B2W - Companhia Global do Varejo Quarterly Information (ITR) at March 31, 2012 and Report on Review of Quarterly Information

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1 (A free translation of the original in Portuguese) B2W - Companhia Global do Varejo Quarterly Information (ITR) at and Report on Review of Quarterly Information

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4 Balance sheet at March 31 (A free translation of the original in Portuguese) Parent Company ASSETS 03/31/ 03/31/ /31/ 03/31/2011 CURRENT Cash and cash equivalents 12,446 4,270 29,250 15,297 Marketable securities 593, , , ,113 Accounts receivables 528, ,622 1,117,643 1,133,190 Inventories 460, , , ,934 Recoverable taxes 115, , , ,654 Prepaid expenses 10,309 15,844 21,740 17,790 Other current assets 84,848 74,128 89,891 84,051 Total current assets 1,805,262 2,150,769 2,550,708 2,801,029 NON CURRENT Long-term assets: Marketable securities 19,246 18, Deferred income tax and social contribution 229, , , ,092 Escrow deposits 28,194 19,775 28,219 19,802 Related parties 49,004 51,536 15,623 19,604 Other non current assets Investments 60,334 59, Fixed assets 208, , , ,037 Intangible 819, , , ,592 Deferred 23,544 27, Total non current assets 1,437,380 1,355,974 1,372,067 1,288,998 TOTAL ASSETS 3,242,642 3,506,743 3,922,775 4,090,027 1 of 80

5 Balance sheet at March 31 Parent Company LIABILITIES AND SHAREHOLDERS' EQUITY 03/31/ 03/31/ /31/ 03/31/2011 CURRENT Suppliers 495, , , ,339 Loans and financing 431, , , ,254 Debentures 14,700 8,303 14,700 8,303 Salaries, provisions and social contributions 15,781 14,289 18,875 16,929 Taxes payable 3,002 4,881 7,362 8,275 Income tax and social contribution ,315 Other current liabilities 15,899 20,415 21,827 25,806 Total current liabilities 976,466 1,180,178 1,186,591 1,400,221 NON CURRENT LIABILITIES Long-term liabilities: Loans and financing 758, ,086 1,234,424 1,163,672 Debentures 305, , , ,663 Provisions for contingencies 16,248 15,341 16,248 15,341 Deferred income tax and social contribution 69,464 60,355 69,464 60,355 Other non current liabilities 5,744 5,743 15,176 8,927 Total non current liabilities 1,154,642 1,169,188 1,640,439 1,550,958 SHAREHOLDERS'S EQUITY Capital 1,182,491 1,182,491 1,182,491 1,182,491 Capital reserve (-) Treasury shares Equity adjustment Capital reserves (-) Treasury shares Accumulated losses (71,619) (26,049) (87,408) (44,578) Total shareholders's equity 1,111,534 1,157,377 1,095,745 1,138,848 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 3,242,642 3,506,743 3,922,775 4,090,027 The accompanying notes are an integral part of these financial statements. 2 of 80

6 Statements of operations for the quarters, except the (losses) earnings per thousand shares in reais (A free translation of the original in Portuguese) Parent Company 03/31/ 03/31/ /31/ 03/31/2011 Net revenue 918, ,179 1,001,155 1,028,708 Cost of goods and services sold (723,194) (699,300) (762,170) (733,686) Gross profit 195, , , ,022 Operating income (expenses) Selling expenses (140,007) (150,455) (164,003) (166,627) General and administrative expenses (32,148) (29,036) (37,027) (31,652) Management fees (1,522) (1,515) (1,522) (1,620) Other operating income (expenses) (8,158) (14,593) (8,157) (19,103) Result before financial result 13,412 59,280 28,276 76,020 Financial revenue 43,548 38,849 58,969 42,067 Financial expenses (127,616) (108,953) (151,998) (120,772) Financial result (84,068) (70,104) (93,028) (78,705) Equity accounting 1,125 2, Income (loss) before income tax and social contribution (69,531) (8,001) (64,753) (2,685) Income tax and social contribution Current - - (1,137) (2,883) Deferred 23,961 3,691 23,060 3,962 Net income (loss) of the period (45,570) (4,310) (42,830) (1,606) The accompanying notes are an integral part of these financial statements. 3 of 80

7 Statements of comprehensive result for the quarters, except the (losses) earnings per thousand shares in reais (A free translation of the original in Portuguese) Parent Company 03/31/ 03/31/ /31/ 03/31/2011 Net income (loss) of the period (45,570) (4,310) (42,830) (1,606) Change in fair value of assets available for sale (1,065) (809) (1,065) (809) Deffered income tax and social contribution Total comprehensive result (46,273) (4,844) (43,533) (2,140) The accompanying notes are an integral part of these financial statements. 4 of 80

8 Statements of changes in shareholders' equity for the quarters - Parent company (A free translation of the original in Portuguese) The accompanying notes are an integral part of these financial statements. 5 of 80

9 Statements of changes in shareholders' equity for the quarters - (A free translation of the original in Portuguese) The accompanying notes are an integral part of these financial statements. 6 of 80

