B2w Digital Announces 32.3% Growth in Net Revenue and 53.3% in Adjusted Ebitda in 1Q20

B2W DIGITAL ANNOUNCES 32.3% GROWTH IN NET REVENUE AND 53.3% IN ADJUSTED EBITDA IN 1Q20

The result demonstrates the strength of our hybrid business model, with accelerated growth on 1P (+ 32%) and 3P (+ 25%) platforms.

Rio de Janeiro, May 7, 2020: B2W Digital (B3: BTOW3), the largest and most beloved digital company in Latin America, today announces its results for the first quarter of 2020.

KEY INDICATORS 1Q20 1Q19 Delta Total GMV (R$ MM) 4,558 3,579 +27.3% Marketplace (R$ MM) 2,728 2,191 +24.5% Marketplace (% of Total GMV) 59.8% 61.2% -1.4 p.p. Assortment (Items/MM) 31.7 9.1 +22.6 # Sellers (New/Thou) 8.6 3.6 +5.0 # Sellers (Base/Thou) 55.4 25.5 +29.9 B2W Entrega (# Sellers/Thou) 53.2 22.5 +30.7 B2W Entrega (% of Seller base) 96.0% 88.2% +7.8 p.p. Mobile (% of Traffic) 81.6% 71.9% +9.7 p.p.

MESSAGE FROM MANAGEMENT

The year 2020 marks the start of the new 3-year strategic plan (2020-2022), with the aim of driving accelerated growth (Total GMV) and continued cash generation. We are prepared and motivated to transform the Customer experience, offering “Everything. Anytime. Anywhere”, which will guide our decisions to retain current Customers and attract new Customers.

B2W is the digital platform of the Americanas Universe, which is also composed of the physical world with more than 1,700 stores in multiple formats and presence in all states of the country (Lojas Americanas), the largest logistics operation in Brazilian retail (LET`S), and Ame, the fintech and mobile business platform, all of which have the firm inspiration and coordination of “IF – Innovation and Future”.

The Americanas Universe is unique, resilient and flexible, connecting 40 million active Customers and working together for a greater purpose to: “Fulfill consumers dreams and meet their consumption needs, sparing them time and money, and exceeding their expectations”.

The challenge we are facing due to the Covid-19 pandemic is on a global scale and we believe that given this scenario, the Americanas Universe also faces an extraordinary challenge, where all competitive advantages are being tested to the limits of their capabilities. Since the beginning of February, we have instituted a crisis committee with the objective of monitoring the daily evolution and impact of the pandemic, promoting fast actions in this challenging scenario, prioritizing the necessary measures to preserve the health of Associates and Customers, and ensuring fulfillment of the Company's social role, through various internal initiatives and partnerships with external agents, which, so far, have already surpassed the R$ 45 million mark (including provision of logistical services, construction of a field hospital in Rio de Janeiro, donation of respirators, thermometers and rapid tests, among others).

In our Message from Management regarding the 4Q19 results, published on February 20, 2020, we had written “The convenience for Customers, addressing different consumption occasions, will dictate our growth rate and be driven by the intensive use of data, algorithms and analytics to drastically improve the experience within the Digital Platform. The focus will be to become even more relevant in the daily lives of Customers”. The current scenario gives us even more certainty that this is the correct path and that the strategic decisions made over the past few years have been fundamental.

Our hybrid Digital Platform model (1P, 3P and Digital Solutions) has a superior value proposition for Customers, Sellers, Suppliers and Strategic Partners, and also has the ability to quickly adapt to meet new demands and different needs. 1

We launched the campaign #OqueVocêPrecisaAgora (#WhatYouNeedNow), expanding the offer of essential and necessary items (alcohol gel, personal hygiene items, cleaning supplies, baby care, food, drinks, among others).

We also accelerated O2O (Online to Offline) initiatives, expanding the Ship from Store (SFS) to 100% of Americanas physical stores, and allowing for delivery to the customers home in a few hours, through couriers connected to Ame Flash (crowdshipping initiative with 17 thousand couriers connected). In March/20, SFS has already delivered to more than 500 cities, representing 25% of O2O sales. The acceleration of the SFS also allowed for the creation of the “Buy and Receive Today” campaign, with emphasis on the homepage and a special tab on the Americanas app, allowing customers to select from thousands of items of the Americanas physical stores and other Sellers, to buy and receive the same day.

We implemented the local trade support program (#apoieocomerciolocal) (#supportlocalcommerce) to give even more support to micro and small Sellers, increasing the exposure and sale of their products, also intensifying the granting of credit through the Credit Seller program. In connection with the program, we launched the “Sell with us” initiative, which accelerates the entry of new Sellers of essential products and small entrepreneurs who have their physical stores closed. Thus, in April/ 20, we had more than 20 thousand new Sellers registered.

Together with Lojas Americanas, we created a special Easter operation to ensure that Customers could maintain the tradition of buying chocolate eggs. The result was the largest online Easter in the world, with more than 1.5 million eggs sold through several integrated initiatives such as SFS and Click and Collect.

The effects of the pandemic have been transforming people's consumption habits, generating a rapid migration of new consumers to the digital world, expanding the frequency and spending of current Customers, as well as accelerating the share of online sales in new product categories. Supermarkets and essential items are examples of segments that we had already been operating and that gained relevance in the period. The acquisition of Supermercado Now at the beginning of the year, also proved to be the correct decision and allowed us to gain even more speed, scale, and expertise in these categories.

We believe that the difficult times of the crisis bring enormous learning. We are committed to doing our best, looking for innovative and creative solutions to generate value for the Client and for society as a whole. All ongoing actions will allow the Company to overcome the crisis, at its end coming out even stronger and relevant in the daily lives of Customers.

We remain firm in our purpose of CONNECTING PEOPLE, BUSINESS, PRODUCTS AND SERVICES and in fulfilling our important social role, especially in this moment of uncertainty.

The number of actions taken and executed in such a short time, in the face of such adverse circumstances, was only possible due to a highly qualified team that was dedicated to ensuring that Customers received the items they needed quickly and safely. Therefore, we would like to give special thanks to our team for their engagement and enthusiasm to better serve the Client.

We also thank our suppliers for the partnership, the Marketplace sellers for choosing our platform, the shareholders for their trust and, above all, the Customers for their preference.

Despite the scenario full of uncertainties and diverse concerns, we are convinced that the effects of the pandemic will pass. We are optimistic that together, as a society, we will emerge stronger from this crisis. We wish everyone to remain healthy.

