Investor Presentaiton

Via Varejo • • • The information and financial projections of this presentation have been prepared by the management of the Company ("Company"). The information and financial projections of this presentation are Pro forma to provide a forecast of the integration of the e-commerce business Cnova Brazil into the Company's business ("Reorganization") as if the transaction for the combination of offline and online platforms businesses have already occurred. The Reorganization is still under progress and its implementation depends on the approval of Cnova N.V. shareholders on a shareholders meeting of such company to be held on October 27, 2016. The Company has prepared this presentation based on information available to it, including information that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. These projections should not be considered a comprehensive representation of the Company's present or future financials. The financial information included in this presentation is preliminary, unaudited and subject to revision. All forward-looking statements attributable to the Company or persons acting on its behalf apply only as of the date of this document, and are expressly qualified in their entirety by the cautionary statements included elsewhere in this document. The financial projections are preliminary and subject to change; the Company undertakes no obligation to update or revise these forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Inevitably, some assumptions will not materialize, and unanticipated events and circumstances may affect the ultimate financial results. Projections are inherently subject to substantial and numerous uncertainties and to a wide variety of significant business, economic and competitive risks, and the assumptions underlying the projections may be inaccurate in any material respect. Therefore, the actual results achieved may vary significantly from the forecasts, and the variations may be material. 2

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