10 Statements of value added for the quarters (A free translation of the original in Portuguese) Parent Company 03/31/ 03/31/ /31/ 03/31/2011 Revenues Sales of products, goods and services 1,027,166 1,050,938 1,124,336 1,146,464 Other revenues , Reversal (allowance) for doubtful accounts (3,282) (1,044) (905) (2,729) 1,023,890 1,049,933 1,124,701 1,144,395 Goods acquired from third parties Costs of products sold (including ICMS, PIS and COFINS) (821,116) (786,421) (869,742) (822,351) Materials, energy, third party services and others (103,032) (134,135) (129,763) (151,335) Loss/Recuperation of active values (1,920) (1,920) (924,148) (922,476) (999,505) (975,606) Gross value added 99, , , ,789 Depreciation and amortization (24,005) (21,464) (23,575) (19,342) Net value added generated by the Company 75, , , ,447 Value added received in transfer Equity result 1,125 2,823 - Financial income 43,548 38,849 58,969 42,068 44,673 41,672 58,969 42,068 Total value added to distribute 120, , , ,515 Distribution of value added Employees Direct compensation 27,721 15,119 32,304 18,305 Benefits 6,148 5,642 6,609 5,929 Guarantee fund for years of service 2,573 1,355 2,930 1,776 Others 1,515 1,620 36,442 23,631 41,843 27,630 Taxes and contributions Federal (17,425) 285 (14,214) 20,623 State 9,391 8,124 12,916 12,414 Municipal (7,864) 8,754 (507) 33,943 Compensation of third party capital Interest 127, , , ,809 Rentals 9,725 10,618 10,024 10,818 Others , , , , ,548 Pay Equity Dividends - - Retained earnings / losses of the exercise (45,570) (4,310) (42,830) (1,606) (45,570) (4,310) (42,830) (1,606) 120, , , ,515 The accompanying notes are an integral part of these financial statements. 7 of 80

11 Cash flow statements of cash flows for the quarters (A free translation of the original in Portuguese) Cash flows from operating activities Parent Company 03/31/ 03/31/ /31/ 03/31/2011 Net Income (Loss) of the period (45,570) (4,310) (42,830) (1,606) Adjustments to net income (loss): Depreciation and amortization 24,005 21,464 23,575 19,341 Deferred income tax and social contribution (23,961) (3,691) (21,923) (3,962) Interest and changes on financing and other debts 18,639 7,357 46,537 10,881 Equity accounting (1,125) (2,823) - - Others (2,188) 4,139 (5,701) 5,608 Adjusted net income (loss) (30,200) 22,136 (342) 30,262 Decrease (increase) in operational assets: Accounts receivable 19,988 16,665 48,116 (130,913) Inventories 19,835 19,709 30,719 33,127 Recoverable taxes (5,699) 99 (5,334) (2,519) Prepaid expenses (current and non-current) 5,535 (2,554) (3,950) (2,346) Escrow deposits (8,419) (269) (8,417) (6,638) Accounts receivable related parties 2,527 3,682 3,976 4,602 Other accounts receivable (current and non-current) (10,714) (22,330) (5,836) (18,107) 23,053 15,001 59,274 (122,795) Increase (decrease) in operation liabilities: Suppliers (194,137) (134,475) (191,033) (139,875) Payroll and related charges 1,492 (227) 1, Taxes and contributions (current and non current) (1,879) (33) (3,228) (2,329) Other accoutns payable (current and non current) (4,515) (162) 2,412 (1,858) (199,039) (134,897) (189,903) (143,524) Cash Flow from Investment Activities (206,186) (97,761) (130,971) (236,057) Investment Activities: Marketable securities 286, , ,123 38,202 Fixed assets (13,568) (18,061) (14,889) (20,478) Intangible (53,572) (60,658) (57,669) (63,526) Net cash generated (applied) in investment activities 219,124 42, ,565 (45,803) Financing Activities: Loans and financing (current and non current): Additions , ,847 Payments (47,875) (22,447) (85,051) (56,532) Discount of receivables 43,113 74,153 (24,845) 37,309 Net cash generated (applied) in financing activities (4,762) 51,956 (15,641) 274,624 Increase (decrease) in Cash and Cash Equivalents 8,176 (2,984) 13,953 (7,234) Opening balance of cash and cash equivalents 4,270 7,288 15,297 15,283 Closing balance of cash and cash equivalents 12,446 4,304 29,250 8,049 The accompanying notes are an integral part of these financial statements. 8 of 80

12 Press Release 1Q12 B2W ANNOUNCES CONSOLIDATED REVENUE OF R$ 1.1 BILLION IN 1Q12 Rio de Janeiro, May 8 th, B2W - Companhia Global do Varejo (BOVESPA: BTOW3), the leading online retail company in Brazil, formed from the merger between Americanas.com and Submarino, announces today its consolidated results for the 1 st quarter of (1Q12). The accounting information that serves as the basis for the comments that follow are presented according to the international financial reporting standards (IFRS), to the rules issued by the Brazilian Securities Exchange Commission (CVM), and to the Novo Mercado listing rules, and in Reais (R$). The comparisons refer to the 1 st quarter of 2011 (1Q11). B2W s portfolio is composed by the brands Americanas.com, Submarino, Shoptime, B2W Viagens, Ingresso.com, Submarino Finance, BLOCKBUSTER Online, MesaExpress.com.br and SouBarato.com.br, offering over 35 categories of products and services through the Internet, telesales, catalogs, TV and kiosks. B2W FINANCIAL AND OPERATIONAL HIGHLIGHTS Executive Summary 1Q12 Comparison to 1Q11 Parent Company 1Q12 1Q11 Var. (%) Financial Highlights (R$ million) 1Q12 1Q11 Var. (%) % Net Revenue 1, , % % Gross Profit % 21.3% 26.7% -5.4 p.p. Gross Margin (%NR) 23.9% 28.7% -4.8 p.p % EBITDA % 5.0% 10.0% -5.0 p.p. EBITDA Margin (%NR) 6.0% 11.1% -5.1 p.p. (45.6) (4.3) 960.5% Net Result (42.8) (1.6) % -5.0% -0.5% -4.5 p.p. Net Margin (%NR) -4.3% -0.2% -4.1 p.p. Gross Revenues (R$ million) 1,020 Parent Company 1,120 Share of Submarino Card (%) +7 p.p. 30% 1Q11 37% 1Q12 Evolution of SINDEC Complaints 6,526 1Q11-53% 3,044 1Q12 Gross Revenue In 1Q12, the consolidated gross revenue reached R$ 1,119.9 million, whereas the gross revenue in the parent company was R$ 1,020.0 million; Net Revenue In 1Q12, the consolidated net revenue reached R$ 1,001.2 million, whereas the net revenue in the parent company was R$ million; EBITDA EBITDA totaled R$ 60.0 million, which represents 6.0% of the net revenue in 1Q12. In the parent company, the EBITDA was R$ 45.6 million, representing 5.0% of the net revenue in 1Q12; Submarino Card share reached 37% of the website s sale The share of the Submarino Card reached 37% of Submarino s website sales in 1Q12; Evolution of the SINDEC Complaints Ratings In 1Q12, the number of complaints registered in the National Consumer Defense System (SINDEC), of B2W s three websites totaled 3,044, which represents a significative reduction of 53% when compared to the same period of the preceding year; Launch of Submarino on Demand (VOD) Submarino launched the "Submarino on Demand" service, that allows the clients to watch movies and TV series uninterrupted over the Internet through streaming technology; Launch of an Online Help service by Americanas.com. In its striving to improve the consumer experience, B2W has developed an Online Help service, on which a trained and exclusive professional helps the clients get their doubts clarified, increasing the levels of conversion and satisfaction. 9 of 80

