1

B2W DIGITAL ANNOUNCES TOTAL GMV GROWTH OF 8.4%, ACHIEVING R$ 2.7 BILLION IN 1Q17

B2W Marketplace continues rapid development and achieved R$ 772 million in GMV in 1Q17 (up 122%), 28.9% share of total GMV

Rio de Janeiro, May 11th, 2017: B2W Digital (BTOW3) announces today its results for the 1st quarter of 2017.

MESSAGE FROM MANAGEMENT

The first quarter of the year reflects B2W Digital's decision to accelerate the shift from an inventory based e-commerce business model (Direct Sales/1P) to a hybrid digital platform model (Direct Sales/1P, Marketplace/3P and Services), similar to those operated by dominant global players. This enables us to leverage the capital investments we have made to create the best digital customer experience in Brazil. It will also increase our margins and accelerate path to profitability.

The rapid growth of 3P (+122% vs.1Q16), reaching a 28.9% share of Total GMV (+14.8 pp vs.1Q16) with 2.9 million items listed (+173% vs.1Q16), allowed the Company to intensify the migration of items/lines from 1P to 3P.

Throughout 2017, the Company's focus and investments will be to grow the Marketplace exponentially (reaching a share of more than 30% of total GMV in 2017) and accelerate the migration of items/lines from 1P to 3P, optimizing the operational structure.

The result of these actions that are in progress should significantly reduce the cash consumption in 2017, an important movement to become self-sustaining.

1Q17 HIGHLIGHTS

B2W Marketplace connected more than 300 new sellers in 1Q17, going from a base of 4,700 sellers by the end of 2016 to more than 5,000 sellers at the end of 1Q17, growing 43% vs. 1Q16.

B2W Marketplace signed new important partnerships: Dafiti (Fashion), Marabraz and Etna (Furniture and Decoration); Della Via (Tires); Estrela (Toys); Zelo (Bed, Table and Bath); Atlas and Colormaq (Appliances); Le Postiche (Bags and Accessories); and Beauty Box and Avon (Beauty and Health).

B2W Marketplace reached 2.9 million items at the end of 1Q17, representing growth of 173% compared to the year prior.

B2W recorded 5.5 million downloads of its four apps (Americanas.com, Submarino, Shoptime and Sou Barato) in the last 12 months, up 46%.

The capital increase of R$ 1,210 million reached a participation rate of near 100% of the Company's shareholders. Lojas Americanas entered the raise with R$ 752MM on March 27, 2017 (equivalent to its 62.16% stake) and minority shareholders fully subscribed with the remaining R$ 458MM at the end of April and beginning of May 2017.

B2W and BNDES entered into a partnership to allow the use of the BNDES Card as a means of payment at the B2W Empresas website (corporate sales), which becomes the first e-commerce website to accept the Card. The BNDES card has R$ 58 billion in pre-approved credit and transacted R$ 5.6 billion in 2016.

KEY INDICATORS 1Q17 1Q16 Delta

Total GMV (R$ MM) 2,668 2,461 8.4%

Market Share (%) 25.3% 25.2% +0.1 p.p.

Marketplace (R$ MM) 772 348 121.8%

Marketplace Participation (% of GMV) 28.9% 14.1% +14.8 p.p.

Mobile (% of Traffic) 50.6% 44.3% +6.3 p.p.

Net New Customers (K LTM) 1,196 786 N.A

2

STRATEGIC INITIATIVES ENHANCING THE DIGITAL PLATFORM

Commercial and Marketing o Since the beginning of the investment plan, B2W has expanded its market share by 5.4 p.p. from 19.9%

in 1H12 to 25.3% in 1Q17. o This evolution is the result of excellence in operations and the management of the main commercial

variables. Selling success depends on a number of factors, such as wide product selection, appropriate inventory levels, means and conditions of payment, and delivery times, among others. Below we highlight key indicators from 1Q17:

Inventory management: B2W operates with a stock-out rate below 10% and registered an evolution of 1.7 percentage point in 1Q17, compared to 1Q16.

Product assortment: +124% in relation to 1Q16, driven by Marketplace. Efficiency in delivery time: Productivity gains in the Distribution Centers (DCs) of 12% in 1Q17,

compared to 1Q16, driven by process improvements and the implementation of automated billing lines, resulting in faster delivery times for customers.

o The Submarino Prime Loyalty Program increased its customer base by 20% in 1Q17 and continues to demonstrate the evolution of subscriber purchase behavior, which had a higher purchase frequency of 3X and greater profitability when compared to non-subscribers. With Submarino Prime, the customer can choose from more than 100 thousand items with free shipping and unlimited fast delivery, in addition to receiving exclusive offers and dedicated service. The Program is available in the capitals of São Paulo, Rio de Janeiro and Belo Horizonte.

