Investor Presentaiton

E-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

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