13 Press Release 1Q12 COMENTS ABOUT THE RESULTS During this quarter, B2W reaffirmed its commitment to deliver a better service to its clients. We focused on a deep review and consequent reorientation of our practices and processes seeking to create a new relationship with the client. A number of internal and public indicators have already begun to show significant improvements in our satisfaction ratings during these three months. This result was a consequence of a large and effective mobilization of the entire organization, with important investments in all operating areas as well as our service centers. A number of initiatives are now underway notably, the project to set up new distribution centers to bring the Company geographically closer to its clients. Other initiatives should begin to show results over the medium and long-term. However, the advances achieved in this quarter have not yet been translated into higher sales, that were still lower than our expectations. We believe that our strategy, upon the moment it is fully consolidated, will create the competitive advantage the Company seeks, leading to an increase in revenues coupled with operating excellence and satisfied clients. THE MANAGEMENT 10 of 80

14 Press Release 1Q12 COMPANY STRUCTURE B2W Companhia Global do Varejo, formed from the merger between Americanas.com and Submarino in 2006, has a portfolio with the brands Americanas.com, Submarino, Shoptime, B2W Viagens, Ingresso.com, Submarino Finance, BLOCKBUSTER Online, MesaExpress.com.br and SouBarato.com.br, that offer more than 35 categories of products and services through the internet, telesales, catalogs, TV and kiosks distribution channels. The following chart presents an integrated vision of B2W: 11 of 80

15 Press Release 1Q12 OPERATIONAL PERFORMANCE COMMENTS EVOLUTION OF COMPLAINTS In 1Q12, the number of complaints registered in the National Consumer Defense System (SINDEC) regarding B2W s three websites totaled 3,044, which represents a significant reduction of 53% when compared to the same period of the previous year. There was also a significant improvement in the complaint indicators on file with Rio de Janeiro Court System (TJRJ), where the number of complaints in 1Q12 totaled 404 in March, a reduction of 47% compared to the same period of Regarding the number of complaints registered at the Reclame Aqui website, B2W s three sites presented a significant improvement in 1Q12 of 39% over the number of complaints registered during the same period of Another important improvement regarding the complaints rankings at the Reclame Aqui website was that at the in the end of March Americanas.com appeared in the 9th position among the companies with the most complaints over the past 30 days, seven places better than the same period of the previous year. In addition, neither Submarino nor Shoptime appeared on the list. Despite this excellent evolution, it is important to observe that this information only takes into account absolute figures, and when considering the number of complaints as a percentage of sales, the positions of all of our three websites improved considerably. Improvements in internal processes have been implemented and we are certain that even higher levels will be achieved. 6,526-53% 14,390-39% 3,044 8,777 1Q11 SINDEC 1Q12 1Q11 Reclame Aqui 1Q12 NET REVENUE In 1Q12, the consolidated net revenue reached R$ 1,001.2 million, a variation of -2.7% over the R$ 1,028.7 million obtained in 1Q11. The net revenue in the parent company reached R$ million in 1Q12, compared to R$ million in 1Q11, representing a variation of -3.8%. -3% -4% 1,029 1, Q11 1Q12 1Q11 1Q12 Parent Company 12 of 80

16 Press Release 1Q12 GROSS PROFIT In 1Q12, the consolidated gross profit reached R$ million, a variation of -19.0% in relation to the R$ million registered in 1Q11. In the parent company, the gross profit of 1Q12 was R$ million. -19% -23% Q11 1Q12 1Q11 1Q12 Parent Company SELLING, GENERAL AND ADMINISTRATIVE EXPENSES In 1Q12, the consolidated selling, general and administrative expenses totaled R$ million, representing 17.9% of net revenue. The selling, general and administrative expenses in the parent company totaled R$ million in 1Q p.p. 17.5% 17.9% 16.7% -0.4 p.p. 16.3% 1Q11 1Q12 1Q11 1Q12 Parent Company EBITDA In 1Q12, the consolidated EBITDA reached R$ 60.0 million, comparing to R$ million registered in the same period of the preceding year. In 1Q12, the EBITDA in the parent company reached R$ 45.6 million. -48% % Q11 1Q12 1Q11 1Q12 Parent Company 13 of 80

