CORPORATE PRESENTATION 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 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. THE COMPANY Via Varejo has been a major player in the Brazilian electronic and TIMELINE furniture market over the past 60 years Ponto Frio acquires Globex acquires 81 Foundation of Casas Buri, which stores from Disapel Foundation of Casas Bahia in had presence in Pont Frio inaugurates Ponto Frio in São Caetano São Paulo and the a Mega Store Rio de Janeiro do Sul Southern part of Brazil in São Paulo 1946 1957 1992 2000 1950 1970 1996 2003 Beginning of national Opening of the Casas Bahia First edition expansion opening the first Casas Bahia inaugurates the of Super Casas first Ponto Frio store in store in São Paulo word’s second largest Bahia opening Rio de Janeiro distribution center of a Ponto Frio Ponto Frio launches Mega Store in its website Rio de Janeiro Source: Company Via Varejo consolidates Cnova Brazil from Cnova NV Pão de Açúcar acquires Ponto to create the largest Frio and merges with Casas The Company Brazilian retailer with Bahia, with a simultaneous is re-named ~R$30bn pro-forma expansion to Bahia State Via Varejo sales in 2016. + 2009 2012 2016 2010 2015 Nova Pontocom is created, Creation of Cnova, a merging Ponto Frio and global ecommerce Extra websites player with presence GPA assumes management in Latin America, of Via Varejo France and Asia. Via Varejo holds 21.9% SHAREHOLDER Klein Family Free float STRUCTURE (founders of CB) 62.6% ON 17.9% ON 19.5% ON 23.5% PN 37.0% PN 39.5% PN Main shareholders, 43.3% Units 27.4% Units 29.3% Units GPA and Klein Family, with solid retail expertise 100% 100% Largest furniture One of the largest factory/producer ecommerce players in Latin America in Brazil Board of Directors Board Member Vice Chairman Board Member Chairman Independent Board Member Board Member Independent Board Member Hervé Daudin Arnaud Strasser Roberto Fulcherberguer Ronaldo Iabrudi Renato Carvalho Christophe Hidalgo Líbano Barroso Alberto Guth Michael Klein HR Committe Finance Committe Expansion Committe CORPORATE GOVERNANCE Executive Team CEO Peter Estermann CFO COO Furniture Online CCO Logistics HR Felipe Negrão Paulo Naliato Vitor Faga Flavio Dias Henrique Vendramini Marcelo Lopes Izabel Branco 7 Via Varejo Foundation is responsible for investments in actions that encourage and promote Brazilian culture, social and human development, and quality of life More than R$5.3m were invested and more than 210 thousand benefited from the program. http://www.viavarejo.com.br/ REVERSE LOGISTICS FOR fundacao-via-varejo PACKAGING MATERIAL Reviva Program recycles cardboard boxes, styrofoam, plastic and other packaging SUSTAINABILITY discarded by customers at the time of merchandise’s delivery & SOCIAL PROGRAMS Via Varejo is committed with Reviva also promotes the separation of recyclable solid environmental sustainability and FOUNDATION waste throughout the stores supports initiatives in education, and company’s offices health, and community giving http://www.viavarejo.com.br/reviva Macro remains BRAZIL MACRO challenging SELIC (benchmark rate) X Inflation Unemployment Rate (%) 14,2% 13,8% 11,9% 11,7% 12,0% 10,7% 9,9% 9,3% 9,0% 7,3% 8,0% 6,4% 6,3% 4,4% 4,5% 5,8% 5,9% 4,0% 2012 2013 2014 2015 2016 2017E 2018E 0,0% SELIC YE IPCA Dec-14 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-15 Dec-16 Consumer Confidence Index Family Consumption Growth (YoY) 140 12,0% 130 120 8,0% Dec, 2014 110 Optmist 4,0% Dec, 2014 100 90 Pessimist 0,0% 81 80 (3,4%) (4,0%) 70 60 (8,0%) fev-07 fev-08 fev-09 fev-10 fev-11 fev-12 fev-13 fev-14 fev-15 fev-16 fev-17 Sep-07 Sep-15 Sep-06 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-16 Source: IBGE, FGV, Focus Report (03/03/2017) 63,1% Dishwashers 2,5% 2,3% 1,9% 