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B2W DIGITAL ANNOUNCES TOTAL GMV GROWTH OF 10.1%, ACHIEVING R$ 2.8 BILLION IN 2Q17

B2W Marketplace continues rapid development and achieved R$ 816 million in GMV in 2Q17 (up 105%), 29.6% share of total GMV

Rio de Janeiro, August 10th, 2017: B2W Digital (BTOW3), the largest and most beloved digital company in Latin America, today announces its results for the 2nd quarter of 2017.

MESSAGE FROM MANAGEMENT

The first half of the year reflects B2W Digital's decision to accelerate the shift from its e-commerce (Direct Sales / 1P) business model to hybrid digital platform model (Direct Sales / 1P, Marketplace / 3P and Services). This movement allows us to leverage the investments made to offer the best shopping experience to our customers and puts us on the path to free cash generation in the short term.

The rapid growth of the Marketplace allowed the Company to intensify the migration of items / lines from 1P to 3P. Throughout 2017, the Company has been focused on exponential growth of the Marketplace, which will represent more than 30% of Total GMV for the year (and more than 50% of Total GMV in 2018).

The results of the actions underway at B2W have already reflected a significant reduction in cash consumption in 2Q17 (lowest second quarter cash consumption of the last 4 years, with a reduction of approximately R$ 330 MM vs. 2Q16). For the full year 2017, cash consumption (vs. 2016) should experience a significant reduction, an important move to make the Company self-sustaining.

2Q17 HIGHLIGHTS

B2W Marketplace connected more than 1,000 new sellers in 2Q17, totaling more than 6,000 sellers connected to the platform. Important new partnerships include: HP and Asus (IT); Wine.com (Wines); World Tennis (Shoes); Intelbras (Telecom); Bullmotors (Automotive); Nikon (Cameras); Nestlé (Foods); Bandeirante (Toys); Madetec (Furniture).

B2W Marketplace hosted the 2017 Seller Day in July, to prepare sellers for the major sales events of the second half of the year, such as the anniversary of our Brands, Black Friday and Christmas. The event was attended by over 1,000 participants, including sellers, suppliers and strategic partners.

B2W Marketplace launched Seller Premium to recognize and encourage the best sellers, who earn bronze, silver, gold and platinum ratings (measured over the preceding thirty days). The criteria is based on: product quality, service level, customer rating, and sales volume.

B2W Marketplace launched Promoseller, where sellers can automatically join B2W sales campaigns, which include free shipping options and product discounts.

B2W Digital launched the Marketplace on Shoptime TV, where sellers will be able to demonstrate and sell their products. The Shoptime TV channel is the largest product demonstration television channel, reaching more than 39 million homes and over 1 million viewers per day.

B2W Digital launched the B2W Empresas Marketplace, allowing sellers access to a new B2W sales channel of corporate audiences (7x higher average ticket). In March 2017 B2W Empresas also became the first e-commerce site to accept the BNDES Card (R$ 58 billion in pre-approved credit).

KEY INDICATORS 2Q17 2Q16 Delta 1H17 1H16 Delta

Total GMV (R$ MM) 2,754 2,500 10.1% 5,422 4,962 9.3%

Market Share (%) 26.3% 25.5% +0.8 p.p. 25.8% 25.4% +0.4 p.p.

Marketplace (R$ MM) 816 398 105.0% 1,588 746 112.9%

Marketplace Participation (% of GMV) 29.6% 15.9% +13.7 p.p. 29.3% 15.0% +14.3 p.p.

Mobile (% of Traffic) 52.5% 48.5% +4 p.p. 51.5% 46.4% +5.1 p.p.

Net New Customers (K LTM) 1,254 330 N.A 1,254 330 N.A

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STRATEGIC INITIATIVES ENHANCING THE DIGITAL PLATFORM

Commercial and Marketing

o Since the beginning of the investment plan, B2W has expanded its market share by 6.4 p.p. from 19.9% in 1H12 to 26.3% in 2Q17.

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 2Q17:

Inventory management: B2W operates with a stock-out index below 10% and registered an increase of 1.2 percentage points in 2Q17, compared to 1Q17.

Product assortment: +76% in relation to 2Q16, driven by Marketplace. Efficiency in delivery time: Productivity gains in the Distribution Centers (DCs) of 10% in 2Q17,

compared to 2Q16, driven by process improvements and the implementation of automated billing lines, resulting in faster delivery times for customers.