17 Press Release 1Q12 NET FINANCIAL RESULT In 1Q12, the net financial expenses were negative in R$ 93.0 million, a variation of 18.2% comparing to the negative financial expense of R$ 78.7 million presented in 1Q11. The growth of 18.2% in the consolidated financial expense in 1Q12 is related to the increase of the financial discounts granted because of the term or the mean of payment chosen. The increase of these line is in line with the market practices observed during the quarter. When we compare the 1Q12 versus 4Q11, we observe a reduction of 13.6% in the financial result. Net Financial Result - R$ Million 1Q12 1Q11 Δ% Net Financial Result (93.0) (78.7) 18.2% The Company continues to reaffirm its commitment to a conservative cash investment policy, manifested by the use of hedge instruments in foreign currencies, to offset eventual exchanges fluctuations, whether relative to financial liabilities or total cash position. These instruments offset the foreign exchange risk, transforming the cost of the debt to local currency and interest rates (as a percentage of CDI*). Similarly, it is worth mentioning that the Company s cash is invested with Brazil s largest financial institutions. CDI - Certificado de Depósito Interbancário: average rate of borrowing in the interbank market. NET RESULT AND NET RESULT PER SHARE In 1Q12, the net result reached R$ million, compared to the R$ -1.6 million obtained in the same period of the preceding year. The result per share reached R$ in 1Q12, in relation to the R$ obtained in 1Q11. Reconciliation of the Net Result - R$ Million 1Q12 1Q11 Δ% EBITDA % (+) Depreciation / Amortization (23.6) (19.3) 22.3% (+) Net Financial Result (93.0) (78.7) 18.2% (+) Other Operating Income (Expenses)* (8.2) (19.1) -57.1% (+) Income Tax and Social Contribution % (=) Net Result (42.8) (1.6) % Results per Share (R$0.2736) (R$0.0146) % Weighted average of outstanding shares (thousand) 156, ,234 * In the old accounting rules, considered as "non operating income". PARENT COMPANY INDEBTEDNESS B2W s cash balance on 03/31/, which amounted R$ million, continues to be higher than the Company's short-term gross debt, which totaled R$ million. On 03/31/, the Company s net debt was R$ million, or 1.4x accumulated EBITDA in the last 12 months. 14 of 80

18 Press Release 1Q12 R$ million Parent Company Indebtedness 3/31/ 3/31/2011 Short Term Debt Long Term Debt 1, ,487.7 Total Debt (1) 1, ,908.6 Cash and Equivalents Credit Card Accounts Receivables Net of Discounts Total Cash (2) 1, ,185.7 Net Cash (Debt) (2) - (1) (387.6) (722.9) Net Cash (Debt) / EBITDA LTM Average Maturity of Debt Accounts receivable consist of credit card receivables, net of the discounted value, which have immediate liquidity and can be considered as cash. The breakdown of B2W s accounts receivable, from the parent company point of view, is demonstrated in the table below: Accounts Receivable Conciliation 3/31/ 3/31/2011 Gross Credit-Cards Receivable 1, ,568.4 Receivable Discounts (944.3) (1,041.9) Credit Card Accounts Receivables Net of Discounts Present Value Adjustment (6.3) (16.0) Allowance for Doubtful Accounts (25.0) (20.9) Other Accounts Receivable Net Accounts Receivable - Parent Company Because of 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 at the moment they are 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 table above the Company presents the accounts receivable adjusted by the discounts made until the base-dates under analysis. NO FOREIGN CURRENCY EXPOSURE On 03/31/, B2W s balance sheet recorded foreign currency denominated debt. Such debt, however, is FULLY PROTECTED against any foreign exchange fluctuations through derivative operations (swap) that replace the foreign exchange risk for the variation in the basic Brazilian interest rate (CDI). 15 of 80

19 Press Release 1Q12 PARENT COMPANY SALES BY MEANS OF PAYMENT Sales by means of payment in 1Q12 and in 1Q11 can be seen in the following table: Means of Payment 1Q12 1Q11 % Cash 26% 27% -1 p.p Credit Card 74% 73% +1 p.p NET WORKING CAPITAL The net working capital of the parent company on was 119 days, representing an increase of 4 days when compared to the 115 days presented on days /31/ /31/ (Net Working Capital = Days of Inventory + Days of Accounts Receivable Days of Suppliers) B2W, confirming its commitment to maximize shareholder value, continues to manage working capital variables. Opportunities of improvement in internal processes and relationship with suppliers continue being implemented and we are certain that better levels can be achieved. EQUITY ACCOUNTING The equity accounting includes, basically, the subsidiaries Ingresso.com, B2W Viagens, Submarino Finance and BLOCKBUSTER Online. In 1Q12, the equity accounting registered a net gain of R$ 1.1 million. The results of subsidiaries are evolving gradually, which makes us optimistic about their growth prospects. 16 of 80