0,4% USA Brazil Chile Argentina Mexico B R A Z I L I S Automatic 81,4% 80,7% 54,6% 50,9% 45,5% UNDERPENETRATED IN washing machines MOST OF HOUSEHOLD Chile USA Mexico Brazil Argentina APPLIANCES 84,9% 61,9% 55,5% 30,0% 29,1% Microwaves USA Chile Brazil Mexico Argentina 102,1% 79,1% Fridge 52,6% 49,0% 45,8% freezers USA Chile Mexico Brazil Argentina 154,6% Coffee 29,7% 25,7% 15,2% 13,1% machines USA Argentina Brazil Chile Mexico 47,1% 21,0% Mini 7,6% 2,8% 0,7% ovens USA Chile Mexico Argentina Brazil Source: Euromonitor (Household Penetration, 2015) Ecommerce 26% Sales VIA VAREJO AT (Pro-forma 2016) Bricks & Mortar GLANCE 74% Key Figures R$30bn Pro-Forma Gross Merchandise Value in 2016 975 stores throughout Brazil* Long Tail ~ 1,100 thousand sqm sales area* 4% Furniture 14% 26 DCs and warehouses* GMV Mix White goods (Pro-forma 2016) ~ 986 thousand sqm storage area* and portable ~ 46,000 employees* Apliances 27% *As of 4Q16 Source: Via Varejo Technology 55% Mobile phones yearly sales equivalent to the population of Portugal VIA VAREJO AT GLANCE We sell more than 4 thousand TVs per day Key Facts Largest smartphone retailer in Brazil Largest TV retailer 10th largest “insurer” in Brazil (if we were one)¹ Largest extended warranty retailer Largest storage area for a retailer 26 distribution centers with storage area Largest proprietary logistic operator for a retailer equivalent to 138 soccer fields We currently make one delivery per second Source: Via Varejo ¹Susep and Mackinsey ,includes banks and insurers High-level execution at the store (movve project) and online (lower MAIN COMPETITIVE cost and better service level) Professional and Qualified Senior ADVANTAGES Management Best positioned for omni - channel Powerful business model Business combination maximizes combining leadership and scale operating leverage Most valuable brands in the brazilian retail market covering full spectrum of income levels Broadest distribution network and storage capacity SALES 23 [ (2016, R$ bn) [ 4,5 [ 2.5x [ 18,9 9,5 8,6 VVAR Pro-forma MGLU BTOW POWERFUL BUSINESS MODEL COMBINING LEADERSHIP AND SCALE Notes: 1) Company estimates; 2) Includes We have been awarded by LG In 2014, we were the TOP 3 only specialized retailers (does not consider as the largest electronics buyer largest electronics buyer for Samsung in supermarkets and pure-online players) Source: Via Varejo, GFK in the world in 2014 and 2013. the world. In 2015, we were the TOP 3 largest In 2015 we were the TOP 5 and currently electronics buyer in the world we are their world largest TV buyer VIA VAREJO REACHES ALL INCOME CLASSES INCOM E CLASS (2016E) 52 MM 99 MM 56 MM Source: Via Varejo, IBGE (2016) e ABEP – Associação Brasileira de Estatística e Pesquisa (2016) Best Brazilian Retail Brands in the Bricks and Mortar Segment (US$ MM, value brand increase)1 567 TOP OF 147 -30% MIND -11% -18% BRANDS [ +10% ] 420 357 320 -22% IN THE 263 BRAZILIAN 147 MARKET 2nd Player 3rd Player 4th Player 5th Player Note: 1) Company business market Source: Interbrand, 2014 Casas Bahia is the 6th best retail brand in Latin America VIA VAREJO HAS THE 14 distribution centers and 12 strategic warehouses BROADEST DISTRIBUTION NETWORK… # of Via Varejo DCs 1 1 1 # of strategic warehouses 1 1 1 1 Coverage area 1 1 1 1 More than Total fleet with over Total storage area of One of the largest in Latin 1 1 23,000 2,600 986 thousand America, with an area of 255 1 daily deliveries vehicles square meters 2 1 1 thousand square meters Source: Via Varejo 3 2 1 1 Jundiaí 1 Distribution Center …with a best in class service… By advancing inventory to regional DCs, we improved delivery time for customers and reduced freight costs 2,5x 34,0% 27,1% 28,0% MALHA DE PE 23,8% 15,3% 13,8% MG RJ jan/16 fev/16 mar/16 abr/16 mai/16 jun/16 SP S.