Marketplace Evolution

o B2W Marketplace connected more than 1,000 new sellers in 2Q17, totaling over 6,000 sellers on the platform. Important new partners include: HP and Asus (IT); Wine.com (Wines); World Tennis (Shoes); Intelbras (Telecom); Bullmotors (Automotive); Nikon (Cameras); Nestlé (Foods); Bandeirante (Toys); Madetec (Furniture).

o In 2Q17, Marketplace grew by 105% vs. 2Q16, reaching R$ 816 million in GMV with a participation of 29.6% in total GMV.

o B2W Marketplace reached 3.3 million items by the end of 2Q17, increasing 100% in comparison to 2Q16

Logistics and Operations

o At the end of 2Q17, B2W Digital operated a total of 11 distribution centers throughout Brazil, totaling a storage area of more than 500 thousand square meters. The operation also had 189 Transit Points (+16% vs. 2Q16), strategically positioned to support the Company's distribution system. B2W’s transit points (hubs) act as cargo consolidation centers that improve efficiencies of deliveries 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), resulting in the creation of the B2W Distribution Unit. In 2016, B2W entered into an operating agreement with Vialog, the leading carrier of e-commerce deliveries in the southern region of the country. Under the agreement, B2W took over Vialog's order delivery operation through Direct.

Throughout 2Q17, the participation of B2W Distribution Unit reached 95% of the Company’s total deliveries, compared to a share of 81% in 2Q16.

In 2Q17, B2W Distribution Unit (UND) started to process deliveries for 13 new customers, including major sellers from the marketplace. Revenues from external clients represented 42% of total sales in the quarter.

o The verticalization of the distribution unit allowed for the creation of the Freight Menu, which offers 6 delivery options throughout the country: Same Day, Next Day, Fast, Standard, Scheduled Delivery and Click & Collect.

In 2Q17, the number of daily deliveries via “Next Day” option on the Freight Menu doubled in relation to 2Q16, driven by the expansion of the service into new cities (Rio de Janeiro and Belo Horizonte) and the increase in the product weight limit to 30kg.

Our “Fast” delivery option offers a 35% faster 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 6.6% in 2Q16 to 8.9% in 2Q17.

The Freight 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).

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o In February B2W launched the B2W-Delivery platform, which operates and controls the deliveries of the Marketplace sellers. This service is fully integrated with the Company's technological and operational systems, taking advantage of the technology and improved delivery processes over the years. The platform already has a base of 1,400 sellers and has completed over 100 thousand deliveries since inception.

Mobile and Technology

o During 2Q17, traffic from mobile devices represented more than half of total visits, reaching 52.5% of total, an expansion of 4.0 p.p. compared to 2Q16.

o B2W’s four apps (Americanas.com, Submarino, Shoptime and Sou Barato) reached more than 2.2 million downloads over the first six months of 2017, totaling more than 11 million downloads since inception.

Digital Services

o As a result of the acquisition of 10 companies (best-in-class IT companies), the BIT Services segment offers a full suite of technology and logistics solutions to support Marketplace sellers and the online operations of major brands.

o Since the acquisition of these companies, we have expanded the cross-sell1 level of BIT Services by more than 70%.

o During 2Q17, the solutions offered by BIT Services companies were contracted by several large brands, as we highlight below:

Sieve (Pricing Intelligence – Online Stores): Deca, Lojas KD, Editora Saraiva and Electrolux Store

Site Blindado (Security and Virtual Credibility): BRF, Autoglass, Canon and Trocafone

Infoprice (Pricing Intelligence – Offline Stores): Consul MG and Comercial Zaffari Admatic (Digital Marketing): Whirlpool, Angeloni, Estrela10, Vaio, Ray Ban and Trocafone Skyhub (Marketplace Integration): Dell and Marabraz

1 cross-sell: use of more than one B2W portfolio service by the same partner

Financial Services

o In March 2017, 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 integration of the systems gives more agility and automation to the processes of the Card, making possible a greater volume of transactions. Previously, 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 2Q17, B2W and Cetelem’s joint venture (Submarino Finance and Digital Finance) recorded volume of R$ 776.5 million in approved transactions, representing growth of 28% compared to 2Q16 and over 1H17 recorded volume of R$ 1.5 billion in approved transactions, representing growth of 28%. In the 1H17 period, the receivables portfolio for these operations was R$ 1.1 billion, an increase of 11% compared to 1H16.