20 Press Release 1Q12 INVESTMENT AND INNOVATION We have adopted an investment plan which the main objective is to enable growth and improvements in our operations. In 1Q12, B2W invested a total of R$ 67.1 million, mainly concentrated on operations/logistics and technology fronts. Logistics B2W has been constantly investing to optimize its logistical systems and distribution chain. During the year, new equipment was installed and a number of construction projects at the Company s Distribution Centers were concluded, expanding the level of automation and thereby reducing the time needed to deliver merchandise and also reducing human error. Likewise, systems were installed to better satisfy new tax and legal requirements. Another important investment front has been the development of a new customer service system, which will allow B2W to operate more efficiently and assertively. In addition, we have established strategic alliances with the leading transporters of the country, ensuring the joint commitment to offer the best level of service to our customers. In November 2011, we began to operate a new distribution center located in Recife, Pernambuco state. On February 10, we signed the contract to install another in Uberlândia, Minas Gerais, during a ceremony in the presence of Misters the Governor Antonio Anastasia and the Mayor Odelmo Leão. The new Distribution Center will ensure greater agility in delivery of products purchased on the sites of the Company and a better customer service for Minas Gerais state, and for Midwest and North regions. Furthermore, there is the project of opening a Distribution Center in the city of Rio de Janeiro. This initiative is in line with the Company's strategy to always seek the best service to our customers in all regions of the country. Technology Technology investments were aimed at unifying back office systems, sales layers and accessory systems, such as payment and management-information systems. This has enabled the company to benefit from productivity gains and to prepare for supporting the future growth of its operations. Other important advances were the increased browsing speed of our Internet sites, the greater agility in commercial actions and the notable advances in information-management systems. The investments in technological platforms of the operational/logistics, television, customer service and telephone sales areas seek to improve the quality and efficiency of our operations, with the goal of giving our client an even better purchasing experience. Following its path of innovation, B2W has proceeded to invest in new features, designed mainly to improve the purchase experience, increase the conversion rate and strengthen the positioning of its brands. Overall during the year, 80 projects were implemented, ranging from improvements in the technological platform to new features. We highlight the following recently introduced projects: Implementation of 1-Click Buy tool by Shoptime. After the implementation of the fastest purchase tool on the Internet by Americanas.com, Submarino and Ingresso.com, now its Shoptime s turn to offer the comfort and speed of 1-Click Buy on its website; Launch of a new search system by Submarino. The Submarino search system was revamped, offering more assertive results and making them focused on the relevance and popularity of each item, and including new services that provide greater ease of use for clients, such as auto-complete, search suggestions and automatic filters. Product Recommendation System. The product recommendation system was remodeled and now comprises new features that improve the purchase experience and the assertiveness of the offers. 17 of 80

21 Press Release 1Q12 Customized offers through Submarino s. Submarino now sends out personalized offers in real time using behavioral information. Besides enhancing the relevance of offers to clients, it improves the conversion ratio and the average ticket. Launch of Submarino on Demand (VOD). Submarino launched the "Submarino on Demand" service, that allows the clients to watch movies and TV series uninterrupted over the Internet through streaming technology; Bar code and QR code reader. It is now possible to use iphone and Android devices through Americanas.com and Submarino to read the barcodes of products and locate them on the sites, the same occurring for promotional codes and panels using the QR code. Launch of the Nokia Cellphone Application. To offer more comfort to clients and strengthen its strategy of expanding product offerings to more mobile devices, B2W launched an Americanas.com and Submarino application for Nokia cell phones. Then besides clients who have iphone or Android devices, now Nokia clients can also have this feature for greater ease of purchases. Launch of Easter Application. An innovative hidden friend platform developed by Americanas.com for use on social networks to encourage the sale of Easter-time products. This initiative seeks to transform the consumer purchase experience and is a fun way to create a new seasonal electronic commerce event. Launch of an Online Help service by Americanas.com. In its striving to improve the consumer experience, B2W has developed an Online Help service, on which a trained and exclusive professional helps the clients get their doubts clarified, increasing the levels of conversion and satisfaction. Launch of a suggestion channel by Shoptime. A channel was developed for the Shoptime website so that clients can make suggestions regarding new products and improvements, as well as clarify their doubts, among other services. The objective of the channel is to improve our services and enhance clients online experience. 18 of 80

22 Press Release 1Q12 KEY METRICS AND HIGHLIGHTS OF THE SUBSIDIARIES Always seeking to strengthen its multibusiness, multichannel and multibrand strategy, B2W continues investing in new Internet businesses. At the end 2011, we launched the SouBarato.com.br website, creating an important channel for the sale of factory outlet merchandise. This site has been demonstrating excellent results and showing superior growth opportunities. Moreover, we continue investing in our video rental, consumer financing, entertainment ticket sales and travel businesses, as shown below: Ingresso.com. Following its expansion plan, B2W continues increasing its presence in other countries, being already present in 284 movie theaters in Mexico, 139 in Chile and 83 in Argentina, through a partnership with Cinemark. The Company continues searching for new countries to replicate its business model. In Brazil, Ingresso.com maintains a strong level of growth, boosted by the sale of tickets to blockbuster films, to theaters with reserved seating and by the growing market of 3D films, besides increasing presence at big events, as the exclusive sales of the tickets for Brazilian people in the Rock in Rio Lisboa and Rock in Rio Madrid. Ingresso.com is investing in improvements to increase the clients comfort and convenience, as the launch of the iphone applications, the mobile devices with Android operational system and the adoption of the Caixa Expresso tool that makes the purchasing process even faster. B2W Viagens. The travel operations continue presenting high growth rates, influenced by investments in technology, such as the launch of the mobile platform for tickets and packages sales. Moreover, we continue investing in innovation and service quality, always offering the best services through our three brands: Submarino Viagens, Americanas Viagens and Shoptime Viagens. In December, 2011 B2W has officially launched the travel operation in Argentina through the brand Submarino Viajes ( Submarino Finance. Purchases made with the Submarino Card have been gradually rising, reaching 37% of the Submarino s website total sales during the three first months of. Currently, Submarino Finance has a base of more than 710,000 cards issued. BLOCKBUSTER Online. With the largest volume of DVD and Blu-ray Disc titles in Brazil, BLOCKBUSTER Online continues to expand its operations, including the startup of services in the Federal District. It also has been consolidating its presence in the states of São Paulo, Rio de Janeiro, Minas Gerais, Paraná, Santa Catarina and Rio Grande do Sul. At the end of the year, Blockbuster started offering another pioneering service to its clients, being the first online rental to rent games. 19 of 80