Marketplace Evolution o The Marketplace continues its rapid expansion, adding more than 300 new sellers in 1Q17, increasing

from a base of 4,700 at the end of 2016 to over 5,000 sellers exiting 1Q17, up 43% vs. 1Q16. o In 1Q17, Marketplace grew by 121.8% vs. 1Q16, reaching R$ 772 million in GMV with a participation

of 28.9% in total GMV. o At the end of 1Q17, the number of items listed by Marketplace sellers increased by 173% in comparison

to 1Q16, reaching more than 2.9 million items. o In line with B2W’s strategy to integrate new sellers of various sizes and across multiple sectors, B2W

Marketplace closed partnerships with important brands such as: Dafiti (Fashion), Marabraz e Etna (Furniture and Decoration); Della Via (Tires); Estrela (Toys); Zelo (Bed, Table and Bath); Atlas e Colormaq (Appliances); Super Muffato (Department Store); Filtros Europa (Appliances); Le Postiche (Bags and Accessories); and Beauty Box e Avon (Beauty and Health).

Logistics and Operations o B2W Digital operates a total of 11 distribution centers throughout Brazil, with a total storage area of

over 500,000 square meters. o By the end of 1Q17, B2W Digital operated 189 transit points (+30% vs. 1Q16), strategically located to

support the Company’s distribution system. B2W’s transit points (hubs) act as cargo consolidation centers that improve efficiencies of distribution to clients.

o In 2013 and 2014, B2W Digital acquired two of the main providers of last mile transportation in Brazil (Click-Rodo and Direct), which have now been integrated to form the B2W Distribution Unit.

During the 1Q17, the participation of B2W Distribution Unit reached 95% of the Company’s total deliveries, compared to a share of 71% in 1Q16.

In 1Q17, services for external clients represented 31% of B2W Distribution Unit (UND) revenue. During the period, the UND started to process deliveries for 17 new customers, including major sellers from the marketplace.

o In October 2016, B2W established an operating agreement with Vialog, the leading e-commerce delivery carrier in the south region of the country. With the agreement, B2W took over Vialog’s package delivery operation through Direct.

o The Company’s verticalization of the last mile allowed the creation of the Shipping Menu, which offers up to 6 delivery options throughout the country since its launch in 3Q14: Same Day, Next Day, Fast, Standard, Scheduled Delivery and Click & Collect.

In 1Q17, the number of daily deliveries via “Next Day” option on the Shipping Menu increased by 5 times versus 1Q16, driven by the expansion of this service into new cities (Rio de Janeiro and Belo Horizonte) and the increase in the product weight limit to 30kg.

3

Our “Fast” delivery option offers a 35% quicker delivery time compared to the market standard. This option is available for 100% of B2W’s product assortment and in all Brazilian States, increasing its share of the Company’s deliveries from 6% in 1Q16 to 8% in 1Q17.

The Shipping Menu has been a great success with our customers, who receive the product faster, and allow B2W to increase its shipping coverage ratio (shipping revenue / shipping cost).

o In February 2017, B2W launched B2W Delivery, which through a partnership with Correios (the state run mail carrier), offers small and medium-sized sellers a new freight option using B2W's technology platform. The service optimizes and standardizes the posting process, increasing control and tracking levels of goods and reducing delivery costs. Since the beginning of the operation, more than 15 thousand deliveries have been made.

Mobile and Technology o Throughout 1Q17, traffic from mobile devices represented more than half of total visits, reaching 50.6%

of total, an expansion of 6.3 p.p. compared to 1Q16. o B2W’s four apps (Americanas.com, Submarino, Shoptime and Sou Barato) reached more than 5.5

million downloads over the last 12 months, representing a growth of 46%. o On the final day of 2016, the new responsive website of the brands Americanas.com and Submarino

was launched. The implementation reduced the site loading time by 26% and increased the conversion on mobile devices by 10% in 1Q17 compared to the year ago period.