On June 30, 2017, the operations registered 2.4 million credit cards issued (1.6 million for Submarino Finance and 791 thousand for Digital Finance which includes the brands Americanas.com, Shoptime and Sou Barato).

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 (2.7x higher purchase frequency) and increase of the average ticket (32% higher).

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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.

The average score given by customers on Reclame Aqui website for B2W’s brands is 7.7, while the main competitors have an average score of 5.2.

79% of customers who registered complaints on Reclame Aqui website indicated their intent to buy again from B2W’s brands, while only 52% 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 93%, while the average solution rate of competitors’ brands is 76%.

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

Digital Talents

o In January 2017, B2W established a research partnership with the University of Chicago to develop two projects with master's students in Science and Analytics. The projects last three quarters and cover the following topics: analytical solutions to detect the most significant attributes for brand products, and more advanced solutions to optimize the algorithm of choosing the partners for the buy box.

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 B2W participated in a Logistics for e-commerce event: challenges and opportunities of the FGV EASP Center of Excellence in Logistics and Supply Chain. The objective of the event was to discuss opportunities and logistical challenges for companies that act or intend to operate in e-commerce, targeting executives of companies, students and teachers.

o In June 2017, for the fifth time B2W hosted the International Summer Internship, a program for the recruitment of students from top American universities. In addition, the Summer Job program has been expanded to the most prestigious Brazilian universities.

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 maintained its partnership with the Bovespa Socioenvironmental Stock Exchange (BVSA), supporting another project in April 2017. Between 2015 and 2017, the Company supported 11 projects based on the UN's Sustainable Development Objectives (ODS). All projects focus on Education, Environment and Sustainable Development.

o April 2017, B2W Digital in partnership with the NGO Recode held the graduation of the 150 teachers of the TecEscola project, recognizing the 10 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, and mechanics, 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.

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FINANCIAL HIGHLIGHTS

The financial information serving as the basis for the comments below refer to 2Q17, 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 2Q17, GMV was R$ 2,753.8 million, compared to R$ 2,500.2 million in 2Q16, representing growth of 10.1%. B2W's Marketplace continues to grow rapidly and reached GMV of R$ 815.8 million in 2Q17 (105% growth), with a 29.6% share of total GMV.

Gross Revenue: In 2Q17, gross revenue was R$ 2,022.2 million, compared to R$ 2,150.0 million in 2Q16, representing a variation of -5.9%.

Net Revenue: In 2Q17, net revenue was R$ 1,638.9 million, compared to R$ 1,778.9 million in 2Q16, representing a variation of -7.9%.

Adjusted Gross Profit: In 2Q17, adjusted gross profit was R$ 383.0 million, compared to R$ 462.2 million in 2Q16, representing a variation of -17.1%.

Adjusted Selling, General and Administrative (SG&A) Expenses: In 2Q17, adjusted SG&A expenses were R$ 246.3 million, representing 15.0% of net revenue, a reduction of 2.1 p.p. compared to 2Q16, when adjusted SG&A accounted for 17.1% of net revenue.

Adjusted EBITDA: In 2Q17, Adjusted EBITDA was R$ 136.6 million, compared to R$ 158.9 million in 2Q16, representing a variation of -14.0%. Adjusted EBITDA margin went from 8.9% in 2Q16 to 8.3% in 2Q17.

Net Financial Result: In 2Q17, net financial result was R$ -214.8 million, representing a decline of 8.5% in relation to the R$ -234.8 million in 2Q16.

Net Result: In 2Q17, the net result was R$ -111.8 million, compared to R$ -106.0 million in 2Q16.

Cash Management:

o Working Capital: Varied 29 days (2Q17 vs. 2Q16) mainly due to the deceleration process of 1P (Direct Sales) and the strong acceleration of 3P (Marketplace). As the Company migrates 1P categories (lower profitability) to 3P (higher profitability), there is 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 1H17, consolidated investments in plant, property and equipment and intangibles (development of websites and systems) totaled R$ 161.1 million (down 31.1%% vs. R$ 233.9 million in 1H16), representing 3.0% of total GMV (reduction of 1.7 p.p vs. the 4.7% in 1H16). Accordingly, Adjusted EBITDA in 1H17 covered 152% of CAPEX for the period, compared to a coverage ratio of 122% in 1H16.