23 Press Release 1Q12 CORPORATE GOVERNANCE AND CAPITAL MARKETS B2W is subject to the BM&FBOVESPA s Novo Mercado, the highest Corporate Governance level in Brazil, listing rules. These include an ownership structure exclusively comprised of common shares and the election of independent members to the Board of Directors. B2W s Board of Directors is comprised of seven members, four of whom are appointed by the controlling shareholders and another three independent members. The requests to be registered as a publicly-traded Company and the listing of its shares under the Novo Mercado were approved by the Brazilian Securities Exchange Commission (CVM) and the BM&FBOVESPA on July, 25 and 26, 2007, respectively. B2W s common shares are listed on the BM&FBOVESPA and have been traded under the ticker symbol BTOW3 (common) since August 8, Below is a short description of the main events occurred in the year: On April 30, the Company s General and Extraordinary Shareholders Meetings were held, at which the following resolutions were approved: 1- To take recognizance of the accounts prepared by the managers and related financial statements for the fiscal year ended December 31, Setting the global compensation to be paid to officers; 3- Inclusion of a statutory provision for adoption on the part of the Company of mechanisms that assure compensation of the officers and members of the Fiscal Council and technical bodies; 4- Detailing of the Company s corporate purpose; 5- Change in the wording of Art. 5th of the Bylaws to reflect the canceling of shares held in the treasury. Minutes of the last meetings and other financial or corporate information about B2W are available on our website ( 20 of 80

24 Press Release 1Q12 EXHIBIT I CONSOLIDATED INCOME STATEMENT B2W - Companhia Global do Varejo Income Statements Period ended on March 31 (in million of Brazilian reais, except result per share) 1Q12 1Q11 Delta Gross Sales and Services Revenue 1, , % Taxes on sales and services (118.7) (110.1) 7.8% Net Sales and Services Revenue 1, , % Cost of goods and services sold (762.2) (733.7) 3.9% Gross Profit % Gross Margin (% NR) 23.9% 28.7% -4.8 p.p. Operating Revenue (Expenses) (202.6) (199.8) 1.4% Selling expenses (164.0) (166.6) -1.6% General and administrative expenses (15.0) (13.9) 7.9% Depreciation and amortization (23.6) (19.3) 22.3% Operating Result before Net Financial Result and Equity Accounting % Net Financial Result (93.0) (78.7) 18.2% Financial Revenues % Financial Expenses (152.0) (120.8) 25.8% Other operating income (expenses) (8.2) (19.1) -57.1% Income tax and social contribution % Net Result (42.8) (1.6) % Net Margin (% NR) -4.3% -0.2% -4.1 p.p. EBITDA % EBITDA Margin (% NR) 6.0% 11.1% -5.1 p.p. Weighted average of outstanding shares (thousand) 156, ,234 Net Result per Outstanding Share (R$) * In the the former accounting rules, considered as "non-operating income". (0.2736) (0.0146) % 21 of 80

25 Press Release 1Q12 EXHIBIT II PARENT COMPANY INCOME STATEMENT B2W - Companhia Global do Varejo Parent Company Income Statements Period ended on March 31 (in million of Brazilian reais, except result per share) 1Q12 1Q11 Delta Gross Sales and Services Revenue 1, , % Taxes on sales and services (101.6) (90.6) 12.1% Net Sales and Services Revenue % Cost of goods and services sold (723.2) (699.3) 3.4% Gross Profit % Gross Margin (% NR) 21.3% 26.7% -5.4 p.p. Operating Revenue (Expenses) (173.6) (181.0) -4.1% Selling expenses (140.0) (150.5) -7.0% General and administrative expenses (9.6) (9.1) 5.5% Depreciation and amortization (24.0) (21.4) 12.1% Operating Result before Net Financial Result and Equity Accounting % Net Financial Result (84.1) (70.1) 20.0% Financial Revenues % Financial Expenses (127.7) (108.9) 17.3% Equity accounting % Other operating income (expenses) (8.2) (14.6) -43.8% Income tax and social contribution % Net Result (45.6) (4.3) 960.5% Net Margin (% NR) -5.0% -0.5% -4.5 p.p. EBITDA % EBITDA Margin (% NR) 5.0% 10.0% -5.0 p.p. Weighted average of outstanding shares (thousand) 156, ,234 Net Result per Outstanding Share (R$) * In the the former accounting rules, considered as "non-operating income". (0.2911) (0.0391) 644.5% O S 22 of 80

26 Press Release 1Q12 EXHIBIT III BALANCE SHEET B2W - Companhia Global do Varejo Balance Sheet (in million of Brazilian reais) ASSETS CURRENT ASSETS Parent Company 03/31/ 3/31/ /31/ 3/31/2011 Cash and banks Marketable securities Accounts receivable , Inventories Recoverable taxes Prepaid expenses and other accounts Total Current Assets 1, , , ,356.0 NON CURRENT ASSETS Marketable securities Deferred income tax and social contribution Escrow deposits and other receivables Investments Plant, property and equipament Intangible assets Deferred assets Total Non-Current Assets 1, , , TOTAL ASSETS 3, , , ,334.0 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Suppliers Loans and financing Debentures Salaries and social contribution Taxes payable Dividends payable Other accounts payable Total Current Liabilities , , ,298.5 NON-CURRENT LIABILITIES Long-term liabilities: Loans and financing , ,232.7 Debentures Taxes payable Provision for contingencies and other accounts payable Total Non-Current Liabilities 1, , , ,810.9 SHAREHOLDERS' EQUITY Capital 1, , Capital reserves Equity valuation adjustments Income reserves and others (71.6) 60.0 (87.4) 33.4 Total Shareholders' Equity 1, , TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 3, , , , of 80