Marcio Cruz CEO, B2W Digital

1Q20 HIGHLIGHTS

 B2W Digital announces 35% growth in the number of orders in 1Q20. This result was driven by the increase in the purchase frequency and new customers. In April/20, we experienced a strong acceleration with the number of orders increasing 83%.

 B2W Digital reached 17 MM active customers in 1Q20. The growth in the active customer base was driven by the addition of 2 MM new customers in the last 12 months. In the quarter, the categories most sought after by customers were Beauty and Health, Easter, Sports and Leisure, and Entertainment.

 B2W Marketplace connected more than 8.6 thousand Sellers in 1Q20, registering a new record, from a base of 46.8 thousand in December/19 to more than 55.4 thousand Sellers in March/20.

 B2W launched the “Sell with us” campaign, connecting large physical retailers from different verticals, and several local Sellers who manage to deliver faster in their respective regions. In April/20, we had more than 20 thousand new Sellers registered.

 B2W Marketplace developed several initiatives to support small and medium Sellers to minimize the impact of Covid-19. The main support measures are in the commercial, financial, and operational fronts, including: 1) creation of hotsites with a campaign to encourage local commerce, 2) expansion of the Seller Credit offer, 3) increased flexibility of seller payment terms and anticipation of sales, 4) training and qualification of 2.8 thousand Sellers through the Marketplace University, 5) encouraging the use of B2WAds, and 6) intensified support in logistics and distribution thought B2W Entrega.

 B2W Digital reached 31.7 MM in offers through the launch of the #OqueVocêPrecisaAgora (#WhatYouNeedNow) campaign, promoting the assortment that customers need most during social distancing, with a differentiated service level and fast delivery. Total offers available to customers grew by 248% vs. 1Q19, driven by Marketplace Sellers.

 B2W Digital launched the Americanas Mercado, with the integration of Supermercado Now as a mini app within Americanas.com, allowing the brand's customers to buy all Supermarket items online, including fresh food. The operation is already available in certain regions of São Paulo and will be expanded throughout May/20.

 The O2O (Online to Offline) initiatives totaled R$ 530 MM of GMV in 1Q20, an increase of 85% versus the R$ 286 MM registered in 1Q19. In the quarter, we registered 1.3 MM orders through these initiatives.

 Ship From Store accelerated to connect all physical stores of Americanas. The delivery method, which allows for the online purchase of products from the nearest store with delivery within 2 hours to the desired address, showed a 10x increase in the number of orders compared to 1Q19. In March/20, the service was expanded from 300 stores to all 1,700 physical stores of Americanas, in all states of Brazil. The modality is also available for Marketplace Sellers and has already connected 400 physical Sellers stores.

 B2W Digital launched the campaign “Buy and Receive Today”, with emphasis on the homepage and a special tab on the Americanas app, allowing customers to select from thousands of items of the Americanas physical stores and other Sellers, to buy and receive the same day.

 B2W Digital entered into a partnership with BR Distribuidora. The agreement will allow the sale of BR Mania products on B2W's websites and also allow the approximately 1,300 stores to be integrated with O2O (Online to Off-line) solutions.

 Initiatives of IF – Innovation and Future

o Ame Digital, the fintech and mobile business platform of the Americanas Universe, reached 7.5 million downloads and continues to gain strong traction on Americanas and B2W, optimizing customer discounts through cashback, generating higher repeat purchases and increased Customer spending.

o Ame launched the Delivery of Easter Eggs, through the delivery mini-app with Ame Flash. With the campaign “Ame traz a Páscoa pra mim!” (Ame brings Easter to me!), thousands of Easter Eggs were sold and delivered throughout Brazil.

o Ame launched the campaign "#AmeFazerSuaParte" (“AmeDoingYourPart”), a set of initiatives to mitigate the impact of the Covid-19 pandemic. Using mini-app technology, Ame Digital leveraged its donation hub by adding 70 new NGOs to the platform such as Doctors Without 3

Borders, UNICEF, Red Cross, Citizenship Action (Ação da Cidadania) and Friends of Good (Amigos do Bem).

o Ame announced a partnership with BR Distribuidora to use the app as a means of payment in approximately 8,000 service stations and 3,000 BR Mania and LUBRAX Mais stores. This partnership will allow all payments to be made quickly, safely and without physical contact, via QR Code.

o Ame launched a functionality for depositing Federal Government Emergency Assistance. In this way, beneficiaries can use their assistance to make purchases, pay bills, recharge prepaid cell phones and much more. In addition, beneficiaries who deposit the aid through Ame Digital earn a cashback coupon to be used at Lojas Americanas or B2W Digital's websites.

STRATEGIC INITIATIVES

 Commercial and Marketing

o Assortment: The number of items offered on the sites totaled 31.7 million exiting 1Q20, growing 248% vs. 1Q19, driven by Marketplace.

o Traffic: The number of visits to our sites and Apps reached 659 MM in 1Q20, an increase of 45% vs. 1Q19.

o Transactions: The number of orders grew by 35% vs. 1Q19, driven by increased purchase frequency and new customers.

o Active customer base: The number of active customers (last twelve months) reached 17 million at the end of 1Q20, driven by the addition of 2 million new customers in the period.

o Marketing and SEO: With the exponential growth in the number of items offered came the necessity of improving the visibility of the assortment across our websites, and demonstrating to our customers the wide product offering and vast selection that can be found across our brands (one-stop-shop).

. With the objective of increasing organic traffic in the Company's brands, throughout 1Q20, we optimized the investments made in SEO and in the recommendation of products, offering an increasingly personalized navigation and with more relevant products for customers. . In order to increase the organic traffic of our sites, in March/ 20, we optimized our sitemap to enable Googlebot to find the pages and promote them on Google searches. . We intensified SEO metrics to improve the performance of our product pages, search and categories, allowing for easy interpretation and depth of analysis. . In 1Q20, the Americanas brand sponsored the 20th edition of Big Brother Brasil, emphasizing the concept “Everything. Anytime. Anywhere”. The program was a success and had the largest audience in the last 12 years, offering great exposure to our brand. We carried out 11 actions with the participants in the program, promoting wide dissemination of our assortment, in addition to encouraging the customer to download our app. The results were very positive, with a strong increases in traffic and the number of downloads during the show programming. . Americanas sponsored several lives musical performances on YouTube, including the Marília Mendonça show, which set the world record for simultaneous accesses, totaling more than 3.2 million. The lives were intended to offer entertainment to Customers who are at home and encourage donations to various philanthropic entities.

