Investor Presentaiton

2Q16 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

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