio in relation to net sales improved significantly despite an adverse macroeconomic scenario, as the above graph shows. This performance is due to the maturation of risk control systems and processes. The implementation of the FICO system and the centralization of credit decisions enabled us to promote the product among our sales force, thereby controlling the quality of credit approved. We also improved our collections efficiency through partnerships that positively contributed to improving our results. Pro-forma capex In 2Q17, Via Varejo s consolidated capital expenditure totaled R$32 million, broken down as follows: R$ million (2016 Pro-forma non-audited) 2Q17 2Q16 % 1H17 1H16 % Logistics 2 6 (60.0%) 3 8 (58.0%) New Stores 1 3 (53.3%) 1 5 (72.0%) Stores Renovation (36.8%) (22.2%) IT % (23.5%) Others % 3 4 (2.9%) Total (11.1%) (28.9%) 9

11 Store Activity by Format Casas Bahia Conversion Opening Closure Street Shopping Malls Consolidated (total) Sales Area ('000 m2) Total Area ('000 m2) 1, ,250 Pontofrio Conversion Opening Closure Street Shopping Malls Consolidated (total) Sales Area ('000 m2) Total Area ('000 m2) Consolidado Conversion Opening Closure Street Shopping Malls Consolidated (total) Sales Area ('000 m2) 1, ,062 Total Area ('000 m2) 1, ,437 10

12 Unaudited Pro-Forma Accounting Information Pro-forma Income Statement R$ million 2Q17 2Q16 1H17 1H16 Gross Sales 6,972 6, % 13,797 13, % Net Sales 6,146 5, % 12,139 11, % Cost of Goods Sold (4,207) (3,599) 16.9% (8,310) (7,858) 5.7% Depreciation (Logistic) (20) (15) 37.8% (42) (30) 42.3% Gross Profit 1,919 1, % 3,787 3, % Selling Expenses (1,410) (1,372) 2.7% (2,806) (2,681) 4.6% General and Administrative Expenses (179) (195) (8.1%) (351) (405) (13.3%) Equity Income % (17.6%) Other Operating Income (Expenses) (167) (168) (0.7%) (188) (258) (27.2%) Total Operating Expenses (1,749) (1,728) 1.2% (3,331) (3,327) 0.1% Depreciation and Amortization (56) (53) 5.2% (116) (106) 9.2% Earnings before Interest and Taxes - EBIT % 340 (63) na Financial Revenue % (20.5%) Financial Expenses (305) (434) (29.7%) (538) (713) (24.5%) Net Financial Income (Expense) (195) (344) (43.3%) (335) (458) (26.8%) Earnings before Income Tax (81) (324) (75.0%) 5 (521) na Income Tax 36 (26) na 47 (25) na Net Income (45) (350) (87.1%) 52 (546) na Earnings before Interest, Taxes, Depreciation, Amortization-EBITDA % na Adjusted EBITDA % % % of Net Sales Revenue 2Q17 2Q16 1H17 1H16 Gross Profit 31.2% 33.3% (2.1 p.p.) 31.2% 29.9% 1.3 p.p. Selling Expenses (22.9%) (25.3%) 2.4 p.p. (23.1%) (23.8%) 0.7 p.p. General and Administrative Expenses (2.9%) (3.6%) 0.7 p.p. (2.9%) (3.6%) 0.7 p.p. Equity Income 0.1% 0.1% 0.0 p.p. 0.1% 0.2% (0.1 p.p.) Outras Despesas e Receitas Operacionais (2.7%) (3.1%) 0.4 p.p. (1.5%) (2.3%) 0.8 p.p. Total Operating Expenses (28.5%) (31.9%) 3.4 p.p. (27.4%) (29.6%) 2.2 p.p. Depreciation and Amortization (0.9%) (1.0%) 0.1 p.p. (1.0%) (0.9%) (0.1 p.p.) Earnings before Interest and Taxes - EBIT 1.9% 0.4% 1.5 p.p. 2.8% (0.6%) 3.4 p.p. Net Financial Income (Expense) (3.2%) (6.3%) 3.1 p.p. (2.8%) (4.1%) 1.3 p.p. Earnings before Income Tax (1.3%) (6.0%) 4.7 p.p. 0.0% (4.6%) 4.6 p.p. Income Tax 0.6% (0.5%) 1.1 p.p. 0.4% (0.2%) 0.6 p.p. Net Income (0.7%) (6.5%) 5.8 p.p. 0.4% (4.9%) 5.3 p.p. EBITDA 3.1% 1.6% 1.5 p.p. 4.1% 0.6% 3.5 p.p. Adjusted EBITDA 5.8% 4.7% 1.1 p.p. 5.7% 2.9% 2.8 p.p. 11