o Americanas Empresas: A site exclusively targeted at corporate clients (legal entity) of all sizes, from micro entrepreneurs to large corporations. The site offers more than 3.5 million products in 36 categories, (ranging from technology items to hospital items), allowing the customer to buy both items for daily use and consumption, as well as large volumes to supply the stock for resale. . In 1Q20, the most sought after departments were PCs, Electronics, and Telephony. . In March/20, after implementing an exclusive service channel for quotations, the option to buy items for resale had an expansion of more than 5 p.p. vs. March/19.

o Prime: The only program in Brazil where the customer can choose from more than 2.6 million products with unlimited free shipping, and without minimum purchase value requirements. In addition, the customer can take advantage of exclusive offers and dedicated customer service. . Available in all 2,479 cities in the South and Southeast regions of Brazil. . Prime customers continue to show high engagement with our brands as seen through 5 higher page views per user, 5 times higher purchase frequency, and across 3 times more categories than customers who have not yet joined the program. . In 1Q20, the Seller base of B2W Prime increased 17.6% (vs. 1Q19). . Americanas Prime was integrated with the Americanas physical stores, offering a new option of free Click and Collect, as well as exclusive discounts for Prime customers in all of the Americanas stores.

 Evolution of the Marketplace

o Marketplace GMV: In 1Q20, the Marketplace registered growth of 24.5%, reaching GMV of R$ 2,728 million and representing 59.8% of Total GMV.

o Sellers: In 1Q20, the B2W Marketplace connected more than 8.6 thousand Sellers, going from a base of 46.8 thousand in December/19 to more than 55.4 thousand Sellers in March/20. The base of Sellers increased by 2.2x from 1Q19 to 1Q20 (from 25.5 thousand to 55.4 thousand Sellers).

o Assortment: The B2W Marketplace assortment grew by 257%, going from a base of 8.8 million items in 1Q19 to 31.4 million items at the end of 1Q20.

o Americanas Mundo: The Cross Border operation that enables customers to purchase products from all over the world (including the US and China), creating a new growth avenue for the B2W Marketplace. Launched in March/19, the operation continues to develop rapidly. . During 1Q20, Americanas Mundo was responsible for one of the five best-selling items on the platform and continued to help attract new customers, reinforcing the complementary assortment between the 1P, the local Marketplace Sellers, and the Cross Border operation.

o Jirau da Amazônia Marketplace: In partnership with the Amazonas Sustainable Foundation (FAS), we implemented Jirau da Amazônia Marketplace on the Americanas site, generating income and inclusion for the residents of the region.

o APIs: The B2W Marketplace operates with open APIs, allowing for fast and effective integration with leading platforms and ERPs on the market. Through APIs, Sellers simplify the administration of key business variables (product, pricing, customer service, inventory, exchange and refund, chat, fulfillment, and freight) and multi-channel management (sales on the Marketplace and their own stores). Currently, more than 200 MM requests/day are performed.

o B2W Analytics: The fully integrated data platform with the Seller Portal helps Sellers increase their sales. Through B2W Analytics, Sellers have access to information to pinpoint exactly where they should act to increase the competitiveness of their assortment, identifying the best buybox opportunities and leveraging their sales.

 Mobile Platforms

o Traffic: During 1Q20, the traffic from mobile devices accounted for 81.6% of total site visits, an increase of 9.7p.p. compared to 1Q19.

o Apps: 73.7 million downloads of the brand apps since inception. In 1Q20 alone, there were 11.7 million downloads.

o MAU: Exiting 1Q20, the brand apps totaled 22.7 million active users (Monthly Active Users – Source: App Annie).

 UX (Customer Experience):

o Click and Collect: Focusing on the experience of customers looking for more agile delivery of products, we have enabled the option for users who buy at Submarino and Shoptime to pick up their orders at the more than 1,700 Americanas physical stores. As a result, the share of sales through “Click and Collect” increased by an average of 2.5 p.p.

o Support for Local Commerce: We have developed a new store filter in which the user can select their state, city and the desired category to view all the stores available in their region. The objective is to encourage our customers to buy from small and medium retailers who sell on our websites, strengthening the campaign to support local trade promoted by the brands.

o “Click and Collect” Seal: In making it easier to find the products eligible for Click and Collect, those products are designated with a unique identification seal to highlight the items in the catalog.

o Stories from Sub: Seeking an increasingly modern and differentiated navigation for Submarino, we created the “Stories from Sub” feature. The novelty brings to our app the behavioral content of social media stories, offering a new way of displaying content to our customers.

o Buybox Shoptime: We started to highlight in the Buybox of Shoptime the best promotional price as the winning offer. As a result, we had a 2.4% increase in the overall conversion of the brand's product page.

o Shoptime App: We implemented several improvements focused on the performance of the Shoptime Android App and also revised the main navigation tools, increasing the useful area of the page and prioritizing more strategic shortcuts for the brand.

 Digital Services

o B2WAds: B2W Digital's complete advertising solution posted revenue growth of 114% in 1Q20 vs. 1Q19, with significant increase in the profitability of the operation. In the quarter, it is worth mentioning the special project for Easter, where the largest advertisers in the segment had special content and prominent exposure on the websites, fully integrated with O2O. B2WAds has established itself as the most complete advertising solution to deliver the on and off experience in the consumer's journey, manufacturers (industry) and advertising agencies to reach the customer throughout the entire purchase process, increasing the visibility of their products and brands on the B2W websites.

 Financial Services

o Credit Promotion: Throughout 1Q20, B2W and Cetelem’s joint venture (Submarino Finance and Digital Finance) recorded volume of R$ 1.0 billion in approved transactions. In the same period, the receivables portfolio for these operations was R$ 1.6 billion. . In March/20, the Credit Promoter reported 3.4 MM cards issued (2.0 MM on Submarino Finance and 1.4 MM on Digital Finance, which includes the brands Americanas.com, Shoptime and Sou Barato).

o Credit Seller: Marketplace Sellers can access loans quickly, securely, simply, and 100% online. The contracts can be made for payment in installments (installment credit) or in full payment (single installment credit) and, aiming to meet the requests of the Sellers, we implemented innovations in the functionalities and methods of contracting these products: . Credit in installments now have a longer payment term, and can reach up to 24 months. . We implemented Credit Seller as a payment method in B2W ADS, allowing for greater media investments by Sellers. . Partnership with the Americanas Empresas brand, with the possibility of purchasing negotiations to replenish inventory as if they were in cash, however, with the flexibility in the terms of the payment method, through the Credit Seller.

o In 1Q20, we implemented a new type of credit, Flex Credit, which allows the Seller to define a fixed percentage to be committed to its sales. In this new product, the Seller has a completely flexible operation that adapts to the seasonality of its sales on the platform. 6

o In addition to the launch of Flex Credit, as a measure to support the impact of the Covid-19 pandemic, we expanded the base of Sellers eligible for credit, opening up the possibility of renegotiating current contracts, with or without a grace period of up to 75 days. The renegotiations aim to reduce the value of the installment and deal terms, on a case by case basis, promoting the best conditions for our Sellers and to lessen the impact in this period.

