Investor Presentaiton

2Q16 Sales Despite the furniture and electronics/home appliance market contraction¹ in 2Q16, total sales performance and same-store sales had sequential improvement; Note: 1) Source: Monthly Retail Survey (PMC) Net Sales Evolution (R$ MM, % Same-store sales vs. 2015) 5.461 4.704 4.324 4.338 4.095 +2720 bps 2Q15 3Q15 4Q15 1Q16 2Q16 41

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