Investor Presentaiton

Improving 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

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