 Customer Service

o B2W Digital’s main brands are regarded as industry benchmarks in customer service, having received the highest levels of evaluation given by the Reclame Aqui website. . The average score on Reclame Aqui website for B2W’s brands is 8.2, while the main competitors have an average score of 7.3. . 75.2% of customers who registered complaints on Reclame Aqui website indicated their intent to buy again from B2W’s brands, while only 57.0% of customers indicated that they intended to buy again on the main competitors’ websites. . The average solution rate of B2W’s brands on Reclame Aqui website is 88.5% while the average solution rate of competitors’ brands is 79.8%.

o The average complaint solution time was reduced by 30% in 1P and by 18% in 3P, significantly improving the service experience compared to 1Q19.

o WhatsApp: Launch of a new WhatsApp customer service channel, promoting innovative and friendly communication throughout the main stages of purchase. To develop the new service channel, we adopted artificial intelligence in the creation of a virtual assistant, capable of talking to customers and recognizing their needs. The project was developed in partnership with Google, using Dialogflow of the Google Cloud, which allows for the creation of a more natural conversation experiences. . Currently, 61% of orders are being tracked with WhatsApp. . Millions of messages are sent monthly with the tracking request, and the client base that opted to receive communication by the app reached 7 million.

o Chatoff: We have completed the rollout of B2W's digital customer service platform, which has reduced the mediation rate for customers and Marketplace Sellers by over 90%.

 O2O (Online to Offline)

Using the concept of “Everything. Anytime. Anywhere.” the O2O initiatives of Americanas and B2W have been enhancing customers' shopping experience and growing at a rapid pace. In 1Q20, these combined initiatives recorded GMV of R$ 530 million (vs. R$ 286 million in 1Q19), an increase of 85%.

o LASA Seller: In 1Q20, the available assortment expanded 15% and sales increased by 3.7x in relation to the year ago period. For the first time, Americanas was the biggest seller of B2W Marketplace in terms of number of items sold and sales volume.

o Click and Collect Now: Available in all 1,700 Americanas stores, allowing the customer to purchase the store's inventory online and pick up the product within 1 hour without shipping costs. The modality continues its rapid development, reaching the mark of more than 170 thousand orders in 1Q20.

o Ship from Store: Purchase products online from the nearest Americanas physical store and receive the order within 2 hours. In this quarter the service was expanded to 1,700 Americanas physical stores, in all states of Brazil. In addition, it is also available in 400 stores of B2W's Marketplace Sellers. In 1Q20, deliveries made by this modality grew 10x compared to 1Q19.

o Click and Collect: Buy online and withdraw at the physical store. In 2019, we became the largest network of pick-up points in Brazil, and in 1Q20 reached 9,000 connected points (Americanas, Sellers stores, and partner points) in more than 5 thousand municipalities, offering 99% of the Brazilian population access to the service.

o Infinite Shelf: Assisted sales operation at Americanas for products offered on the digital platform (1P and 3P). In 1Q20, the operation had an average ticket approximately 15x higher than in physical stores and 32% growth in sales over 1Q20.

 LET’S - Logistics and Distribution

The shared management platform for the logistics and distribution assets of LASA and B2W, which aims to optimize the operations of the companies through a flexible Fulfillment model.

o Delivery Time: In 1Q20 more than 50% of all purchases made on B2W websites (1P and 3P) and handled by LET’S were delivered within 2 days, and 60% of deliveries to the states of Rio de Janeiro and São Paulo were made within 2 days (1P and 3P).

o DCs: Currently, LET’s operates 18 DCs in the states of: RJ, SP, MG, PE, PA, SC, and RS.

o B2W Entrega: The platform that operates and controls the deliveries of 94% of B2W Marketplace Sellers. The Sellers connected to B2W Entrega have 5 types of service: Fulfillment (storage + delivery), Pick Up - Large Operations (product withdrawal from the Seller DC + delivery), Direct Collect - Small and Medium operations (product withdrawal from the Seller DC + delivery), Drop Off Hub (Seller delivers to one of the Direct Hubs + delivery) and Drop Off in Store (Seller delivers to one of the Americanas locations + delivery). B2W Entrega reached more than 53.2 thousand Sellers at the end of 1Q20, representing 96.0% of the total Seller base and participating in more than 80% of orders placed on the Marketplace. . Integrated Platform: The integrated logistics services platform increases cross-selling, allowing Sellers to connect complementary logistics services, such as B2W Fulfillment, Click & Collect and Ship from Store, in addition to participating in the B2W Prime program. . B2W Fulfillment: Reached a total of 595 Sellers connected, with their inventory operated by the platform, ensuring shorter lead times and more competitive freight costs. Through B2W Fulfillment, the customer gets the best shopping experience, where the entire logistics process (inventory, transportation and fulfillment) is operated by B2W.

 IF – Innovation and Future

Faced with the context of accelerated transformation of the physical and digital worlds, and in order to capture the opportunities generated by this new business environment, in 2018, IF – Innovation and Future was created, outside Americanas and B2W operations. IF was conceived with the mission of creating disruptive business and leveraging various initiatives of the Companies. IF’s main verticals include: incubating new business, accelerating existing initiatives, investing in startups (venture capital), leading the O2O fronts, and prospecting new opportunities, including M&A operations.