13 Audited Accounting Information Audited Consolidated Income Statement R$ million 2Q17 2Q16 1H17 1H16 Gross Sales 6,972 4, % 13,797 10, % Net Sales 6,146 4, % 12,139 9, % Cost of Goods Sold (4,227) (2,677) 57.9% (8,352) (5,948) 40.4% Depreciation (Logistic) (20) (10) 100.0% (42) 20 na Gross Profit 1,919 1, % 3,787 3, % Selling Expenses (1,410) (1,171) 20.4% (2,806) (2,279) 23.1% General and Administrative Expenses (179) (132) 35.6% (351) (279) 25.8% Equity Income 7 (98) na 14 (128) na Other Operating Income (Expenses) (167) (41) na (188) (81) 132.1% Total Operating Expenses (1,749) (1,442) 21.3% (3,331) (2,767) 20.4% Depreciation and Amortization (56) (43) 30.2% (116) (87) 33.3% Earnings before Interest and Taxes - EBIT (35.2%) % Financial Revenue % % Financial Expenses (305) (317) (3.8%) (538) (469) 14.7% Net Financial Income (Expense) (195) (260) (25.0%) (335) (297) 12.8% Earnings before Income Tax (81) (84) (3.6%) 5 (57) na Income Tax 36 (5) na 47 (23) na Net Income (45) (89) (49.4%) 52 (80) na Earnings before Interest, Taxes, Depreciation, Amortization-EBITDA¹ (17.0%) % Adjusted EBITDA % % % of Net Sales Revenue 2Q17 2Q16 1H17 1H16 Gross Profit 31.2% 38.3% (7.1 p.p.) 31.2% 34.2% (3.0 p.p.) Selling Expenses (22.9%) (27.0%) 4.1 p.p. (23.1%) (25.2%) 2.1 p.p. General and Administrative Expenses (2.9%) (3.0%) 0.1 p.p. (2.9%) (3.1%) 0.2 p.p. Equity Income 0.1% (2.3%) 2.4 p.p. 0.1% (1.4%) 1.5 p.p. Outras Despesas e Receitas Operacionais (2.7%) (0.9%) (1.8 p.p.) (1.5%) (0.9%) (0.6 p.p.) Total Operating Expenses (28.5%) (33.2%) 4.7 p.p. (27.4%) (30.6%) 3.2 p.p. Depreciation and Amortization (0.9%) (1.0%) 0.1 p.p. (1.0%) (1.0%) 0.0 p.p. Earnings before Interest and Taxes - EBIT 1.9% 4.1% (2.2 p.p.) 2.8% 2.7% 0.1 p.p. Net Financial Income (Expense) (3.2%) (6.0%) 2.8 p.p. (2.8%) (3.3%) 0.5 p.p. Earnings before Income Tax (1.3%) (1.9%) 0.6 p.p. 0.0% (0.6%) 0.6 p.p. Income Tax 0.6% (0.1%) 0.7 p.p. 0.4% (0.3%) 0.7 p.p. Net Income (0.7%) (2.1%) 1.4 p.p. 0.4% (0.9%) 1.3 p.p. EBITDA 3.1% 5.3% (2.2 p.p.) 4.1% 3.4% 0.7 p.p. Adjusted EBITDA 5.8% 6.2% (0.4 p.p.) 5.7% 4.3% 1.4 p.p. (¹) EBITDA is not revised by External Audit. 12

