#1viavarejo Corporate Presentation#2Via Varejo • • • The information and financial projections of this presentation have been prepared by the management of the Company ("Company"). The information and financial projections of this presentation are Pro forma to provide a forecast of the integration of the e-commerce business Cnova Brazil into the Company's business ("Reorganization") as if the transaction for the combination of offline and online platforms businesses have already occurred. The Reorganization is still under progress and its implementation depends on the approval of Cnova N.V. shareholders on a shareholders meeting of such company to be held on October 27, 2016. The Company has prepared this presentation based on information available to it, including information that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. These projections should not be considered a comprehensive representation of the Company's present or future financials. The financial information included in this presentation is preliminary, unaudited and subject to revision. All forward-looking statements attributable to the Company or persons acting on its behalf apply only as of the date of this document, and are expressly qualified in their entirety by the cautionary statements included elsewhere in this document. The financial projections are preliminary and subject to change; the Company undertakes no obligation to update or revise these forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Inevitably, some assumptions will not materialize, and unanticipated events and circumstances may affect the ultimate financial results. Projections are inherently subject to substantial and numerous uncertainties and to a wide variety of significant business, economic and competitive risks, and the assumptions underlying the projections may be inaccurate in any material respect. Therefore, the actual results achieved may vary significantly from the forecasts, and the variations may be material. 2#3The Company tofrin mobi pontofrio mobile#4660 set-06 70 80 set-07 90 100 set-08 Source: IBGE, FGV, Focus Report 140 130 120 110 set-09 set-10 set-11 Brazil Macro Macro remains challenging SELIC (benchmark rate) X Inflation 14,2% 13,8% 12% 10% 11,7% 10,9% 、 11,0% 10,7% 8% 9,9% 6% 7,3% 6,5% 6,4% 5,9% 5,8% 2011 2012 2013 2014 2015 2016E 2017E IPCA 4% 7,3% 2% 5,1% 0% -SELIC YE Consumer Confidence Index set-12 set-13 set-14 8,0% Dec, 2014 6,0% Optmist 4,0% 2,0% Pessimist 0,0% 81 (2,0%)- (4,0%) (6,0%) set-15 set-16 (8,0%) 90-un! jun-07 jun-08 jun-09 jun-06 jun-07 jun-08 10,0% Family Consumption Growth (YoY) jun-10 jun-11 jun-12 jun-13 jun-14 jun-15 jun-16 Dec, 2014 -5,0% 4 Unemployment Rate (%) jun-14 jun-15 jun-16 11,2%#5Timeline Via Varejo has been a major player in the Brazilian electronic and furniture market over the past 60 years 1946 1970 PONTO FRIO O que f 1957 bom ti no Bonzá Foundation of Ponto Frio in Rio de Janeiro. 1950 Beginning of national expansion opening the first Ponto Frio store in Rio de Janeiro. Source: Company RENG BAHIA CAMA BANA MOVEIS Foundation of Casas Bahia in São Caetano Do Sul. Opening of the first Casas Bahia store in São Paulo. 