Ame (one-stop-app): Fintech and mobile business platform, and among the first initiatives of IF, continues to accelerate and deliver impressive metrics. . Ame Digital reached 7.5 million downloads and continues to gain strong traction at Americanas and B2W, optimizing the offer of discounts to customers through cashback, generating greater purchase recurrence and increasing Customer spending. . Ame launched Easter Egg Delivery, through the delivery mini-app, with delivery through Ame Flash. With the campaign “Ame brings Easter to me!” thousands of Easter eggs were sold and delivered throughout Brazil. . Ame launched the campaign "#AmeFazerSuaParte" (“AmeDoingYourPart”), a set of initiatives to mitigate the impact of the Covid-19 pandemic. Using mini-apps technology, Ame Digital leveraged its donation hub by adding 70 new NGOs to the platform such as Doctors Without Borders, UNICEF, Red Cross, Citizenship Action (Ação da Cidadania) and Friends of Good (Amigos do Bem). . Ame announced a partnership with BR Distribuidora to use the app as a means of payment in approximately 8,000 service stations and 3,000 BR Mania and LUBRAX Mais stores. This partnership will allow all payments to be made quickly, safely and without physical contact, via QR Code. . Ame launched a functionality for depositing Federal Government Emergency Assistance. In this way, beneficiaries can use their assistance to make purchases, pay bills, recharge prepaid cell phones and much more. In addition, beneficiaries who deposit the aid at Ame Digital earn a cashback coupon to be used at Lojas Americanas or B2W Digital's websites.

. Ame also continues to expand its acceptance network organically through the Ame Plus platform (seller profile). . Ame Digital already has more than 40 features, with the aim of simplifying the lives of customers, as are listed below:  Cash in with credit card  Receive and transfer cash to other Ame accounts  Pay merchants off platform (Ame Plus: other physical world shopkeepers)  Cash out checking account (bank transfers, exclusive for Ame Plus)  Geomarketing (location of shopkeepers with filters for type of establishment)  Bill payments (bank slip)  Cash in checking-account (bank transfer)  Cash in by bank slip  Cash in at Americanas (store POS)  Cash out Americanas (store POS, in beta version)  Prepaid cellular recharge  Individual credit (in beta version)  Public transportation (recharge pass balance)  Private transportation  E-Gifts  Marketplace of services  Itaú Bike sharing program  Friend Referral Program (Member Get Member)  Tickets and event passes  Bus tickets  Games (in beta version)  Meal voucher  Buying and selling airline miles (in beta version)  Donations  Mini-games  Emergency Aid

Ame Flash: In order to accelerate O2O initiatives, Ame Flash connects independent couriers (motorcycle, bicycle, and other modes), enabling for the delivery of products to customers within 2 hours, from the 1,700 physical stores of Americanas and the physical stores of B2W Marketplace Sellers. The app already has 17,000 couriers and has surpassed the mark of 500 cities served.

Acquisition Pedala and Courri: In December 2019, Ame completed the acquisition of startups Pedala and Courri, which specialize in fast and sustainable deliveries via bicycles and scooters. The acquisitions aim to accelerate the Ame Flash operation, making deliveries in large urban centers through different modes. In addition to not emitting greenhouse gases, bicycles contribute to urban mobility, guarantee faster travel than motor vehicles, and reduce operating costs. In 2019, we delivered more than 370 thousand orders via bicycles and in 1Q20 we already exceeded 150 thousand deliveries in São Paulo, Brasília and Rio de Janeiro. In this period, we reduced C02 emissions by 100 tons.

 Digital Team

o “Great Places to Work 2020” Certification: As a result of B2W Digital’s commitment to the development of the Company's talent, we received the certification in January/ 20. This is an important recognition to the efforts of continuing to evolve and engage the team to achieve increasingly challenging goals, always focusing on the customer.

o Summer Job Program 2020: The program selects students from the best Brazilian universities to work on the Company's projects. In January/ 20, we received 23 students from different locations, who in addition to carrying out the development of the projects, participated in meetings with managers and technical and behavioral training with the Human Resources team.

o Working days: In 1Q20, we held 6 Working Days, 3 in SP, where we received students from Universidade Federal de Pernambuco for lectures about our business, we gave Introduction to Scrum training with Engenharia Mackenzie students (EJEM), and held a meeting with students from the executive MBA of the International Program at FGV-SP in partnership with Esade

Business School, on the theme “Change Management”. In Rio, we held meetings with the Universities of COPPEAD UFRJ, Michigan and San Diego. During the visit, the students had the opportunity to learn about the main challenges of the Company, how B2W is transforming the digital world, in addition to meeting managers from different areas.

o Meetups: In 1Q20, B2W Digital continued the rounds of meetups, holding an average of 5 meetings per month, either online or in person. The meetings are moments for exchanging information and experiences on a specific topic, involving professionals from the technology communities and also the Company's internal people. During this period, we received several groups such as SouJava, DevJavaGirls; Mulheres de Produto, NODE.JS, Elastic, Java, GODOT, Nerd Girls, Devops, Python, among others.

o B2W Tech Internship: It focuses on the selection of interns interested in becoming front-end developers (develops the interface between system and user) and back-end (works in programming and in the database). In a six-month period, the interns participated in classes taught by B2W Digital's technology engineers, undergo job rotation, develop activities in different areas, and create a project with the help of a tutor (associate). In 1Q20, we received 20 new interns.

o B2W Partnership – UFSCar: Launched in 2019, the partnership with the UFSCar Computing Department aims to encourage research and knowledge exchange between the academic and corporate communities. In addition to the continuity of the research project that focuses on the evolution of the Apache Marvin platform and with the participation of teachers and master students from the educational institution, in 1Q20, we expanded the research partnership with the project: From Data to Knowledge: Extraction and Representation of Information in the E-Commerce Domain.

o Tech Training: We conduct open training for associates interested in expanding knowledge in artificial intelligence. The training conducted in 1Q20 consisted of a theoretical and practical part, covering the concepts of Machine Learning + equations + algorithms.

