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1 Institutional Presentation November, 204

2 Summary A VIA VAREJO AT A GLANCE B VIA VAREJO S POSITIONING C HIGHLIGHTS OF 3Q4 2

3 Summary A VIA VAREJO AT A GLANCE B VIA VAREJO S POSITIONING C HIGHLIGHTS OF 3Q4 3

4 Via Varejo at a Glance Key figures Product Mix (203) US$.6 bn Gross Revenue in stores throughout Brazil ~,000 thousand m 2 sales area 3% 22% 47% 25 DCs and warehouses ~,000 thousand m 2 storage area ~ 64,000 employees Store Brands % 3% 25% 3% 58% 44% Furniture Technology White goods and portable appliances Note: R$ bn in daily average USR/BRL 2.69 Source: Bloomberg; Via Varejo 4

5 Via Varejo at a Glance Store Footprint (3Q4) North 5 Stores by Brand: Central-West 87 South 94 Southeast 73 Northeast 69 5

6 Via Varejo at a Glance Ownership Structure Corporate Governance Level II of Corporate Governance Minimum 25% of float Board of Directors 4.3% Klein Family Free float Ronaldo Iabrudi Chairman Arnaud Joachim Strasser Vice Chairman Líbano Barroso Member 43.3% 27.3% 29.3% Michael Klein Member Christophe Hidalgo Member Alberto Guth Member Renato Carvalho Member Roberto Fulcherberguer Member Yves Desjacques Member 52.% 43.9% Statutory Committees Financial Committee Capex Committee Human Resources Committee Note: ) Structure as of 3Q4 6

7 Via Varejo at a Glance Gross Sales Evolution (R$ bn) % Casas Bahia (Nov & Dec 200 sales) Pontofrio Pão de Açúcar acquires Ponto Frio and merges with Casas Bahia 202 The Company is re-named Via Varejo Notes: Pontofrio sales from 2003 to 200 includes Nova Pontocom; 20 to 203 do not include Nova Pontocom; Consolidation of Casas Bahia sales to Pontofrio begun in Nov/200 7

8 Summary A VIA VAREJO AT A GLANCE B VIA VAREJO S POSITIONING C HIGHLIGHTS OF 3Q4 8

Distribution Network and Storage Capacity 4 Best Positioned to Capture Growth Opportunities in Both Bricks & Mortar and

9 Via Varejo Main Competitive Advantages Dominant Player in the Electronic and Furniture Retail in Brazil with Superior Scale 2 Most Valuable Brands in the Brazilian Retail Market Covering Full Spectrum of Income Levels 3 Broadest Distribution Network and Storage Capacity 4 Best Positioned to Capture Growth Opportunities in Both Bricks & Mortar and Online Channels 5 Superior Execution with High Focus on Operational Efficiency 6 Asset Efficient Company with Solid Capital Structure 9

Powerful Business Model Combining Leadership and Scale Via Varejo is the largest electronic and furniture retailer in Brazil, boasting unmatched scale, driving superior efficiency gains and bargain

10 Powerful Business Model Combining Leadership and Scale Via Varejo is the largest electronic and furniture retailer in Brazil, boasting unmatched scale, driving superior efficiency gains and bargain power and leading to significant market share gains over the past years Gross Revenue (203, R$ Billion) Via Varejo s Market Share Evolution in Brazil % 24.0% 22.% % 8.4% 8.5% Specialist market 2 Total market 2nd Player 3rd Player 4th Player 5th Player Notes: ) Company estimates; 2) Includes only specialized retailers (does not consider supermarkets and pure-online players), GFK 0

11 2 Top of Mind Brands in the Brazilian Market Casas Bahia and Pontofrio brands are among the best brands in the Brazilian and Latin American retail market Best Brazilian Retail Brands in the Bricks and Mortar Segment (US$ MM, value brand increase) 0% Casas Bahia is the 5 th best retail brand in Latin America +0% % 320 -% 263-8% 47-22% 2 nd Player 3 rd Player 4 th Player 5 th Player Source: Interbrand, April/204