Financial Debt: B2W’s cash balance, excluding FIDC consolidation, at 06/30/2017 totaled R$ 3,366.6 million,

4.3x times the sum of the Company's short-term debt, which totaled R$ 770.6 million. The Company’s leverage level (defined as Net Debt / Adjusted EBITDA LTM) was 3.1x on 06/30/2017, compared to 3.2x on 03/31/2017.

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Capital Increase:

o In March 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 (one hundred and ten million) 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 objective of the Capital Increase is 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 The Capital Increase had participation of nearly 100% of the Company's shareholders. Lojas Americanas

entered with R $ 752 million on March 27, 2017 (equivalent to its 62.16% stake) and minority shareholders joined in with the remaining R $ 458 million between the end of April and the beginning of May 2017.

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ANNEX I: ABOUT B2W DIGITAL

B2W Digital is the 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. 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

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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.

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

B2W - Companhia Digital

Income Statements

(in million of Brazilian reais) 2Q17 2Q16 Variation 1H17 1H16 Variation

Gross Merchandise Volume (GMV) 2,753.8 2,500.2 10.1% 5,421.6 4,962.0 9.3%

Gross Sales and Services Revenue 2,022.2 2,150.0 -5.9% 3,998.5 4,302.9 -7.1%

Taxes on sales and services (383.3) (371.1) 3.3% (758.9) (791.4) -4.1%

Net Sales and Services Revenue 1,638.9 1,778.9 -7.9% 3,239.6 3,511.5 -7.7%

Cost of goods and services sold (1,255.9) (1,316.7) -4.6% (2,483.6) (2,646.0) -6.1%

Gross Profit 383.0 462.2 -17.1% 756.0 865.5 -12.7%

Gross Margin (% NR) 23.4% 26.0% -2.6 p.p. 23.3% 24.6% -1.3 p.p.

Operating Revenue (Expenses) (327.8) (371.7) -11.8% (682.3) (721.4) -5.4%

Selling expenses (228.9) (287.7) -20.4% (473.5) (542.0) -12.6%

General and administrative expenses (17.4) (15.6) 11.5% (36.8) (37.4) -1.6%

Depreciation and amortization (81.5) (68.4) 19.2% (172.0) (142.0) 21.1%

55.2 90.5 -39.0% 73.7 144.1 -48.9%

Net Financial Result (214.8) (234.8) -8.5% (497.2) (484.4) 2.6%

Financial revenues 131.9 89.7 47.0% 258.0 227.4 13.5%

Financial expenses (346.7) (324.5) 6.8% (755.2) (711.8) 6.1%

Other operating income (expenses)* (6.0) (4.0) 50.0% (12.3) (15.6) -21.2%

Income tax and social contribution 53.8 42.3 27.2% 147.2 117.2 25.6%

Net Result (111.8) (106.0) 5.5% (288.6) (238.7) 20.9%

Net Margin (% NR) -6.8% -6.0% -0.8 p.p. -8.9% -6.8% -2.1 p.p.

Adjusted EBITDA 136.6 158.9 -14.0% 245.6 286.1 -14.2%

Adjusted EBITDA Margin (% NR) 8.3% 8.9% -0.6 p.p. 7.6% 8.1% -0.5 p.p.

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

Consolidated

Period ended on June 30

Consolidated

Period ended on June 30

Operating Result before Net Financial Result and

Equity Accounting

B2W - Companhia Digital

Income Statements

(in million of Brazilian reais) 2Q17 2Q16 Variation 1H17 1H16 Variation

Gross Merchandise Volume (GMV) 2,753.8 2,500.2 10.1% 5,421.6 4,962.0 9.3%

Gross Sales and Services Revenue 2,022.2 2,150.0 -5.9% 3,998.5 4,302.9 -7.1%

Taxes on sales and services (383.3) (371.1) 3.3% (758.9) (791.4) -4.1%

Net Sales and Services Revenue 1,638.9 1,778.9 -7.9% 3,239.6 3,511.5 -7.7%

Cost of goods and services sold (1,293.2) (1,379.2) -6.2% (2,576.1) (2,788.9) -7.6%

Gross Profit 345.7 399.7 -13.5% 663.5 722.6 -8.2%

Gross Margin (% NR) 21.1% 22.5% -1.4 p.p. 20.5% 20.6% -0.1 p.p.