 Corporate Governance and Sustainability

In line with the Global Compact principles and the Agenda 2030 Sustainable Development Objectives (SDO), a United Nations initiative, in 1Q20 we continued advancing our sustainability strategies.

o ISE: For the sixth consecutive year, we have entered the portfolio of companies of the Business Sustainability Index (ISE) 2020 B3 S.A. – Brasil, Bolsa, Balcão.

o Pacts and commitments: B2W is a signatory to the Business Pact for Integrity and Anti- Corruption, an initiative developed by the Ethos Institute, which aims to unite companies and promote a more honest and ethical market, eradicating bribery and corruption. It is also part of the UN Principles of Women's Empowerment, as well as the "Business Coalition for Racial and Gender Equity" and the "Business Charter for Human Rights and the Promotion of Decent Work", both from the Ethos Institute, reinforcing its commitment to promoting diversity and equity within the Companies and to our value chains.

o Ethics: B2W is a signatory of the Integrity and Anti-Corruption Business Pact, an initiative developed by the Ethos Institute, which aims to unite companies and promote a more ethical and rational market and to eradicate bribery and corruption.

o Diversity and Inclusion: We enable the sites to be accessible to people with hearing, visual and motor disabilities through Hand Talk and Essential Accessibility, enabling the site to be read in sign language (for the hearing impaired), out loud (for the visually impaired), and only with eye movement (for the disabled).

o Environmental Responsibility: B2W Digital, since 2017, has the Gold Seal of the Brazilian GHG Protocol Program, for having its inventory of greenhouse gas (GHG) emissions verified by an external audit, thus reaffirming its commitment to transparency and quality of information. The Company offset its greenhouse gas (GHG) emissions related to all its emissions from administrative offices, distribution centers and its own logistics fleet in 2018, making its operations "carbon neutral".

o Social Responsibility: The Jirau da Amazônia project, carried out in partnership with the Amazonas Sustainable Foundation, promotes the sale of products by local indigenous and riverside artisans on the Americanas digital platform throughout Brazil, with the proceeds reverted to the development of the project. Thus, we contribute to income generation and cultural appreciation even in this period of combating Covid-19 when tourism and local sales in the region are not happening due to isolation measures.

o Awards: The result of the work carried out by B2W is also recognized through awards that are benchmarks in the market, which attest to the credibility and strength of the brands. In March/ 20, Americanas.com was the winner in the “Shopping Site” category of the Top Of Mind Award from Mercado Comum Magazine.

FINANCIAL HIGHLIGHTS

The financial information serving as the basis for the comments below refer to 1Q20, and are in compliance with international financial reporting standards (IFRS), the standards issued by the Securities and Exchange Commission of Brazil (CVM), as well as the listing regulations of the Novo Mercado and in Brazilian reais (R$). Definitions for adjusted financial metrics can be found in Annex III and Annex V.

 Total GMV: In 1Q20, Total GMV was R$ 4,558.0 million, an increase of 27.3% compared to the R$ 3,579.3 million registered in 1Q19.

 Gross Revenue: In 1Q20, gross revenue totaled R$ 2,105.4 million, an increase of 30.9% compared with the R$ 1,608.3 million registered in 1Q19.

 Net Revenue: In 1Q20, net revenue totaled R$ 1,696.2 million, an increase of 32.3% compared with the R$ 1,282.6 million registered in 1Q19.

 Adjusted Gross Profit: In 1Q20, adjusted gross profit totaled R$ 526.9 million, an increase of 29.2% vs the R$ 407.9 million registered in 1Q19. Adjusted gross margin was 31.1% in 1Q20 vs. 31.8% in 1Q19.

 Adjusted Selling, General and Administrative (SG&A) Expenses: In 1Q20, adjusted expenses totaled R$ -399.3 million vs. the R$ -324.6 million registered in 1Q19. The SG&A as a percentage of GMV decreased by 0.3 percentage points, from 8.8% in 1Q20 vs. 9.1% in 1Q19.

 Adjusted EBITDA: In 1Q20, Adjusted EBITDA reached R$ 127.6 million, an increase of 53.3% compared with the R$ 83.2 million registered in 1Q19. Adjusted EBITDA margin went from 6.5% in 1Q19 to 7.5% in 1Q20, an increase of 1.0 p.p.

 Net Financial Result: In 1Q20, the net financial result was R$ -110.0 million (vs. R$ -156.1 million in 1Q19), a reduction of -29.5%.

 Net Result: In 1Q20, the net result was R$ -108.0 million vs. R$ -139.2 million in 1Q19, an improvement of 22.5%. The net margin presented an evolution of 4.5 p.p., from -10.9% in 1Q19 to -6.4% in 1Q20.

 Cash Management:

o Cash Generation: In 1Q20, cash consumption was R$ 645.7 MM. Cash consumption in this quarter is related to the seasonality of the business and the increase in inventory coverage, due to the acceleration of 1P and measures to mitigate the effects of the pandemic.

As a way of capturing all effects, cash generation / consumption is measured by the variation of net debt in relation to the previous quarter, always disregarding possible impact of capital increase operations.

o Working Capital: -23 days in March/20 (improvement of 43 days vs. 1Q19). This result reflects the 1P assortment curation and assortment review process, the optimization of the merchandise planning, as well as the increased 3P (Marketplace) share of total sales.

It is important to remember that Marketplace (whose credit card transactions are approved on the B2W platform and make up the gross balance of receivables) does not demand Working Capital (B2W is an intermediary and receives a commission on realized sales). o CAPEX: B2W uses its cash generation by prioritizing investments that present optimal returns to shareholders. Accordingly, in 1Q20, CAPEX totaled R$ 165.7 MM, representing 3.6% of Total GMV.

ANNEX I: ABOUT B2W DIGITAL

B2W Digital is the leader in e-commerce in Latin America and its purpose is to CONNECT PEOPLE, BUSINESS, PRODUCTS AND SERVICES IN A DIGITAL PLATFORM.

The Company has the largest and most beloved Internet brands (Americanas.com, Submarino, Shoptime and Sou Barato) and a fast growing Marketplace operation. The platform built over the years allows B2W to also offer technology, logistics, distribution, customer service and payments.

DIGITAL PLATFORM AND B2W VIRTUOUS CYCLE:

ANNEX II: FINANCIAL STATEMENTS

EXCLUDING THE EFFECTS OF THE CONSOLIDATION OF B2W DIGITAL’S TRANSPORTATION SUBSIDIARIES

B2W - Companhia Digital Consolidated Income Statements¹ Period ended on March 31 (in million of Brazilian reais) 1Q20 1Q19 Variation

Gross Merchandise Volume (GMV) 4,558.0 3,579.3 27.3% Gross Sales and Services Revenue 2,105.4 1,608.3 30.9% Taxes on sales and services (409.1) (325.8) 25.6% Net Sales and Services Revenue 1,696.2 1,282.6 32.3% Cost of goods and services sold (1,169.4) (874.7) 33.7% Gross Profit 526.9 407.9 29.2% Gross Margin (% NR) 31.1% 31.8% -0.7 p.p. Operating Revenue (Expenses) (545.5) (451.0) 20.9% Selling expenses (349.0) (278.2) 25.4% General and administrative expenses (50.3) (46.4) 8.4% Depreciation and amortization (146.2) (126.4) 15.7% Operating Result before Net Financial Result and (18.6) (43.2) -56.9% Equity Accounting Net Financial Result (110.0) (156.1) -29.5% Financial revenues 98.0 119.9 -18.3% Financial expenses (208.0) (276.0) -24.6% Non-controlling shareholder participation (11.0) 0.0 - Other operating income (expenses) (14.8) (11.7) 26.5% Income tax and social contribution 46.5 71.8 -35.2% Net Result (108.0) (139.2) -22.5% Net Margin (% NR) -6.4% -10.9% 4.5 p.p. Adjusted EBITDA 127.6 83.2 53.3% Adjusted EBITDA Margin (% NR) 7.5% 6.5% 1.0 p.p.