3 Logistics and Storage Capacity are Structural Advantages Via Varejo has the

flow of deliveries Established distribution center footprint, with large-scale units

unique flexibility and reach to meet distribution needs Via Varejo s distribution

fleet with over 2,600 vehicles More than 40,000 daily deliveries Unique distribution

Varejo DCs # of strategic warehouses Coverage area Jundiaí Distribution Center One of

12 3 Logistics and Storage Capacity are Structural Advantages Via Varejo has the broadest distribution network in the sector, with high capillarity and unsurpassed flow of deliveries Established distribution center footprint, with large-scale units across all major consumption centers of the country Consolidated own fleet provides unique flexibility and reach to meet distribution needs Via Varejo s distribution centers and warehouses¹ Total storage area of 960 thousand square meters Total fleet with over 2,600 vehicles More than 40,000 daily deliveries Unique distribution platform allows Via Varejo to complete about 4 million deliveries every year # of Via Varejo DCs # of strategic warehouses Coverage area Jundiaí Distribution Center One of the largest in Latin America, with an area of 255 thousand square meters Notes: ) As of June 204 2

4 Best Positioned to Capture Market Growth Opportunities In order to execute its expansion

Company to deliver high rates of return Expansion Strategy Consumption Market¹ CAGR Projection¹

Consolidate SE R$ 296 bn 52% of total BR (USD 68 MM) 2 7.

8% of total BR (USD 26 MM) 2 0.0% 69 (7% of total) 8.

3% 5 (% of total) 20 S R$ 92 bn 6% of total BR (USD 52 MM) 2 7.

13 4 Best Positioned to Capture Market Growth Opportunities In order to execute its expansion strategy, Via Varejo has developed a disciplined and proven store opening process that enables the Company to deliver high rates of return Expansion Strategy Consumption Market¹ CAGR Projection¹ Current Store Base Store Addition Target (200, R$ billion) ( ) (3Q4) ( ) Protect and Consolidate SE R$ 296 bn 52% of total BR (USD 68 MM) 2 7.7% 73 (74% of total) 00 2 Grow Aggressively NE CO R$ 03 bn 8% of total BR (USD 59 MM) 2 R$ 47 bn 8% of total BR (USD 26 MM) 2 0.0% 69 (7% of total) 8.3% 87 (9% of total) Invest Opportunistically N R$ 35 bn 6% of total BR (USD 20 MM) 2 9.3% 5 (% of total) 20 S R$ 92 bn 6% of total BR (USD 52 MM) 2 7.9% 94 (0% of total) 26 Note: ) Family expenditure with major categories of products consumed in the country (not restricted to Viavarejo s categories); 2) 200 daily average USR/BRL.7599 Source: McKinsey (202), Bloomberg, Via Varejo 3

14 5 Improving Financials Metrics Gross Margin (% net sales) +70 bps Operating Expenses (adjusted, % net sales) -80 bps 30.2% 30.8% 3.0% 3.7% 24.% 24.0% 22.7% 23.3% 22.5% 28.8% M3 9M M3 9M4 EBITDA (adjusted, % net sales, R$ MM) + 50 bps Net Income (adjusted, % net sales, R$ MM) +70 bps 4.7% 98 MM 6.4%.250 MM 9.3% 8.2% 7.8%.785 MM.209 MM.56 MM 0.5% 04 MM.5% 289 MM 3.3% 3.6% 2.9% 79 MM 456 MM 593 MM M3 9M M3 9M4 Notes: Adjusted figures are without Other Operating Revenue (Expenses), as stated on 203 and 204 financial statements; Public 20 figures includes Nova Pontocom 4