Operating Revenue (Expenses) (290.5) (309.2) -6.0% (589.8) (578.5) 2.0%

Selling expenses (191.6) (225.2) -14.9% (381.0) (399.1) -4.5%

General and administrative expenses (17.4) (15.6) 11.5% (36.8) (37.4) -1.6%

Depreciation and amortization (81.5) (68.4) 19.2% (172.0) (142.0) 21.1%

55.2 90.5 -39.0% 73.7 144.1 -48.9%

Net Financial Result (214.8) (234.8) -8.5% (497.2) (484.4) 2.6%

Financial revenues 131.9 89.7 47.0% 258.0 227.4 13.5%

Financial expenses (346.7) (324.5) 6.8% (755.2) (711.8) 6.1%

Other operating income (expenses)* (6.0) (4.0) 50.0% (12.3) (15.6) -21.2%

Income tax and social contribution 53.8 42.3 27.2% 147.2 117.2 25.6%

Net Result (111.8) (106.0) 5.5% (288.6) (238.7) 20.9%

Net Margin (% NR) -6.8% -6.0% -0.8 p.p. -8.9% -6.8% -2.1 p.p.

Adjusted EBITDA 136.6 158.9 -14.0% 245.6 286.1 -14.2%

Adjusted EBITDA Margin (% NR) 8.3% 8.9% -0.6 p.p. 7.6% 8.1% -0.5 p.p.

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

Consolidated

Period ended on June 30

Consolidated

Period ended on June 30

Operating Result before Net Financial Result and

Equity Accounting

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BALANCE SHEET

B2W - Companhia Digital

Balance Sheet

(in million of Brazilian reais)

ASSETS

CURRENT ASSETS

Cash and banks 1,693.5 450.1

Marketable securities 1,799.5 1,752.6

Accounts receivable 340.3 625.4

Inventories 997.9 1,238.9

Recoverable taxes 364.4 371.3

Prepaid expenses and other accounts 461.3 344.1

Total Current Assets 5,656.9 4,782.4

NON CURRENT ASSETS

Deferred income tax and social contribution 880.8 820.4

Recoverable taxes 1,108.0 1,135.0

Escrow deposits and other receivables 99.6 92.5

Plant, property and equipment 509.6 524.4

Intangible assets 2,901.3 2,873.4

Total Non-Current Assets 5,499.3 5,445.7

TOTAL ASSETS 11,156.2 10,228.1

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES

Suppliers 722.4 1,158.2

Loans and financing 1,116.7 574.1

Debentures 15.0 8.4

Salaries and social contribution 63.4 60.6

Taxes payable 26.6 29.8

Deferred income tax and social contribution 10.0 4.1

Other accounts payable 208.4 245.5

Total Current Liabilities 2,162.5 2,080.7

NON-CURRENT LIABILITIES

Loans and financing 4,415.3 4,024.8

Debentures 200.0 200.0

Related parties 147.1 37.6

Provision for contingencies and other accounts payable 218.4 222.9

Total Non-Current Liabilities 4,980.8 4,485.3

SHAREHOLDERS' EQUITY

Capital 5,693.0 4,483.0

Advance for future capital increase - 752.2

Capital reserves 52.5 47.8

Equity valuation adjustment (0.9) (0.9)

Accumulated income (losses) (1,731.7) (1,619.9)

Minority interest - (0.1)

Total Shareholders' Equity 4,012.9 3,662.1

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 11,156.2 10,228.1

Consolidated

06/30/2017 03/31/2017

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CASH FLOW STATEMENT

B2W - Companhia Digital

Cash Flow Statement

(in million of reais)

Operating Activities 06/30/2017 06/30/2016 Variation

Net Result for the Period (288.6) (238.6) 50.0

Adjustment to the Net Result:

Depreciation and amortization 173.4 144.0 (29.4)

Deferred income tax and social contribution (158.0) (120.8) 37.2

Interest, monetary and currency changes 280.9 310.0 29.1

Others (12.2) (6.9) 5.3

Adjusted Net Result (4.5) 87.7 92.2

Change in Working Capital:

Accounts receivable 498.3 379.0 (119.3)

