Investor Presentaiton

Financial Discipline and Strong Cash Position Net Cash Position (R$ MM) 4,795 Net Cash/EBITDA (R$ MM / 12M EBITDA) 5.2x 3,618 2,413 1,418 639 2.5X 1.6x 1.1x 1.0x 0.6x 0.3x -0.2x 742 2,321 -1.0x -453 -1.6x -1,211 -1,754 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 Source: Via Varejo Net Cash (w/o CDCI) Net Cash (Debt) (with CDCI) Net Cash (w/o CDCI) / EBITDA Net Cash (Debt) (w/ CDCI) / EBITDA 39

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