1992 Ponto Frio acquires Casas Buri, which had presence in São Paulo and the Southern part of Brazil BURI 1996 Casas Bahia inaugurates the word's second largest distribution center Ponto Frio launches its website 2000 pontofrio.com Globex acquires 81 stores from Disapel DISAPEL Pont Frio inaugurates a Mega Store in São Paulo 2003 First edition of Super Casas Bahia SUPER BAHIA Opening of a Ponto Frio Mega Store in Rio de Janeiro 5#6Timeline BAHIA 2009 + pontofrio Pão de Açúcar acquires Ponto Frio and merges with Casas Bahia with a simultaneous expansion to Bahia 2010 State Grupo Grupo Pão de Açucar Source: Company 2012 viavarejo The Company is re- named Via Varejo •hova PONTOCOM pontofrio.com extra.com.br BAHIA pontofrio atacado Nova Pontocom is created, merging Ponto Frio and Extra websites GPA assumes management of Via Varejo 2015 Creation of Cnova, a global ecommerce player with presence in Latin America, France and Asia. Via Varejo holds 21.9% Cnova CDISCOUNT & NOVA PONTOCOM 2016 Via Varejo consolidates Cnova Brazil from Cnova NV to create the largest Brazilian retailer with ~R$30bn pro-forma sales in 2015.** Cnova extra .com. .br fpontofrio.com BAHIA + viavarejo BAHIA pontofrio 6#7Shareholder Structure Main shareholders, GPA and Klein Family, with solid retail expertise GPA 62.6% ON 23.5% PN 43.3% Units Klein Family (founders of CB) Free float 17.9% ON 37.0% PN 27.4% Units 19.5% ON 39.5% PN 29.3% Units Bartira A Fábrica de móveis dos brasileiros Largest furniture factory/producer in Latin America 100% له viavarejo 100% Cnova extra .com.br pontofrio.com BAHIA One of the largest ecommerce players in Brazil 7#8Corporate Governance Board of Directors Board Member Vice Chairman Board Hervé Daudin Arnaud Strasser Member Roberto Fulcherberguer Chairman Ronaldo labrudi Independent Renato Carvalho Board Member Christophe Hidalgo Board Member Líbano Barroso Independent Alberto Guth Board Member Michael Klein HR Committe Executive Team Finance Committe CEO Peter Estermann Expansion Committe Financial COO Peter CFO HR Services Felipe Paulo Felipe Estermann Negrão Naliato Logistics Marcelo Lopes CMO Flávia Altheman CCO Henrique Vendramini Negrão 8#9Sustainability & Social Programs Via Varejo is committed with environmental sustainability and supports initiatives in education, health, and community giving Reverse logistics for packaging material Fundação REVIVA reciclagem viavarejo viavarejo Reviva Program recycles cardboard boxes, styrofoam, plastic and other packaging discarded by customers at the time of merchandise's delivery Reviva also promotes the separation of recyclable solid waste throughout the stores and company's offices http://www.viavarejo.com.br/reviva Via Varejo Foundation is responsible for investments in actions that encourage and promote Brazilian culture, social and human development, and quality of life More than R$5.3m were invested and more than 210 thousand benefited from the program. http://www.viavarejo.com.br/fundacao-via-varejo 9#10Via Varejo at glance Key Figures R$30bn Pro-Forma Gross Merchandise Value in 2015 975 stores throughout Brazil* | 1,100 thousand sqm sales area* 26 DCs and warehouses* ~ 986 thousand sqm storage area' * | ~49,000 employees* *As of 2016 Source: Via Varejo Sales (Pro-forma B&M and Ecommerce 1H16) Bricks & Mortar 74% GMV Mix Ecommerce 26% (Pro-forma B&M and Ecommerce 1H16) White goods and portable appliances 29% Long Tail 6% Furniture 16% Technology 49% 10 10#11Business Combination A more powerful business combining offline and online platforms له Share's swap viavarejo Equity Value R$1.6bn 21.9% Cnova France viavarejo Cnova Global Ecommerce Brazil Net Debt R$1.1bn EV R$2.7bn + R$16mm cash 100% Cnova Brazil Cnova Agenda September, 12th - Via Varejo General