Inventories 543.3 (12.3) (555.6)

Suppliers (1,505.3) (792.3) 713.0

Change in Working Capital: (463.7) (425.6) 38.1

Change in Assets:

Prepaid expenses 10.3 13.1 2.8

Escrow deposits (8.4) 1.3 9.7

Recoverable taxes 36.4 (218.5) (254.9)

Other accounts receivable (current and non-current) (173.7) (64.5) 109.2

Change in Assets: (135.4) (268.6) (133.2)

Change in Liabilities

Salaries and social security charges (2.0) (3.7) (1.7)

Recoverable taxes (current and non-current) (39.8) (14.9) 24.9

Other liabilities (current and non-current) (114.6) (100.2) 14.4

Accounts payable/receivable (related companies) 65.3 13.7 (51.6)

Change in Liabilities: (91.1) (105.1) (14.0)

Interest Expense on Loans and Debentures (171.4) (227.2) (55.8)

Paid Income Tax and Social Contribution (2.0) (1.3) 0.7

Cash Flow from Operating Activities (868.1) (940.1) (72.0)

Investing Activities

Marketable securities (57.0) 642.8 699.8

Purchases of property, plant and equipment assets (2.1) (17.8) (15.7)

Intangible assets (159.0) (216.6) (57.6)

Value paid for the acquisition of subsidiaries (26.0) (36.8) (10.8)

Cash Flow from Investing Activities (244.1) 371.6 615.7

Financing Activities

Funding 1,767.6 54.7 (1,712.9)

Payments (396.2) (109.0) 287.2

Capital increase in cash 1,210.0 - (1,210.0)

Advance for future capital increase - 550.9 550.9

Cash Flow from Financing Activities 2,581.4 496.6 (2,084.8)

Change in cash balance 1,469.3 (72.0) (1,541.3)

Beginning Cash Balance 224.2 329.4 105.2

Ending Cash Balance 1,693.5 257.4 (1,436.1)

Consolidated

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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. In order the maintain consistency and comparability between previous periods, we present the reconciliation of EBITDA. In 2Q17, Adjusted EBITDA was R$ 136.6 million. Including other operating income and expenses, EBITDA, according to CVM Instruction 527/12, would be R$ 130.6 million in 2Q17, representing 8.0% of net revenue.

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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 06/30/2017 03/31/2017 06/30/2017 03/31/2017

Short Term Debt 1,116.7 574.1 755.6 574.1

Short Term Debentures 15.0 8.4 15.0 8.4

Short Term Indebtedness 1,131.7 582.5 770.6 582.5

Long Term Debt 4,415.3 4,024.8 4,415.3 3,568.9

Long Term Debentures 200.0 200.0 200.0 200.0

Long Term Indebtedness 4,615.3 4,224.8 4,615.3 3,768.9

Total Debt (1) 5,747.0 4,807.3 5,385.9 4,351.4

Cash and Equivalents 3,493.0 2,202.7 3,337.7 2,215.6

234.7 489.8 28.9 21.0

Total Cash (2) 3,727.7 2,692.5 3,366.6 2,236.6

Net Debt (Cash) (2) - (1) 2,019.3 2,114.8 2,019.3 2,114.8

Net Debt (Cash) / Adjusted EBITDA LTM 3.1 3.2 3.1 3.2

Average Maturity of Debt (days) 839 790 854 840

Credit Card Accounts Receivables Net of Discounts

Including FIDC

Consolidation

Excluding FIDC

Consolidation

Consolidated Accounts Receivable Reconciliation - R$ MM 06/30/2017 03/31/2017 06/30/2017 03/31/2017

Gross Credit Cards Receivables 2,520.8 2,741.5 2,520.8 2,741.5

Discounted Receivables (2,286.1) (2,251.7) (2,491.9) (2,720.5)

234.7 489.8 28.9 21.0

Present Value Adjustment (0.8) (0.7) (0.8) (0.7)

Allowance for Doubtful Accounts (26.7) (25.9) (26.7) (25.9)

Other Accounts Receivable 133.2 162.2 133.2 162.2

Net Accounts Receivable - Consolidated 340.4 625.4 134.6 156.6

Credit Card Receivables - Net of Discounted Amount

Including FIDC

Consolidation

Excluding FIDC

Consolidation

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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 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).

Net 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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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: