Investor Presentaiton

Highlights 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

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