Shareholders Meeting No vote by the controlling shareholder. Reorganization was approved by 94% of the minority shareholders present at the meeting October, 27th - Cnova Global Ecommerce General Shareholders Meeting 11#12Business Combination Online business taken to another level Cnova Brazil ✓ Pure Player Commercial Strategy ✓ 4 Distribution Centers ✓ 100% Outsourced Logistics ✓ Inactive Marketing Initiatives ✓ Gross Merchandise Value of R$8bn in 2015 N viavarejo Cnova Brazil ✓ Multi-Channel Commercial Strategy ✓ 26 Distribution Centers ✓ 1,300 pick-up points ✓ Proprietary Logistic Model ✓ Multi-channel advertising ✓ Combined Gross Merchandise Value of R$30bn in 2015. 12#13Business Combination - Synergies Quantified Synergies - R$570m ✓ Inventory Management - One-off reduction of R$ 325m Operational Improvements - R$ 245m/year of cost savings Identified Synergies - Not quantified Sales . Upselling/Cross Selling Omni-channel advertising benefits Omni-channel commercial strategy Online offering of financial services . Online offering of services 13#14Quantified synergies - Working Capital Security inventory efficiency should generate one-off gains of R$345m with working capital Cnova Inventory Security viavarejo R$345m one-off reduction viavarejo Cnova 14#15Quantified synergies - Operational Improvements Logistics 50% of the gains BAHIA Cnova Mitigate overlapping deliveries Last mile improvement at the online business BAHIA 15#16• Quantified synergies - Operational Improvements Multi-channel Business 23% Up-selling/Cross-selling Long Tail Financial Results 17% Working Capital Improvements Human Resources 10% Back Office 16#17• Identified synergies - Sales Up-selling/Cross-selling Omni-channel advertising benefits PILOT PROGRAM Online traffic increased 11x right after first combined advertisement on TV PILOT PROGRAM Omni-channel commercial strat. Online sales increased 30% on the first combined commercial strategy • Online offering of financial services Co-branded special promotions and payment book • Online offering of services Online offerring of insurance products, from extended warranty to multi-services BAHIA pontofrios 17#18Bricks & Mortar Footprint and Sales Mix Largest store base in the country, with one fifth of the total market North 5 stores GDP R$292bn (5%) CASAS BAHIA DEDICAÇÃO POLA voct Technology 50% Sales Mix (1H16) White goods and portable appliances 30% Midwest 88 stores GDP R$485bn (9%) Stores by Brand South 92 stores CASAS BAHIA 750 GDP R$878bn pontofrio 225 (17%) viavarejo 975 Source: Via Varejo, IBGE, Gfk (Market Share) as of 1H16 Northeast 91 stores GDP R$723bn (14%) Southeast 699 stores GDP R$2.9Tn (55%) pontofrio Technology 59% Furniture 20% Sales Mix (1H16) White goods and portable appliances 32% Furniture 9% 18#19Ecommerce One of the leaders in e-commerce Over 160k SKUs More than 15MM orders per year Long Tail 21% GMV Mix (1H16) Furniture 10% White goods and portable appliances 26% Cnova 84% GMV Breakdown (1H16) Technology 43% Marketplace 16% Main Websites CASAS BAHIA.COM Discount Websites barateiro.com pontofrio.com extra.com.br pontofrio atacado E-commerce platform eHub.com.br 19#20Financial Business Credit products widens customer's base 6% of our gross revenues Payment Book CASAS BAHIA DEDICAÇÃO TOTALA VOCE Co-branded Card CASAS BAHIA BradesCard pontofrio Itaucard 5414 0000 0000 0000 5414 D0000 09/00 ANTONIO SJ FIRES MasterCard SUTT 1800 0000 0000 Vaidade 30/00 6000 MasterCard ANTONIO