Digital Services o As a result of the acquisition of 12 companies (ten best-in-class IT companies and the two main

providers of last mile transportation in Brazil), the B2W Services segment offers a full suite of technology and logistics solutions to support Marketplace sellers and the online stores of large brands, including [B] Seller (webstore and ERP solution) and [BFF] B2W Fulfillment (storage, delivery and customer service).

o Since the acquisition of Sieve Group, in July, 2015, we expanded the cross-sell rate by 65% (cross-sell is defined as the use of more than one of B2W’s services portfolio by the same partner).

o During 1Q17, the solutions offered by the various B2W Services companies were contracted by several large brands, as we highlight below:

Sieve (Pricing Intelligence – Online Stores): Leroy Merlin, Cia dos Livros, Mcassab, Loja Claro [B] Seller (Webstore and ERP Solution): Prefeitura da Cidade de São Paulo, Bradesco e

Banco Paulista

Infoprice (Pricing Intelligence – Offline Stores): Comper e Sonda Admatic (Digital Marketing): CVC, Drogaria Pacheco, Cia dos Livros, Motorola Skyhub (Marketplace Integration): Dell e Marabraz

Financial Services o B2W and BNDES entered into a partnership to allow the use of the BNDES Card as a means of

payment on the B2W Empresas website (corporate sales), which became the first e-commerce website to accept the Card. The BNDES card has R$ 58 billion in pre-approved credit and transacted R$ 5.6 billion in 2016. The partnership is strategic in the technological modernization agenda of BNDES systems and opens up a range of opportunities for the creation of financing solutions to facilitate and expand access to the Card and other automatic products of the bank. The integration of the systems gives more agility and automation to the processes of the Card, making possible a greater volume of transactions. Until now, the transactions could only be carried out after direct negotiation between the interested parties, in the Portal of Operations of the BNDES Card.

o In 1Q17, B2W (Submarino Finance and Digital Finance) credit card operations recorded a volume of R$ 719.8 million in approved transactions, representing growth of 28% compared to 1Q16. In the same period, the receivables portfolio for these operations was R$ 1.1 billion, an increase of 11% compared to 1Q16.

o On March 31, 2017, the operations registered 2.3 million credit cards issued (1.6 million for Submarino Finance and 717 thousand for Digital Finance which includes the brands Americanas.com, Shoptime and Sou Barato).

o The advantages for customers who own B2W credit cards are: exclusive discounts, reward programs and special credit limit for purchases on websites. On the other hand, the advantages for B2W are: lower cost of card fees (MDR), increased customer loyalty (2.3 times higher purchase frequency) and increase of the average ticket (32% higher).

4

o The Insurance and Services portfolio continues to show strong growth, registering a 25% increase in sales and 36% in the average ticket in 1Q17 vs. 1Q16. This excellent performance is due to the expansion of the assortment in recent years to include new insurance and services, including Theft, Theft and Accidental Breakdown Insurance and the services of Televisions, Home Theaters, Washing and Drying Machines, among others.

Customer Service o B2W Digital’s main brands are regarded as industry benchmarks in customer service, having received

the best evaluation given by the Reclame Aqui website. o The average score given by customers on Reclame Aqui website for B2W’s brands is 7.4, while its

main competitors have an average score of 4.0. o 77% of customers who registered complaints on Reclame Aqui website indicated their intent to buy

again from B2W’s brands, while only 42% of customers indicated that they intended to buy again on the main competitors’ websites.

o The average solution rate of B2W’s brands on Reclame Aqui website is 90%, while the average solution rate of competitors’ brands is 66%.

o These achievements are the result of the Company's commitment in optimizing the quality of service and attendance offered to its customers.

Digital Talents o B2W partnered with Stanford University to develop machine learning projects and algorithms for

optimizing marketing campaigns, along with the Artificial Intelligence Lab, led by Professor Andrew Ng, founder of Google Brains and co-founder of Coursera.

o Between November, 2016 and July, 2017, a group of students of the Advanced Analytics course will develop initiatives to meet the challenge proposed by B2W. The students will help the Company in specific themes, bringing improvements to meet the previously defined objectives in the projects selection process.