14 Balance Sheet Assets R$ million 2T17 2T16 Current Assets 9,037 10,708 Accounts Receivables 750 4,030 Accounts Receivables 3,751 2,782 Credit Cards 1, Payment Book 2,005 1,966 Others Accounts Receivables B2B Allowance for doubtful accounts (392) (342) Inventories 3,782 3,054 Recoverable Taxes Amounts Receivable from Related Parties Expenses in Advance and Other Accounts Receivable Noncurrent Assets 6,831 6,819 Long-Term Assets 4,128 3,980 Accounts Receivables Credit Cards Payment Book Allowance for doubtful accounts (20) (22) Recoverable Taxes 2,382 2,317 Deferred Income Tax and Social Contribution Amounts Receivable from Related Parties Judicial Deposits Expenses in Advance and Other Accounts Receivable Investments Property and Equipment 1,371 1,438 Intangible Assets 1,210 1,257 TOTAL ASSETS 15,868 17,527 Liabilities and Shareholders' Equity R$ million 2T17 2T16 Current Liabilities 10,275 12,057 Taxes and Social Contribution Payable Suppliers 5,145 5,618 Suppliers ('Forfait') Loans and Financing Payment Book (CDCI) 2,836 2,730 Fiscal Obligations Debt with Related Parties Advanced revenues Other Long-Term Liabilities 2,729 2,662 Loans and Financing Payment Book (CDCI) Debt with Related Parties 19 1 Deferred Income Tax and Social Contribution Provision for lawsuits 1, Advanced revenue 1,185 1,326 Other 8 8 Shareholders' Equity 2,864 2,808 Capital 2,895 2,895 Capital Reserves (882) (886) Profit Reserves LIABILITIES AND SHAREHOLDERS' EQUITY 15,868 17,527 13

15 Audited Cash Flow 2Q17 2Q16 Net Income for the period 52 (80) Adjustment for Reconciliation of Net Income Deferred Income Tax (125) 10 Depreciation and Amortization Interest and Exchange Variation Equity Income (14) 128 Provision for lawsuits Gain (loss) with fixed and intangible assets 7 13 Share-based Payments 5 5 Allowance for doubtful accounts Provision for Obsolescence and Retail Loss Deferred Revenue (118) (103) Others (3) Asset (Increase) Decreases Accounts Receivable (1,271) (1,016) Inventories (777) (420) Taxes Recoverable (268) (271) Other Assets (36) (159) Net Related Parties 112 (17) Judicial Deposits (116) (80) Dividends received 44 - (2,312) (1,963) Liabilities (Increase) Decreases Suppliers (862) (1,929) Payroll and Charges 15 (27) Lawsuits (177) (124) Deferred Revenue (10) - Outras exigibilidades (73) (106) (1,107) (2,186) Net Cash (used) in Operating Activities (2,562) (3,382) Cash Flow from Investment Activities Acquisition of fixed and intangible assets (120) (59) Sale of Property and Equipment 4 8 Net Cash (used) in Operating Activities (116) (51) Cash Flow from Financing Activities Proceeds from borrowings 2,513 1,927 Repayments of borrowings (2,880) (2,229) Payments of Interest (235) (182) Net Cash (used in) Financing Activities (602) (484) Cash and Cash equivalents at the Beginning of the Period 4,030 5,580 Cash and Cash equivalents at the End of the Period 750 1,663 Change in Cash and Cash Equivalents (3,280) (3,917) 14

16 EARNINGS CONFERENCE CALL AND WEBCAST July 25, :00 a.m. (Brazil) / 10:00 a.m. (New York) / 3:00 p.m. (London) Portuguese: +55 (11) English (simultaneous translation): +1 (646) Webcast: Replay +55 (11) Code: Via Varejo 15

17 Ownership Structure The capital stock of Via Varejo is divided into 1,291 million shares, of which 656 million are common shares and 635 million are preferred shares. GPA is the controlling shareholder, holding 43.3% of total stock and 62.6% of common stock. Free float corresponds to 30.5% of all the shares issued by Via Varejo. 30,5% 43,3% 26,1% GPA Klein Family Freefloat 16

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