CONTINGO 14% of our sales ✓ 13% penetration among clients* ✓ 1.7 million active customers ✓ 5 million customers pre-approved ✓ 12 months average term ✓ Proprietary scorecard ✓ 16% of our sales ✓ 12% penetration among clients* ~1.8 million' active customers ✓ 11 months average term ✓ Special sales conditions *June 2016 'LTM 20#21Financial Services Good value preposition for our customers and the company 7% of our gross revenues Services' Portfolio (Largest in the retail market) VIDA PROTEGIDA E PREMIADA CASA PROTEGIDA KA CARTÕES PRESENTES FIQUE SEGURO Gift Card Theft Insurance Life Insurance Home Insurance Variety of Partners Z ZURICHⓇ Seguros MEU LAR SEGURO Home Insurance PROTEÇÃO FINANCEIRA Credit Insurance tempo ASSIST RECARGA DA SORTE Refill your Pre-paid For money Prizes RSA MULTI ASSISTENCIA TÉCNICO PESSOAL GARANTIA ESTENDIDA ORIGINAL Multi Technical Extended Assist Services Warranty central de funcionamento MAPFRE BLACKHAWK NETWORK BNP PARIBAS CARDIF 21#22Via Varejo Main Competitive Advantages TO FRIO BAHIA Powerful Business Model Combining Leadership and Scale Most Valuable Brands in the Brazilian Retail Market Covering Full Spectrum of Income Levels viavarejo ofrio) Bonito, Secadores d Exceto Raff Broadest Distribution Network and Storage Capacity Source: Via Varejo | High-level Execution at the store (movve project) and online (lower cost and better service level) BAHIA Best Positioned for Omni - Channel Business combination maximizes operating leverage 22 22#23Powerful Business Model Combining Leadership and Scale 29 3 X 7,2 21,8 Sales (2015, R$ bn) 10,5 10,5 8,6 4,5 3,2 viavarejo B2W magazineluiza vem ser feiz DIGITAL áquinade LOJAS endas CEM FAST L→ LG We have been awarded by LG as the largest electronics buyer in the world in 2014 and 2013. In 2015, we were the TOP 3 largest electronics buyer in the world SAMSUNG In 2014 and 2013, we have been the TOP 3 largest electronics buyer for Samsung in the world. In 2015 we were the TOP 5. Notes: 1) Company estimates; 2) Includes only specialized retailers (does not consider supermarkets and pure-online players) Source: Via Varejo, GFK 23#24Via Varejo reaches all income classes Income class (2016E) 52 MM A/B 99 MM C 56 MM D/E CASAS viavarejo BAHIA pontofrio magazineluiza vamsar to iz Náquina de endass Ricardo ................. Source: Via Varejo, IBGE (2016) e ABEP – Associação Brasileira de Estatística e Pesquisa (2016) LOJAS CEM FAST Colombo SHOP 24 4#25Top of Mind Brands in the Brazilian Market BEST RETAIL BRANDS 2014 = pontofrio 567 147 Best Brazilian Retail Brands in the Bricks and Mortar Segment (US$ MM, value brand increase)¹ Casas Bahia is the 6th best retail brand in Latin America CASAS +10% BAHIA DEDICAÇÃO TOTAL A VOCE -30% -11% -18% 420 -22% 357 320 263 147 2nd Player 3rd Player 4th Player 5th Player 25 Note: 1) Company business market Source: Interbrand, 2014#26Via Varejo has the broadest distribution network... 14 distribution centers and 12 strategic warehouses Total storage area of 986 thousand square meters Total fleet with over 2,600 vehicles # of Via Varejo DCs # of strategic warehouses Coverage area Source: Via Varejo Jundiaí Distribution Center One of the largest in Latin America, with an area of 255 thousand square meters 26 More than 23,000 daily deliveries#27...with high-level execution Prior Delivery time cut by half 80% sales Assembly time reduced by 75% 50% Reduction 50% Reduction State Capitals Prior Actual Stock-outs 80% lower Prior Actual Store Inventory @ DC Actual Improved convertion rate +140bps 27 Prior Actual#28Via Varejo is best positioned for Omni-channel... 