15 6 Financial Discipline and Strong Cash Position Indebtedness (R$ MM, /EBITDA) Financial Result (% net sales) Var. (Q3-3Q4) 0,6x -,6x,0x -,0x,4x -0,2x 7,2% 7,9% 8,9% 9,9% 0,7% 0,9%,3% Selic + 57% ,4% -2,7% -2,7% -2,3% -2,9% -3,0% Fin. Res. -2,8% + 9% Q3 2Q3 3Q3 4Q3 Q4 2Q4 3Q4 Net Cash (w/o CDCI) Net Cash (with CDCI) Net Cash / EBITDA Net Debt (w/ CDCI) / EBITDA Net Financial Income SELIC rate (yearly) 5

16 Summary A VIA VAREJO AT A GLANCE B VIA VAREJO S POSITIONING C HIGHLIGHTS OF 3Q4 6

17 Sales and Gross Margin Increase in 3Q4 Net Sales (R$ MM) Openings in 9M4 (29 stores) Ex-CADE growth +2.3% 5,260 3Q3 +0.7% 5,297 3Q4 +4.8% 5,523 6,27 9M3 9M4 N MW S 5 2 SE NE 7 Same Store Sales: + 0.2% + 3.6% Opening Highlight Opening of 5 stores in 3Q4, of which were Casas Bahia banner and 4 were Ponto Frio banner In the 9M4, 29 new stores were opened, for a total of 55 stores opened in the last 2 months Impact of 32 stores closed in 2T4 in compliance with CADE¹ settlement Casas Bahia store with,670 m 2 in Complexo do Alemão, RJ ~2 thousand people at the inauguration Note:. In compliance with the Settlement entered into with Brazil's antitrust agency CADE (Conselho Administrativo de Defesa Econômica) after the merger of Ponto Frio and Casas Bahia. 7

18 Increase of EBITDA Margin Gross Profit (R$ MM, % net revenues) Adj. EBITDA (R$ MM, % net revenues),65 3.4%, % Highlight to efficiency improvements in logistics and assembly, synergies, services and +40 bps categories mix +25%,56 3Q3 3Q4 +8%,209 Selling, General and Adm. Expenses (R$ MM, % net revenues) %, % 3Q3, % 3Q4-0 bps Highlight to continuity of the discipline in expenses management, efficiency improvement in stores and logistics 8.6% 3Q3 0.% 3Q4 7.8% 9M3 9M4 8

19 Improvement in Working Capital vs 3Q3 Working Capital Need (gap between inventories and suppliers) (R$ MM) (days of COGS) HIGHLIGHTS Improvement in gap between inventories and suppliers, which enables growth combined with cash flow generation 3Q3 3Q4 3Q3 3Q Note: ) Refers to Parent Company values 9

20 Financial Position Contributing to Financial Results Cash and Cash Equivalent (R$ MM) +,377 NET FINANCIAL RESULT (% net revenues) 2,20 3,497 Net Cash (R$ MM) -2.7% -0 bps -2.8% 3Q3 3Q4 Loans and Financing,2 (R$ MM),005 +9, ,357 2,472,5 3Q3 3Q4 3Q3 3Q4 Increase of 2.3% in net financial expense from 3Q3 vs. the increase of ~29% in the CDI rate in the period (2.2% vs. 2.73%) Impact partially mitigated by financial management Financial revenue: +60% vs. 3Q3 3Q3 3Q4 Financial expenses: +20% vs. 3Q3 Note:. Refers to Parent Company values. In the consolidated vision, net cash is R$,297MM (3Q3) and R$2,495 MM (3Q4); 2. Does not include payment book debt (CDCI) 20

21 Improvement of 80 bps in Net Margin, reaching 4.3% Adj. Net Income (R$ MM, % net sales) +30% 593 HIGHLIGHTS Gross Margin increase of 40 bps vs. 3Q3 Continued of efficiency initiatives and expenses control +24% 456 Financial discipline, active working capital management and solid cash position % % 2.9% 3.6% 3Q3 3Q4 9M3 9M4 2

3 rd Quarter 2015 Earnings Release

3 rd Quarter 2015 Earnings Release October 29 th, 2015 Highlights of Results Net Sales totaled R$ 4.095 billions in, down 22,7%, mainly due 1 to the market decline in consumption Adjustments in Cost structure,