27 Press Release 1Q12 EXHIBIT IV CASH FLOW STATEMENT B2W - Companhia Global do Varejo Cash Flow Statement (in million of reais) Parent Company Operating Activities 03/31/ 03/31/2011 Delta 03/31/ 03/31/2011 Delta Net Result for the Period (45.6) (4.3) (41.3) (42.8) (1.6) (41.2) Adjustment to the Net Result: Depreciation and amortization Deferred income tax and social contribution (24.0) (3.7) (20.3) (21.9) (4.0) (17.9) Interest, monetary and currency changes Equity accounting (1.1) (2.8) Others (2.1) 4.0 (6.1) (5.7) 5.7 (11.4) Adjusted Net Result (30.2) 22.1 (52.3) (0.3) 30.3 (30.6) Change in Working Capital: Accounts receivable (130.9) Inventories (2.4) Suppliers (194.1) (134.5) (59.6) (191.0) (139.9) (51.1) Change in Working Capital: (154.3) (98.1) (56.2) (112.2) (237.7) Change in Assets: Prepaid expenses 5.5 (2.6) 8.1 (4.0) (2.3) (1.7) Escrow deposits (8.4) (0.3) (8.1) (8.4) (6.6) (1.8) Recoverable taxes (5.7) 0.1 (5.8) (5.3) (2.5) (2.8) Other accounts receivable (current and non-current) (8.2) (18.6) 10.4 (1.9) (13.5) 11.6 Change in Assets: (16.8) (21.4) 4.6 (19.6) (24.9) 5.3 Change in Liabilities Salaries and social charges security 1.5 (0.2) Deferred income tax and social contribution (1.9) - (1.9) (3.2) (2.3) (0.9) Other liabilities (current and non-current) (4.5) (0.2) (4.3) 2.4 (2.0) 4.4 Change in Liabilities: (4.9) (0.4) (4.5) 1.1 (3.8) 4.9 Cash Flow from Operating Activities (206.2) (97.8) (108.4) (131.0) (236.1) Investing Activities Marketable securities Purchases of property, plant and equipment assets (13.6) (18.1) (14.9) (20.5) Intangible assets (53.6) (60.7) 7.1 (57.7) (63.5) 5.8 Cash Flow from Investing Activities (45.8) Financing Activities Additions (0.2) (199.5) Payments (47.9) (22.4) (25.5) (85.1) (56.5) (28.6) Discount of receivables (31.1) (24.8) 37.3 (62.1) Cash Flow from Financing Activities (4.8) 52.0 (56.8) (15.6) (290.2) Change in cash balance 8.1 (3.0) (7.3) 21.3 Beginning Cash Balance Ending Cash Balance of 80

28 Press Release 1Q12 INFORMATION ABOUT THE WEBCAST AND THE CONFERENCE CALL Conference calls with simultaneous translation into English, followed by a bilingual Q&A session will be held as follows: EBITDA Earnings before interest, taxes, depreciation and amortization and excluding other operating revenues/expenses is presented as additional information because we believe it represents an important indicator of our operating performance, as well as being useful for the purpose of comparison of our performance with that of other retail sector companies. However, no number should be considered by itself as a substitute for net income calculated according to Brazilian Corporate Law and the rules of the Brazilian Securities Exchange Commission (CVM) or, furthermore, as a measure of the profitability of the Company. Moreover, our calculations may not be compatible with similar measures adopted by other companies. We make forward-looking statements that are subject to risks and uncertainties. These statements are based on the beliefs and assumptions of our management, and on information currently available to us. Forward-looking statements include statements regarding our intent, belief or current expectations or that of our directors or executive officers. Forward-looking statements also include information concerning our possible or assumed future results of operations, as well as statements preceded by, followed by, or that include the words ''believes,'' ''may,'' ''will,'' ''continues,'' ''expects,'' ''anticipates,'' ''intends,'' ''plans,'' ''estimates'' or similar expressions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur. Our future results and shareholder values may differ materially from those expressed in or suggested by these forward-looking statements. Many of the factors that will determine these results and values are beyond B2W ability to control or predict. BLOCKBUSTER Brand logo: BLOCKBUSTER trademarks are owned by Blockbuster Iinc, and B2W Companhia Global do Varejo has the sublicense to use these trademarks in the activities of video rental on internet. 25 of 80

29 Notes to the quarterly information at 1 Operating context B2W - Companhia Global do Varejo ("B2W" or "Company") is a publicly traded corporation, with head offices at Rua Sacadura Cabral, 102, in the City and State of Rio de Janeiro, incorporated through the merger of Americanas.com S.A. - Comércio Eletrônico (Americanas.com) and Submarino S.A. (merger approved by their shareholders on December 13, 2006), with shares traded on the Brazilian Securities, Commodities and Futures Exchange (BM&FBOVESPA), under the ticker symbol BTOW3. B2W is controlled by Lojas Americanas S.A. ("LASA" and/or "Parent Company"), a publicly held company with shares traded on the São Paulo Stock Exchange under the ticker symbols LAME3 - ON and LAME4 - PN. The Company and its subsidiaries are engaged in retail marketing and as wholesalers of goods and products in general through various sales channels, particularly through the Internet; the rental of movies and related items; the intermediation and distribution of theater and cinema tickets, tickets for transportation and public events, entrance to theme parks and events in general; the import of products for resale; promotional services, marketing development and the offering of credit products; and various other products and services for the general consumer. B2W's portfolio contains the Americanas.com, Shoptime, Submarino, Submarino Finance, B2W Viagens, Ingresso.com, BLOCKBUSTER Online, MesaExpress.com.br and SouBarato brands, which offer hundreds of thousands of products and services in various categories through distribution via the Internet, catalogs, television sales and kiosks. B2W also offers outsourced e- commerce services for some of the leading consumer goods companies (Business-to-business to consumer - B2B2C). The issuing of this quarterly information was authorized by the management on April 30,. 2 Summary of significant accounting policies The principal accounting policies applied in preparing this quarterly information are set out below. These policies have been applied consistently in the periods presented, unless otherwise specified. 2.1 Basis of preparation The quarterly information was prepared based on historical cost, except for financial assets available for sale that are presented at fair value and of financial liabilities measured to amortized cost. The preparation of quarterly information requires the use of certain critical accounting estimates and also the exercise of judgment by the Company's management in applying accounting policies. Those areas that require higher level of judgment and are more complex, as well as those where assumptions and estimates are significant to the quarterly information are shown in note 3. (a) quarterly information The consolidated quarterly information has been prepared and is presented according to the technical pronouncements made by the Committee on Accounting Pronouncements (CPC), CPC 21 - Intermediary Statement, and according to international accounting rules IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB). 26 of 80