73% of the online sales are generated in cities with Via Varejo stores Cnova Delivery figures from Jan - Oct 2015 Sales synergies between online vs. offline No synergy Between 0,1% and 30% Between 30% and 50% Between 50% and 60% Between 60 and 80% More 80% 28#29....with the broadest business Player Brick & Mortar Stores E-commerce Omni Channel viavarejo (978)¹ Náquina de (855)¹ ✓ endas magazineluiza vamaar le iz (671)² LOJAS EM B2W DIGITAL ༨༨ ✓ (239)³ ✓ ✓ ✓ ✓ FAST SHOP ✓ (90)³ (1) 31/03/2016; (2) 31/03/2016, without virtual stores; (3) co's website ✓ 29#30E-commerce improves asset leverage Access to a broader range of customers (numerically and geographically) Optmize store base (Click & Collect) Boost logistics | Leverage marketing expenses... ...as well as, G&A Stores BAHIA TROCA Website TROCA BAHIA Stores BAHIA 30#31move - Improving Operational Efficiency 1 • 3 Store Manager Routine Review Rationalizing the store manager's routine Sales planning routine ("Check-in") and structured follow-up meetings New Toolkits For Sales Force 2 • 4 Increasing Sales Force Readiness Customer approach Sales force leader Multi-category sales force Software for performance measurement • Improving sales front-office software • • Increasing the training volume about new products and technologies • New sales incentive model Best balance between sales and results Meritocracy focus Store results focus, decreasing sales force dispersion Increasing gross margin focus and customer satisfaction 5 Efficiency Gains Admin support: releasing managers from admin tasks Job Functions merger (i.e. cashier and "crediário") 31#32Brazil is underpenetrated in most of household appliances 63,1% Dishwashers 2,5% 2,3% 1,9% 0,4% Automatic washing machines Fridge freezers Mini ovens Source: Euromonitor (Household Penetration, 2015) 81,4% 80,7% 54,6% 50,9% 45,5% 84,9% 61,9% 55,5% Microwaves 30,0% 29,1% 102,1% 79,1% 52,6% 49,0% 45,8% 154,6% Coffee machines 29,7% 25,7% 15,2% 13,1% 47,1% 21,0% 7,6% 2,8% 0,7% O 32 32#33Furniture market an important growth venue 33 Furniture market (R$ bn) CAGR Prior to the economic crisis the furniture market grew an average 11%. | Via Varejo market share increased 60% in the past two years reaching 11%. 11-15 2.4% CAGR 11-14 11% 43 44 39 ill 36 7,0% 6,0% 5,0% +400bps 10,5% 11,0% 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 Source: Movergs, Sindmóveis-bg, CNI and Via Varejo 33#34E-commerce in Brazil E-commerce, better years to come Economic environment hitting sales growth Customer profile has also changed Customer average income; % of orders (volume) 60 5410 28% 60 30% 26% 50 20% 40 50,3% 49,0% 48,5% 46,1% 24% 43,5% 40,9% 45 25% 41,6% 11 41 220 30 23 19 20 29 36 29 20% 15% 37,7% 38,6% 38,5% 38,5% 40,2% 40,9% (37,5% 1 15% 16,3% 17,9% 8% 10% 12,0% 12,4% 13,0% 13,0% 20,8% 10 5% 1H13 2H13 1H14 2H14 1H15 2H15 1H16 0 0% 2011 2012 2013 2014 2015 2016E From R$8,000 --From R$3,000 up to R$8,000 R$bn -Growth YoY Up to R$3,000 Source: EBIT 34#35Results LETO TETO TET ED HO TETO ICHO E10 ETO MEIRAS#36Top-line Gross Sales Evolution (R$ bn) 10.0 4.7 2.7 3.3 3.9 4.1 4.5 4.8 5.0 5.3 +5% 25.0 25.8 22.4 21.8 20.8 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 BAHIA + pontofrio Casas Bahia (Nov & Dec 2010 sales) Pontofrio pontofrio 2009 - 2010 Pão de Açúcar acquires Ponto Frio and merges with Casas