Corporate Sustainability o For the third consecutive year, B2W selected to integrate the BM&FBOVESPA Corporate Sustainability

Index (ISE) portfolio. This achievement reflects once again the company's commitment to reconciling the performance of financial results with the commitment to sustainable development.

o B2W exceeded the goal of supporting 10 projects of the Bovespa Socioenvironmental Stock Exchange (BVSA) during the years 2015 and 2016, based on the UN Sustainable Development Objectives, supporting another project in April 2017. All projects Focuses on: Education, Environment and Sustainable Development.

o B2W Digital partnership with the NGO Recode, held in April 2017 the graduation of the 150 teachers of the TecEscola project, recognizing the ten professionals who stood out most during the program, as well as the 10 most impacting projects that were carried out. The project also trained 1,500 students from state schools in Rio de Janeiro in technology, 150 in web design and 50 in Java. Additionally, these 150 state public school teachers will be content multipliers for 15 thousand high school students in the 50 Schools that are part of the project.

o Americanas.com sponsors the Grael Project, an institution that offers free workshops in carpentry, fiberglass, electronics, mechanics and overturning, as well as swimming lessons, sailing and canoeing for young people from 9 to 29 years old in Niterói ( RJ). In 2016, about 400 young people attended and new classes were opened in 2017.

5

FINANCIAL HIGHLIGHTS

The financial information serving as the basis for the comments below refer to 1Q17, and are in accordance with international financial reporting standards (IFRS), with the standards issued by the Securities and Exchange Commission of Brazil (CVM), as well as the listing rules of the Novo Mercado and in Brazilian reais (R$). Definitions for adjusted financial metrics can be found in Annex IV and Annex VI.

GMV: In 1Q17, GMV was R$ 2,667.8 million, compared to R$ 2,461.4 million in 1Q16, representing growth of 8.4%. B2W's Marketplace continues to develop rapidly and reached GMV R$ 772 million in 1Q17 (122% growth), with a 28.9% share of total GMV.

Gross Revenue: In 1Q17, gross revenue was R$ 1,976.3 million, compared to R$ 2,152.9 million in 1Q16, representing a decline of -8.2%.

Net Revenue: In 1Q17, net revenue was R$ 1,600.7 million, compared to R$ 1,732.6 million in 1Q16, representing a decline of -7.6%.

Adjusted Gross Profit: In 1Q17, adjusted gross profit was R$ 373.7 million, compared to the R$ 403.4 million in 1Q16, representing a decline of -7.4%.

Adjusted Selling, General and Administrative (SG&A) Expenses: In 1Q17, adjusted SG&A expenses were R$ 264.7 million, representing 16.5% of net revenue, a variation of 0.6 p.p. compared to 1Q16, when adjusted SG&A accounted for 15.9% of net revenue.

Adjusted EBITDA: In 1Q17, Adjusted EBITDA was R$ 109.0 million, compared to R$ 127.2 million in 1Q16, representing a decline of -14.3%. Adjusted EBITDA margin in 1Q17 contracted by -0.5 p.p. to 6.8% from 7.3% in 1Q16.

Net Financial Result: In 1Q17, net financial result was R$ -282.4 million, representing a variation of 13.1% in relation to the R$ -249.6 million registered in 1Q16.

Net Result: In 1Q17, the net result was R$ -176.8 million, compared to R$ -132.6 million in 1Q16.

Cash Management:

o Working Capital: Net Working Capital varied 38 days (1Q17 vs. 1Q16) mainly due to the deceleration process of 1P (Direct Sales) and the strong acceleration of 3P (Marketplace), combined with the seasonality of the first quarter of the year, when payments for the fourth quarter sales are made. As the Company migrates 1P categories (lower profitability) to 3P (higher profitability), there is an initial pressure on working capital and cash, due to the lower turnover of existing inventories and the change in the commercial relationship with the Suppliers of goods. 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 prioritizing investments that present optimal returns to shareholders. Thus, in 1Q17, consolidated investments in plant, property and equipment and intangibles (development of websites and systems) totaled R$ 65.4 million in 1Q17 (a reduction of 49% vs. R$129.2 million in 1Q16), representing 2.5% of GMV (reduction of 2.7 p.p vs. the 5.2% in 1Q16). Accordingly, Adjusted EBITDA in 1Q17 covered 168% of CAPEX for the period, compared to a coverage ratio of 98% in 1Q16.

Financial Debt: B2W’s cash balance, excluding FIDC consolidation, at 03/31/2017 amounted to R$ 2,202.8

million, 3.8x times the sum of the Company's short-term debt and debentures, which totaled R$ 582.5 million. The Company’s leverage level (defined as Net Debt / Adjusted EBITDA LTM) was 3.2x on 03/31/2017, compared to 2.5x on 12/31/2016.

