Celebrating 10 Years at BM&FBOVESPA

introduction Message from the management G4-1 For another year, Lojas Renner's strategic direction, executed by a committed team and with close proximity and knowledge of its customers, strengthened the Company's competitive advantages in order to continue growing and generating value for its stakeholders, even in an unstable economic scenario. Throughout 2015, the Company has advanced regarding the engagement of its employees, the logistics operation efficiency, the promotion of quality, agility and adjustments to best practices in the supply chain, in the search for the business' sustainable development. This year, employee engagement reached its highest measured value in the Company's history, according to the annual survey conducted with all the 17,000 employees, on a voluntary basis: 87%. This level is higher than the Global Fashion Retail Average Index, 71%, and the Brazilian index, 62%, according to Aon Hewitt, an international consultancy firm specialist in the presentation of outlook on the management of people, compared between companies. Regarding logistics, the distribution center of São José (SC) was inaugurated, with 47,000 m², which, along with the Rio de Janeiro center, have a unique high level of automation in the clothing industry in Brazil. With the two centers in operation, the Company will reach distribution and competitiveness efficiency gains, which will result in the reduction of stock-outs and markdowns, supporting the Company's financial results, and the opportunity to improve its environmental performance, due to the greater efficiency in the consumption of natural resources (energy, fuel, etc.) and reduction of greenhouse gases emissions. The management of resale suppliers, in turn, has been restructured and strengthened with the creation of the Compliance department and the improvement and intensification of monitoring processes: 100% of the national production supply chain (and its contractors) of clothing, footwear, accessories and beauty (own brand) has been audited. In addition, the Reactivity Project, the Supplier Development Program and the introduction of the Lean Manufacturing concept with the Company's main manufacturers have led to the increase in production efficiency, creating conditions to expand our capacity to respond to the demands of our customers with quality and environmental responsibility, as well as enabling improvements in delivery logistics, product development, lead time and in the costs involved. We remain dedicated to capture growth opportunities and market share gains, supported by a strong brand, with robust and clear competitive advantages. We also follow increasingly seeking to contribute to the development of the society within our own business and, for that, we have expanded our support to the seven Women's Empowerment Principles, prepared and disseminated by UN Women and the UN Global Compact, with the financial support for the development of a work project aimed at gender equality throughout our value chain. Through our commitment to sustainability, as a value that guides the Company's decision-making process and business strategy, we have been recognized and selected to comprise, for the second consecutive year, the ISE portfolio (Corporate Sustainability Index of BM&FBOVESPA), which evaluates and selects companies with the best management and practice of corporate sustainability in Brazil. We also continue to maintain a disciplined and prudent cost control management, always seeking simplicity, maximizing the use of resources and bringing quality products to customers with an increasingly better shopping experience. All these initiatives, as well as the attention to the continuous improvement of Lojas Renner's management and performance over the past few years, have been proven assertive and are reflected in the progress of our results. Even in a challenging and unstable economic context, with low consumer confidence and expensive and restricted credit, we executed our expansion plan as expected and opened 49 stores, in 12 states, including Renner, Camicado and Youcom, strengthening our presence in every state of the country, with a total of 380 stores. In the year, we had good sales performance, which grew more than 17%, above the reference index of the IBGE Monthly Trade Survey (PMC), which fell 5.2% in the clothing and footwear retail segment, between January and December 2015. In addition, inventory management was efficient and the level decreased 1.7% as of December data. The "Same Store Sales", important productivity indicator, which shows how much sales would have grown even if we had not expanded the number of stores, grew by 10.8%. Therefore, we have registered Net Revenue of R$ 6.1 billion and Net Income of R$ 578.8 million - amounts 17.8% and 22.8% higher than in 2014, respectively - supporting the maintenance of consistent operating margins and the 22% return on invested funds. We are dedicated to capture growth opportunities and market share gains, supported by a strong brand, with robust competitive advantages and continually improving, overcoming the challenges of the economic scenario and focusing on the execution of our strategic plan for the business' support and sustainability. We would like to thank all our shareholders, employees, customers and suppliers for one of the main pillars that support us on this path: your trust in this company! fallo Osvaldo Burgos Schirmer Chairman of the Board of Directors José Galló CEO 15

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