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B2W DIGITAL4Q12/2012 – Earnings Release

General Considerations

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This presentation contains forward-looking statements relating to theprospects of the business, estimates for operating and financial results, andthose related to growth prospects of B2W. These are merely projections and,as such, are based exclusively on the expectations of B2W’s managementconcerning the future of the business and its continued access to capital tofund the Company’s business plan. Such forward-looking statements depend,substantially, on changes in market conditions, government regulations,competitors’ pressures, the performance of the Brazilian economy and theindustry, among other factors and risks disclosed in B2W’s filed disclosuredocuments and are, therefore, subject to change without prior notice.

The financial statements were prepared and are presented in accordance withthe international financial reporting standards (IFRS), norms issued by theSecurities Exchange Commission (known locally as CVM), as well as theNovo Mercado listing. Except when otherwise specified, the analyses refer tothe Consolidated results of B2W.

BLOCKBUSTER® trademarks are owned by Blockbuster inc, and B2W –Companhia Global do Varejo. has the sublicense to use these trademarks inthe activities of video rental on internet.

4Q12/2012 Consolidated Results

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Gross Revenue: +38.0% in 4Q12 and +15.3% in 2012The Gross Revenue reached R$ 1,821.4 MM in 4Q12 and R$ 5,421.0 MM in 2012.

Net Revenue: +35.0% in 4Q12 and +13.7% in 2012The Net Revenue reached R$ 1,588.2 MM in 4Q12 and R$ 4,812.4 MM in 2012.

Gross Profit: +32.4% in 4Q12 and +8.1% in 2012The Gross Profit reached R$ 362.3 MM in 4Q12 and R$ 1,145.5 MM in 2012.

Adjusted EBITDA: + 7.8% in 4Q12, reaching R$ 109.6 MMAdjusted EBITDA grew 7.8% comparing to 4Q11, reaching R$ 109.6 MM in 4Q12.

Net Working Capital: Improvement of 21 daysIn 4Q12, the B2W’s cash cicle was 98 days, an improvement of 21 days comparing to 4Q11.

Evolution of PROCON-SP Complaints RatingsIn 2012, the number of complaints registered in PROCON-SP presented a significant reduction of

59% when compared to 2011.

B2W is the Winner in 2 Categories of the “Consumidor Moderno" AwardSubmarino won the “Consumidor Moderno” Award in “Best Purchase Experience in Internet” and

“Best Contact Experience” in 2012.

Submarino Card received the RA 1000 SealSubmarino Card received the RA 1000 Seal in the last 12 months indicator because of the excelent

Response, Assessment and Solution ratings..

1,319.9

1,821.4

4Q11 4Q12

1,162.7

1,369.2

3Q11 3Q12

1,081.2

1,110.4

2Q11 2Q12

1,138.81,119.9

1Q11 1Q12

Gross Revenue Evolution

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2Q121Q12

4Q123Q12

-1.7% +2.7%

+17.8% +38.0%

2011 R$ 4.7 billion

15.3% 2012R$ 5.4 billion

“To be Latin America’s largest and most

beloved digital Company”

Why Latin America?• Latin America is the world’s fastest growing e-commerce market.

Largest • Continuous revenue increase, gaining market share in the coming years.

Most Beloved • Set new standard for digital customer experience in Latin America.

• Create and operate the most beloved brands.

Digital• Thinking with digital mind, investing in technology and innovation, including multi-channel

initiatives.

Company• Broadens focus beyond digital retail to include other digital business models.

What It Means?

B2W Digital: Our Vision

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Gross Revenue• R$ 5.4 billions in 2012 – E-commerce leader in Latin America.

Growth• 38% of growth in 4Q12.

Huge Traffic • Biggest traffic in Latin America – 3X bigger than the second player.

Market Dominance• Leadership in 35 products categories.

Huge Assortment• More than 700 thousands SKUs – 10X bigger than the average of other players.

B2W Digital: Largest

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Social Media• Submarino has the largest twitter of digital retailers around the world and more than 1 Million

likes in Facebook.

Awards • B2W was the champion through the brand Submarino in 3 categories of the “Reclame Aqui

Qualidade no Atendimento" Award (Service Quality), in 2 categories of the “Consumidor

Moderno" Magazine Award (Modern Consumer) and was elected through the Americanas.com

brand as the brand preferred by Rio's residents consumers by the "O Globo" newspaper.

Customer Recognition • In 2012, 58% of Brazilan e-shoppers have purchased a product at one (or more) of the three

B2W’s Websites versus 33% of the second player’s Websites, according to AlphaWise

Research.

Digital Talents• B2W is like a talent magnet. Our strong recruitment and talent development programs attracts

the smartest people in the market.

Community• B2W gave its associates and all the community a giant colorful graffiti panel in the port area of

the city of Rio de Janeiro, at a moment when the region is going through a revitalization

process to host 2014 World Cup and 2016 Olympic Games. The panel, which is the biggest

one in the city, contributes to the development of culture and art.

B2W Digital: Beloved

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The Most Beloved Brands

Digital Company: What It Means?

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Intensive investments in IT and innovation – Not comparable with retailers.

Industry in initial stage – Latin America has the internet drivers with the highest growth rates.

Investment decisions are based on market leadership in the long term, rather than short-term profitability.

Thinking with digital mind – Retail methods are not aligned with digital shopping experience.

Having the best digital team composed by people with passion for innovation and for serving customers well.

B2W DigitalStrategy and Investment Plan

Mind Best Purchase Experience

Home Best Delivery Service

Heart Best Customer Service

More than R$ 1 Billion in the Next 3 Years to “Get Closer to the Customer”

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New Logistic Model

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To be closer to the client

NEWOLD

Centralized

Further Consumer Market

Most Complex Distribution

from SP to BRAZIL

Longer Customer Service

Decentralized

Regional DCs

Closest to Consumer Market

Less Complex Distribution from

REGIONAL DCs to BRAZIL

Shorter Customer Service

It’s All About the Long Term

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Get closer to the customer.

Make digital shopping experience easier and more convenient in Brazil and Latin America.

Customer satisfaction, fast delivery, easy resolution ofcomplaints.

Brand loyalty, customer lifetime value.

Continuous innovation.

Having the best digital talents.

Increasing Market Share, the Best Way to

Create Value in the Long Term to the

shareholders.

4Q12 Results Conference Call and Webcast

B2W Investor Relations Team

http://www.b2winc.com

ri@b2winc.com

Phone: +55 (21) 2206.6000