6

Capital Increase:

o In May 9, 2017, a Board of Directors Meeting was held in order to approve the proposal to increase the Company's capital stock, which was subsequently submitted to the Extraordinary General Meeting for approval, in the amount of R$ 1,210,000,000.00 (one billion, two hundred and ten million reais), through the private issue of 110,000,000 new common shares at an issue price of R$ 11.00 (eleven reais) per share.

o The capital increase was approved by majority at the Extraordinary General Meeting held on March 25, 2017.

Accordingly, shareholders had from March 27, 2017 to April 25, 2017 to exercise their rights of preference for the subscription of the new shares issued in proportion to their participation in the Company's capital on the close of trading on March 24, 2017.

o The Capital Increase aims to strengthen the cash of the Company and to improve its capital structure. The capital increase will allow the company to continue investing in its digital platform and accelerating the growth of its Marketplace.

o During the exercise period of preemptive rights, 108,943,942 common shares were subscribed, totaling

R$ 1,198,383,362.00 (one billion, one hundred ninety eight million, three hundred and eighty three thousand, three hundred and sixty two reais).

o During the exercise of the preemptive right, 1,056,058 common shares were not subscribed, totaling

R$ 11,616,638.00 (eleven million, six hundred and sixteen thousand, six hundred and thirty-eight reais).

o Of those remaining shares in the first leftover period, 1,031,547 common shares were subscribed for a total of R$ 11,347,017 (eleven million, three hundred and forty-seven thousand, and seventeen reais).

o The right to subscribe for the remaining 24,511 shares must be exercised between May 12, 2017 (inclusive)

and May 18, 2017 (inclusive).

7

ANNEX I: ABOUT B2W DIGITAL

B2W Digital is a leader 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 the fastest growing Marketplace operation in the world. The platform built over the years allows B2W

to also offer technology, logistics, distribution, customer service and consumer finance services.

DIGITAL PLATFORM AND B2W VIRTUOUS CYCLE:

ANNEX II: MARKET SHARE

MARKET SHARE EVOLUTION

8

ANNEX III: FINANCIAL STATEMENTS

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

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

B2W - Companhia Digital

Income Statements

(in million of Brazilian reais) 1Q17 1Q16 Variation

Gross Merchandise Volume (GMV) 2,667.8 2,461.4 8.4%

Gross Sales and Services Revenue 1,976.3 2,152.9 -8.2%

Taxes on sales and services (375.6) (420.3) -10.6%

Net Sales and Services Revenue 1,600.7 1,732.6 -7.6%

Cost of goods and services sold (1,227.0) (1,329.2) -7.7%

Gross Profit 373.7 403.4 -7.4%

Gross Margin (% NR) 23.3% 23.3% 0.0 p.p.

Operating Revenue (Expenses) (355.2) (349.8) 1.6%

Selling expenses (245.3) (254.4) -3.6%

General and administrative expenses (19.4) (21.8) -11.0%

Depreciation and amortization (90.5) (73.6) 23.0%

18.5 53.6 -65.5%

Net Financial Result (282.4) (249.6) 13.1%

Financial revenues 126.1 137.8 -8.5%

Financial expenses (408.5) (387.4) 5.4%

Other operating income (expenses)* (6.3) (11.5) -45.2%

Income tax and social contribution 93.4 74.9 24.7%

Net Result (176.8) (132.6) 33.3%

Net Margin (% NR) -11.0% -7.7% -3.3 p.p.

Adjusted EBITDA 109.0 127.2 -14.3%

Adjusted EBITDA Margin (% NR) 6.8% 7.3% -0.5 p.p.

* In the the former accounting rules, considered as "non-operating income".

Consolidated

Period ended on March 31

Operating Result before Net Financial Result and

Equity Accounting

9

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

B2W - Companhia Digital

Income Statements

(in million of Brazilian reais) 1Q17 1Q16 Variation

Gross Merchandise Volume (GMV) 2,667.8 2,461.4 8.4%

Gross Sales and Services Revenue 1,976.3 2,152.9 -8.2%

Taxes on sales and services (375.6) (420.3) -10.6%

Net Sales and Services Revenue 1,600.7 1,732.6 -7.6%

Cost of goods and services sold (1,282.9) (1,409.6) -9.0%

Gross Profit 317.8 323.0 -1.6%

Gross Margin (% NR) 19.9% 18.6% 1.3 p.p.