30 Notes to the quarterly information at (b) Quarterly information statements The Company's quarterly information has been prepared and is being prepared according to the technical pronouncement issued by the Committee on Accounting Pronouncements (CPC), CPC 21 - Intermediary Statement, and is disclosed in conjunction with the consolidated quarterly information. In the individual quarterly information, subsidiaries and jointly controlled companies are accounted for using the equity accounting method. In the case of B2W, the accounting practices adopted in Brazil and applied in quarterly information differ from the IFRS applicable to the separate quarterly information, only (i) in the valuation of investments in subsidiaries and jointly controlled by the equity accounting method, which according to the IFRS should be by cost or fair value, and (ii) in the maintenance of existing deferred assets on December 31, 2008, which are being amortized, whereas under IFRS these expenses do not qualify for recognition as an asset. (c) Changes in accounting policies and disclosures There are no new accounting statements or interpretations of CPCs/IFRS in force from that could have a significant impact on the Company's quarterly information, except for the choice of adopting the equity accounting method for accounting for investments in jointly controlled companies instead of proportional consolidation. The Company has not opted to change the accounting criteria of investment in jointly controlled subsidiary companies. 2.2 Consolidation The following accounting policies were applied in preparing the consolidated quarterly information: (i) Subsidiaries Subsidiaries are all entities (including special purpose entities) in which the Group has the power to govern the financial and operating policies, generally accompanied by a participation of more than half of the voting rights (voting capital). The existence and effect of potential voting rights currently exercisable or convertible are considered when assessing whether the Group controls another entity. The subsidiaries are fully consolidated from the date on which control is transferred to the Group. Consolidation is discontinued from the date the Group ceases to have control. The Group uses the acquisition method to account for business consolidations. The consideration transferred for the acquisition of a subsidiary is the fair value of assets transferred, liabilities incurred and equity instruments issued by the Group. The consideration transferred includes the fair value of assets and liabilities arising from a contracted contingent consideration, if applicable. Costs related to acquisition are recorded in income according to the date incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are initially measured at fair values at the acquisition date. The Group recognizes the non-controlling interest in the acquired company, both at their fair value as well as the pro rata share of the uncontrolled share at the fair value of the net assets acquired. The measurement of non-controlling interest is determined for each acquisition made. The unrealized gains from transactions between the Group and its affiliates and subsidiaries together are eliminated according to the proportion of each in the Group. Unrealized losses are also eliminated unless the transaction provides evidence of a loss (impairment) of the transferred asset. The accounting policies of associated companies are modified as necessary to ensure consistency with the policies adopted by the Group. 27 of 80

31 Notes to the quarterly information at Transactions, balances and unrealized gains on transactions between Group companies are eliminated. The unrealized losses are also eliminated unless the transaction provides evidence of a loss (impairment) of the transferred asset. The accounting policies of subsidiaries are modified as necessary to ensure consistency with the policies adopted by the Group. (ii) Jointly controlled subsidiaries Jointly controlled subsidiaries are those over which the Group has joint control with one or more parties. The Company has no investments in affiliates. Investments in jointly controlled subsidiaries are consolidated proportionally. From 2011, the Company consolidates also the financial information of the Fênix Fundo de Investimento em Direitos Creditórios do Varejo (FIDC), a special purpose corporation created in 2011 to carry out the securitization of the receivables of the Company and its Parent Company, Lojas Americanas S.A. (individually "transferor" or, collectively, "assignor"). In the consolidation process, the Company considers, for the purpose of determining the percentage of consolidation that accrued to each grantor (proportional consolidation), the percent share of the balance of the securitized assets for each base-date by the Transferor in relation to the total balance of assets securitized. On, approximately 80.40% and 10.60% were consolidated in the Company and the Parent Company, respectively. See additional details in note 7 (a). (iii) Reconciliation of the Shareholders' Equity and the Results of the period of the Parent Company with the Shareholders' equity Result December 31, Parent company 1,111,534 1,157,377 (45,570 ) (4,310 ) Write-off of deferred assets (23,923 ) (28,075) Reversal of deferred amortization 4,152 4,099 Deferred income tax and social contribution 8,134 9,546 (1,412 ) (1,393 ) 1,095,745 1,138,848 (42,830 ) (1,606 ) 2.3 Presentation of segment information The Company's activities are concentrated in the marketing of products and delivery of services by various means of non presence marketing, especially the Internet. Despite the diversity of products sold and services provided by the Company (retail and wholesale trade, movie rentals, sale and distribution of theater and cinema tickets, tickets for transportation and public events, entrance to theme parks and events in general, among others), such activities are not controlled and managed by the Management as independent operational segments, as their accompanying results are monitored, tracked and evaluated in an integrated manner. Thus, Management understands that the Company is organized, basically, in a single business unit. The Company also operates in the area of financial products through the jointly controlled subsidiary, Submarino Finance, which, by not achieving the minimum quantitative and qualitative parameters, is not being presented as a separate operating segment. 28 of 80