¹Reflecting adjustments to CPC 06 (R2) / IFRS 16, as indicated on page 9 (Financial Highlights section)

Effects of the consolidation of B2W Digital’s transportation subsidiaries.

NON-EXCLUDING THE CONSOLIDATION OF B2W DIGITAL’S TRANSPORTATION SUBSIDIARIES

B2W - Companhia Digital Consolidated Income Statements¹ Period ended on March 31 1Q20 1Q19 Variation (in million of Brazilian reais)

Gross Merchandise Volume (GMV) 4,558.0 3,579.3 27.3% Gross Sales and Services Revenue 2,105.4 1,608.3 30.9% Taxes on sales and services (409.1) (325.8) 25.6% Net Sales and Services Revenue 1,696.2 1,282.6 32.3% Cost of goods and services sold (1,229.6) (934.7) 31.5% Gross Profit 466.7 347.8 34.2% Gross Margin (% NR) 27.5% 27.1% 0.4 p.p. Operating Revenue (Expenses) (485.3) (391.0) 24.1% Selling expenses (288.8) (218.2) 32.3% General and administrative expenses (50.3) (46.4) 8.4% Depreciation and amortization (146.2) (126.4) 15.7% Operating Result before Net Financial Result and (18.6) (43.2) -56.9% Equity Accounting Net Financial Result (110.0) (156.1) -29.5% Financial revenues 98.0 119.9 -18.3% Financial expenses (208.0) (276.0) -24.6% Non-controlling shareholder participation (11.0) 0.0 - Other operating income (expenses) (14.8) (11.7) 26.5% Income tax and social contribution 46.5 71.8 -35.2% Net Result (108.0) (139.2) -22.5% Net Margin (% NR) -6.4% -10.9% 4.5 p.p. Adjusted EBITDA 127.6 83.2 53.3% Adjusted EBITDA Margin (% NR) 7.5% 6.5% 1.0 p.p.

¹Reflecting adjustments to CPC 06 (R2) / IFRS 16, as indicated on page 9 (Financial Highlights section)

BALANCE SHEET

B2W - Companhia Digital Balance Sheet (in million of Brazilian reais) 03/31/2020 12/31/2019 ASSETS CURRENT ASSETS Cash and cash equivalents 3,682.3 3,535.8 Marketable securities 2,867.2 2,947.5 Accounts receivable 518.8 762.1 Inventories 1,194.0 951.4 Recoverable taxes 712.0 684.1 Prepaid expenses and other accounts 480.5 550.8 Total Current Assets 9,454.9 9,431.7

NON CURRENT ASSETS Marketable Securities and other financial assets 92.3 224.8 Deferred income tax and social contribution 1,374.2 1,326.8 Recoverable taxes 1,273.8 1,197.2 Escrow deposits and other receivables 171.4 159.6 Investments 54.7 65.7 Plant, property and equipment 396.9 407.9 Intangible assets 3,048.7 2,990.9 Right of use asset 262.0 252.2 Total Non-Current Assets 6,674.0 6,624.8

TOTAL ASSETS 16,129.0 16,056.6

LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Suppliers 2,690.7 2,758.6 Loans and financing 1,192.2 1,321.0 Debentures 2.8 0.2 Salaries and social contribution 60.8 60.3 Taxes payable 54.2 106.9 Deferred income tax and social contribution 1.5 3.0 Other accounts payable 395.0 498.0 Lease liability 79.4 79.6 Total Current Liabilities 4,476.5 4,827.5

NON-CURRENT LIABILITIES Loans and financing 5,393.8 4,912.2 Debentures 200.0 200.0 Related parties 42.0 20.4 Provision for contingencies and other accounts payable 166.3 152.3 Lease liability 218.7 209.7 Total Non-Current Liabilities 6,020.8 5,494.6

SHAREHOLDERS' EQUITY Capital 8,289.6 8,289.6 Advance for future capital increase - - Capital reserves 43.7 38.5 Accumulated income (losses) (2,701.6) (2,593.6)

Total Shareholders' Equity 5,631.6 5,734.4

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 16,129.0 16,056.6

CASH FLOW STATEMENT

B2W - Companhia Digital Cash Flow Statement (in million of reais) Consolidated

Operating Activities 03/31/2020 03/31/2019 Variation

Net Result for the Period (108.0) (139.2) 31.2

Adjustment to the Net Result: Depreciation and amortization 147.2 127.2 20.0 Deferred income tax and social contribution (47.4) (75.2) 27.8 Interest, monetary and currency changes 78.0 144.4 (66.4) Equity accounting 11.0 - 11.0 Others 0.2 (25.4) 25.6

Adjusted Net Result 81.0 31.8 49.2

Change in Working Capital: Accounts receivable 279.6 (211.6) 491.2 Inventories (252.0) 40.4 (292.4) Suppliers (100.0) (197.9) 97.9 Change in Working Capital: (72.4) (369.1) 296.7

Change in Assets: Prepaid expenses 3.3 3.5 (0.2) Escrow deposits (11.9) (8.0) (3.9) Recoverable taxes (104.5) (19.4) (85.1) Other accounts receivable (current and non-current) 67.4 24.2 43.2 Change in Assets: (45.7) 0.3 (46.0)

Change in Liabilities Salaries and social security charges 0.1 (2.1) 2.2 Recoverable taxes (current and non-current) (53.0) (11.6) (41.4) Other liabilities (current and non-current) (93.7) (38.8) (54.9) Accounts payable/receivable (related companies) 11.8 27.0 (15.2) Change in Liabilities: (134.8) (25.5) (109.3) Interest Expense on Loans and Debentures (102.3) (94.7) (7.6) Settlement of interest in leases (5.6) (5.5) (0.1) Paid Income Tax and Social Contribution (2.8) (3.0) 0.2 Cash Flow from Operating Activities (282.6) (465.7) 183.1