Operating Revenue (Expenses) (299.3) (269.4) 11.1%

Selling expenses (189.4) (174.0) 8.9%

General and administrative expenses (19.4) (21.8) -11.0%

Depreciation and amortization (90.5) (73.6) 23.0%

18.5 53.6 -65.5%

Net Financial Result (282.4) (249.6) 13.1%

Financial revenues 126.1 137.8 -8.5%

Financial expenses (408.5) (387.4) 5.4%

Other operating income (expenses) (6.3) (11.5) -45.2%

Income tax and social contribution 93.4 74.9 24.7%

Net Result (176.8) (132.6) 33.3%

Net Margin (% NR) -11.0% -7.7% -3.3 p.p.

Adjusted EBITDA 109.0 127.2 -14.3%

Adjusted EBITDA Margin (% NR) 6.8% 7.3% -0.5 p.p.

* In the the former accounting rules, considered as "non-operating income".

Consolidated

Period ended on March 31

Operating Result before Net Financial Result and

Equity Accounting

10

BALANCE SHEET

B2W - Companhia Digital

Balance Sheet

(in million of Brazilian reais)

ASSETS

CURRENT ASSETS

Cash and banks 450.1 224.2

Marketable securities 1,752.6 1,742.5

Accounts receivable 625.4 689.1

Inventories 1,238.9 1,541.3

Recoverable taxes 371.3 441.3

Prepaid expenses and other accounts 344.1 298.0

Total Current Assets 4,782.4 4,936.4

NON CURRENT ASSETS

Deferred income tax and social contribution 820.4 722.7

Recoverable taxes 1,135.0 1,067.5

Escrow deposits and other receivables 92.5 91.3

Plant, property and equipment 524.4 538.3

Intangible assets 2,873.4 2,885.1

Total Non-Current Assets 5,445.7 5,304.9

TOTAL ASSETS 10,228.1 10,241.3

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES

Suppliers 1,158.2 2,107.9

Loans and financing 574.1 526.1

Debentures 8.4 0.8

Salaries and social contribution 60.6 65.3

Taxes payable 29.8 68.4

Deferred income tax and social contribution 4.1 5.3

Other accounts payable 245.5 345.6

Total Current Liabilities 2,080.7 3,119.4

NON-CURRENT LIABILITIES

Loans and financing 4,024.8 3,539.3

Debentures 200.0 200.0

Related parties 37.6 81.8

Provision for contingencies and other accounts payable 222.9 222.8

Total Non-Current Liabilities 4,485.3 4,043.9

SHAREHOLDERS' EQUITY

Capital 4,483.0 4,483.0

Advance for future capital increase 752.2 -

Capital reserves 47.8 38.9

Equity valuation adjustment (0.9) (0.9)

Accumulated income (losses) (1,619.9) (1,443.1)

Minority interest (0.1) 0.1

Total Shareholders' Equity 3,662.1 3,078.0

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 10,228.1 10,241.3

Consolidated

31/12/201703/31/2017

11

CASH FLOW STATEMENT

B2W - Companhia Digital

Cash Flow Statement

(in million of reais)

Operating Activities 03/31/2017 03/31/2016 Variation

Net Result for the Period (176.9) (132.6) 44.3

Adjustment to the Net Result:

Depreciation and amortization 91.2 73.6 (17.6)

Deferred income tax and social contribution (97.6) (77.3) 20.3

Interest, monetary and currency changes 138.5 124.1 (14.4)

Others (3.0) (22.0) (19.0)

Adjusted Net Result (47.8) (34.2) 13.6

Change in Working Capital:

Accounts receivable 141.8 242.8 101.0

Inventories 302.2 448.2 146.0

Suppliers (1,012.1) (906.6) 105.5

Change in Working Capital: (568.1) (215.6) 352.5

Change in Assets:

Prepaid expenses 5.4 7.7 2.3

Escrow deposits (1.3) 1.2 2.5

Recoverable taxes 2.5 (16.2) (18.7)

Other accounts receivable (current and non-current) (51.6) (48.5) 3.1

Change in Assets: (45.0) (55.8) (10.8)

Change in Liabilities

Salaries and social security charges (4.8) (4.6) 0.2

Recoverable taxes (current and non-current) (40.4) 0.9 41.3

Other liabilities (current and non-current) (81.9) (78.7) 3.2

Accounts payable/receivable (related companies) (44.2) (14.0) 30.2

Change in Liabilities: (171.3) (96.4) 74.9

Interest Expense on Loans and Debentures (75.0) (48.8) 26.2

Paid Income Tax and Social Contribution 1.8 1.3 (0.5)