Bahia' viavarejo 2012 The Company is re-named Via Varejo Notes: Pontofrio sales from 2003 to 2010 includes Nova Pontocom; 2011 to 2013 do not include Nova Pontocom; Consolidation of Casas Bahia sales to Pontofrio begun in Nov/2010 Source: Via Varejo 36#37Stores base improvement In depth analysis of store base 1001 608 393 975 750 225 1T14 2T14 3T14 4T14 2014 1T15 2T15 3T15 4T15 2015 1T16 2T16 Casas Bahia Ponto Frio Total Customized Furniture PLANEJADOS 4.75m LANETABOS Store-in-Store Mobile Steen 10 4t Store conversion BAHIA BAHIA DEDICAÇÃO pontofrio 37#38Improving Financials Metrics Gross Margin (% net sales) Operating Expenses (adjusted, % net sales) +450 bps +580 bps 38.3% 32.3% 27.7% 27.8% 22.7% 22.4% 32.4% 32.5% 30.8% 30.1% 2013 2014 2015 2Q15 2Q16 EBITDA 2013 2014 2015 2Q15 2Q16 (adjusted, % net sales, R$ MM) 10.2% 8.2% -40 bps 5.7% 5.7% 5.3% 1,785 2,310 1,091 245 229 2013 2014 2015 2Q15 2Q16 Notes: Adjusted figures are without Other Operating Revenue (Expenses), as stated in the 2013, 2014, 2015 earnings released Source: Via Varejo 38#39Financial Discipline and Strong Cash Position Net Cash Position (R$ MM) 4,795 Net Cash/EBITDA (R$ MM / 12M EBITDA) 5.2x 3,618 2,413 1,418 639 2.5X 1.6x 1.1x 1.0x 0.6x 0.3x -0.2x 742 2,321 -1.0x -453 -1.6x -1,211 -1,754 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 Source: Via Varejo Net Cash (w/o CDCI) Net Cash (Debt) (with CDCI) Net Cash (w/o CDCI) / EBITDA Net Cash (Debt) (w/ CDCI) / EBITDA 39#40Highlights of 2Q16 Results 1 Market share gain in the total market, with sequential improvement in "Same-Store Sales". Net Sales of R$ 4.7 billions, down 12.7%. 2 Continue of cost structure adjustment, with nominal reduction of SG&A, mitigating inflation and additional taxation. 3 Adjusted EBITDA Margin of the bricks & mortars* of 4.0%. 4 Confirmation of solid financial structure and delinquency in line with 2015. *Adjusted EBITDA Margin of the Brick & Mortars = Adjusted EBITDA Margin excluding Equity Income 40#412Q16 Sales Despite the furniture and electronics/home appliance market contraction¹ in 2Q16, total sales performance and same-store sales had sequential improvement; Note: 1) Source: Monthly Retail Survey (PMC) Net Sales Evolution (R$ MM, % Same-store sales vs. 2015) 5.461 4.704 4.324 4.338 4.095 +2720 bps 2Q15 3Q15 4Q15 1Q16 2Q16 41#422Q16 Operating Performance Gross Profit 1.66 (R$ MM, % net revenue) 1 Mix of financial services Adjusted EBITDA - Brick & Mortar Stores (R$ MM, % net revenue) Positive impact due to: 1.40 7 38,3% +580 bps 32,5% "Lei do Bem" and tax relief on payroll; О Tax credits. 2Q15 2Q16 SG&A Expenses (R$ MM, % net revenue) 1.3 03 368 8.5% +300 bps 237 5.5% 1.1 30,0% 84 Impact of 250 bps related to +260 bps 27,4% the end of tax relief on payroll and labor agreement. 2Q15 2Q16 2Q15 2Q16 *Adjusted EBITDA Margin of the Brick & Mortars = Adjusted EBITDA Margin excluding Equity Income 42#432Q16 with Working Capital Improvement Source: Via Varejo Working Capital Need (gap between inventories and suppliers) (R$ MM) (days of GOGS) 226 -274 7 -48 -2 2Q15 2Q16 1H15 1H16 HIGHLIGHTS Solid financial structure and credibility with partners enabled the Company to deliver another quarter with an increase in the gap between inventories and suppliers 43#442Q16 Net Income -8 2Q15 Adjusted Net Income for Brick-and-mortar Stores* (R$ MM, % net sales) 36* 2Q16 251 102 1H15 1H16 *Adjusted Net Income of Brick-and-Mortar Stores= Adjusted Net Income excluding Equity Income 44