Investing Activities

Marketable securities 212.8 (264.2) 477.0 Purchases of property, plant and equipment assets (6.3) (2.7) (3.6) Intangible assets (130.4) (107.8) (22.6) Capital increase in related parties - - - Value paid for the acquisition of subsidiaries (1.9) (0.3) (1.6)

Cash Flow from Investing Activities 74.2 (375.0) 449.2

Financing Activities

Funding 412.2 1,720.0 (1,307.8) Payments (35.4) (239.4) 204.0 Payment of lease liabilities (21.9) (15.8) (6.1) Capital increase cash - - -

Cash Flow from Financing Activities 354.9 1,464.8 (1,109.9)

Change in cash balance 146.5 624.2 (477.7) Beginning Cash Balance 3,535.8 3,119.9 415.9 Ending Cash Balance 3,682.3 3,744.1 (61.8)

Non-cash investing and financing activities Payment of invested capital - - - Initial adoption of IFRS 16 - - -

ANNEX III: NOTE REGARDING FINANCIAL STATEMENT

Effects in the consolidation of B2W Digital’s transportation subsidiaries

BFF Logistics and Distribution, a subsidiary of B2W Digital, provides merchandise distribution services to the Company, generating an elimination effect in consolidated gross revenue and selling, general and administrative expenses (distribution expenses), according to the present accounting rules.

Consolidated gross profit is reduced in proportion to the positive effect observed on selling, general and administrative expenses, but no effect on Adjusted EBITDA and Adjusted EBITDA Margin.

Adjusted EBITDA

On October 4th, 2012, Brazilian Securities Exchange Commission (CVM) enacted Instruction 527/12, regarding the voluntary disclosure of non-accounting information such as EBITDA. The Instruction aims to standardize the disclosure, in order to improve the understanding of this information and make it comparable among publicly listed companies.

In order the maintain consistency and comparability between previous periods, we present the reconciliation of EBITDA.

In 1Q20, Adjusted EBITDA was R$ 127.6 million. Including other operating income and expenses and the equity income, EBITDA, according to CVM Instruction 527/12, would be R$ 101.8 million in 1Q20 (6.0% of NR) vs. R$ 71.5 million in 1Q19 (5.6% of NR).

Consolidated EBITDA Reconciliation - R$ MM 1Q20 1Q19 ∆ %

(=) Adjusted EBITDA 127.6 83.2 53.4% (+) Other Operating Income (Expenses) (14.8) (11.7) 26.5% (+) Equity Accounting (11.0) - - (=) EBITDA (CVM 527/12) 101.8 71.5 42.4%

ANNEX IV: INDEBTEDNESS

Including FIDC Excluding FIDC Effects Effects

Consolidated Indebtedness - R$ MM 3/31/2020 3/31/2019 3/31/2020 3/31/2019

Short Term Debt 1,192.2 767.7 832.1 662.6 Short Term Debentures 2.8 4.0 2.8 4.0 Short Term Indebtedness 1,195.0 771.7 834.9 666.6 Long Term Debt 5,393.8 7,416.2 5,393.8 7,416.2 Long Term Debentures 200.0 200.0 200.0 200.0 Long Term Indebtedness 5,593.8 7,616.2 5,593.8 7,616.2

Gross Debt (1) 6,788.8 8,387.9 6,428.7 8,282.8

Cash and Equivalents 6,641.8 5,935.7 6,641.8 5,935.7

Credit Card Accounts Receivables Net of Discounts 486.0 361.8 125.9 256.7

Total Cash (2) 7,127.8 6,297.5 6,767.7 6,192.4

Net Debt (Cash) (2) - (1) 339.0 (2,090.4) 339.0 (2,090.4)

Cash Generation (Consumption) ¹ (645.7) (385.2) (645.7) (385.2)

Average Maturity of Debt (days) 1,106 1,086 1,151 1,077

Accounts receivable are mainly composed of credit card receivables, net of the discounted value, which have immediate liquidity and can be considered as cash.

In December/18, the Board of Directors approved the structuring of the FIDC (Credit Card Receivables Advance Fund) with shareholders' equity of R$ 1.1 billion. The FIDC is a unique tool in the market, representing an important source of fundraising.

The composition of accounts receivable from B2W is shown in the following table:

Including FIDC Excluding FIDC Consolidation Consolidation

Consolidated Accounts Receivable Reconciliation - R$ MM 3/31/2020 3/31/2019 3/31/2020 3/31/2019

Gross Credit Cards Receivables 4,874.6 4,409.1 4,874.6 4,409.1

Discounted Receivables (4,388.6) (4,047.3) (4,748.7) (4,152.4)

Credit Card Receivables - Net of Discounted Amount 486.0 361.8 125.8 256.7

Present Value Adjustment (6.2) (6.7) (6.2) (6.7) Allowance for Doubtful Accounts (50.3) (47.5) (50.3) (47.5) Other Accounts Receivable 89.3 115.8 89.3 115.8 Net Accounts Receivable - Consolidated 518.8 423.4 158.6 318.3

ANNEX V: DEFINITIONS

 Adjusted EBITDA: Operational earnings before interest, taxes, depreciation and amortization and excluding other operational revenues/expenses and equity accounting.

 Adjusted Gross Profit: Gross profit excluding the effects of the consolidation of B2W Digital’s transportation subsidiaries.

 Adjusted Selling, General, and Administrative (SG&A): SG&A excluding the effects of the consolidation of B2W Digital’s transportation subsidiaries.

 GMV (Gross Merchandise Volume): Sales of own merchandise, sales realized on the Marketplace, and other revenues (excluding commissions from Marketplace sales), after returns and including taxes.

 Marketplace Participation: Marketplace sales as a percentage of total consolidated GMV.

 Market Share: Total sales on B2W sites, including those made on the Marketplace, divided by total market sales (source: e-Bit).

 Net Debt (Cash): Calculated as the sum of short-term and long-term indebtedness, less the sum of cash & equivalents and credit card accounts receivables (net of the discounted balance).

 New Customers: Increase in active customer base during the trailing 12 months.

 Working Capital: Calculated as the sum of days of trade accounts receivable (using GMV as a basis) and inventory days, minus vendor days, considering GMV and CMV in the last 12 months.

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