Cash Flow from Operating Activities (905.4) (449.5) 455.9

Investing Activities

Marketable securities (10.0) 503.2 513.2

Purchases of property, plant and equipment assets (1.4) (17.3) (15.9)

Intangible assets (64.0) (113.0) (49.0)

Value paid for the acquisition of subsidiaries (23.1) (0.2) 22.9

Value received for the acquisition of subsidiaries - - -

Cash Flow from Investing Activities (98.5) 372.7 471.2

Financing Activities

Funding 589.0 6.9 (582.1)

Payments (111.4) (65.7) 45.7

Capital increase in cash 752.2 - (752.2)

Cash Flow from Financing Activities 1,229.8 (58.8) (1,288.6)

Change in cash balance 225.9 (135.6) (361.5)

Beginning Cash Balance 224.2 329.4 105.2

Ending Cash Balance 450.1 193.8 (256.3)

Consolidated

12

ANNEX IV: NOTE REGARDING THE FINANCIAL STATEMENTS

Effects in the consolidation of B2W Digital’s transportation subsidiaries Click-Rodo and Direct (subsidiaries of B2W Digital) provide 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. The consolidated gross profit is reduced in an amount equal to the positive effect observed in the selling, general and administrative expenses, but with 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. To keep the consistency and the comparability between previous periods, we present the reconciliation of EBITDA. In 1Q17, Adjusted EBITDA was R$ 109.0 million. Including other operating income and expenses, EBITDA, according to CVM Instruction 527/12, would be R$ 102.7 million in 1Q17, representing 6.4% of net revenue.

13

ANNEX V: INDEBTEDNESS

Accounts receivable are mainly composed of credit card receivables, net of the discounted value, which have immediate liquidity and can be considered as cash. The breakdown of B2W’s accounts receivable is demonstrated in the following table:

Consolidated Indebtedness - R$ MM 03/31/2017 12/31/2016 03/31/2017 12/31/2016

Short Term Debt 574.1 526.1 574.1 526.1

Short Term Debentures 8.4 0.8 8.4 0.8

Short Term Indebtedness 582.5 526.9 582.5 526.9

Long Term Debt 4,024.8 3,539.3 3,568.9 2,988.1

Long Term Debentures 200.0 200.0 200.0 200.0

Long Term Indebtedness 4,224.8 3,739.3 3,768.9 3,188.1

Total Debt (1) 4,807.3 4,266.2 4,351.4 3,715.0

Cash and Equivalents 2,202.7 1,966.7 2,215.6 1,939.4

489.8 578.7 21.0 54.9

Total Cash (2) 2,692.5 2,545.4 2,236.6 1,994.3

Net Debt (Cash) (2) - (1) 2,114.8 1,720.8 2,114.8 1,720.8

Net Debt (Cash) / Adjusted EBITDA LTM 3.2 2.5 3.2 2.5

Average Maturity of Debt (days) 790 828 840 873

Credit Card Accounts Receivables Net of Discounts

Including FIDC

Consolidation

Excluding FIDC

Consolidation

Consolidated Accounts Receivable Reconciliation - R$ MM 03/31/2017 12/31/2016 03/31/2017 12/31/2016

Gross Credit Cards Receivables 2,741.5 2,992.8 2,741.5 2,992.8

Discounted Receivables (2,251.7) (2,414.1) (2,720.5) (2,937.9)

489.8 578.7 21.0 54.9

Present Value Adjustment (0.7) (2.1) (0.7) (2.1)

Allowance for Doubtful Accounts (25.9) (17.2) (25.9) (17.2)

Other Accounts Receivable 162.2 129.7 162.2 129.7

Net Accounts Receivable - Consolidated 625.4 689.1 156.6 165.3

Credit Card Receivables - Net of Discounted Amount

Including FIDC

Consolidation

Excluding FIDC

Consolidation

14

ANNEX VI: 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 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.

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

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

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).

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

Net Working Capital: Calculated as the sum of credit card accounts receivable days (using GMV as the base) and inventory days, less accounts payable days; considering GMV and COGS over the past 12 months.

15

INFORMATION ABOUT THE WEBCAST AND THE CONFERENCE CALL

Conference calls with simultaneous translation into English, followed by a bilingual Q&A session, will be held as followed: