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B2W DIGITAL ANNOUNCES TOTAL GMV GROWTH OF 16%, REACHING R$ 3.1 BILLION IN 3Q16

Marketplace continues rapid development, reaching R$ 571 million in GMV

(up 117%) and achieving a share of 19% in total GMV Rio de Janeiro, November 10th, 2016: B2W Digital (Bovespa: BTOW3), the largest and most beloved digital company in Latin America, announces today its results for the 3rd quarter, 2016.

MESSAGE FROM MANAGEMENT

Despite the challenging macro-economic environment, B2W has already presented a significant improvement in the GMV growth and remains confident about the potential of e-commerce in Latin America.

In only 2 years of operation, B2W’s Marketplace has already reached R$ 1.7 billion of GMV in the last 12 months (a growth of 203%) and is the fastest growing Marketplace operation in the world¹. Being a central part of the Company’s strategy, the Marketplace should drive strong future growth and profitability.

In the next five years (2016-2020), B2W Digital will continue investing in the digital platform it has built, monetizing all areas of the business, with the objective of generating value to its shareholders.

3Q16 HIGHLIGHTS

B2W Marketplace connected more than 1,900 new sellers in 9M16: The Marketplace (3P) continues its rapid growth, emerging from a base of 2,500 sellers by the end of 2015 to more than 4,400 sellers at the end of the 9M16. Compared to the same period last year, the number of sellers more than doubled.

B2W Marketplace closed important new partnerships: In line with the strategy of B2W to integrate new

sellers of various sizes and different industries, B2W Marketplace closed partnership deals with major stores like Ricardo Eletro (Appliances, Electronics, and Variety), Dell (Computers and Technology), Britânia (Appliances), Philco (Electronics), and Mahogany (Cosmetics and Perfumes);

B2W Marketplace launched a new website to connect small sellers: As part of our rapid growth strategy in

the Marketplace, a new platform was launched with a focus on small sellers, selling a wide variety of products, expanding the assortment of B2W’s websites. After completing the registration and validation of the Sellers main data, they can upload their products through an exclusive portal - without the need for integration systems -, in which they can also manage all phases of their sales.

B2W Digital established an operating agreement with Vialog: B2W established an operating agreement

with Vialog, the leading e-commerce delivery carrier in the southern region of the country. With the agreement, B2W will take on Vialog’s package delivery operation through Direct, which includes 40 hubs.

B2W Digital launched Sephora's new online store: B2W was chosen to operate the Sephora's new online

store in Brazil, through the [B] Seller platform. That choice confirm the company's position as the leading digital platform in the country. ¹Comparing with public operations of Marketplace with GMV above 1Billion reais in the last 12 months.

KEY INDICATORS 3Q16 3Q15 Delta

Total GMV (R$ MM) 3,060 2,642 15.8%

Market Share (%) 27.1% 25.9% +1.2 p.p.

Marketplace (R$ MM) 571 263 117.1%

Marketplace Participation (% of GMV) 18.7% 10.0% +8.7 p.p.

Mobile (% of Traffic) 52.2% 34.8% +17.1 p.p.

Net New Customers (K LTM) 375 1.874 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 7.2 percentage

points, from 19.9% in 1H12 to 27.1% in 3Q16. 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 3Q16:

Inventory management: B2W operates with a stock-out rate below 10% and registered an evolution of 3.1 percentage point in 3Q16, comparing to 2Q16.

Product assortment: +127% in relation to 3Q15, driven by Marketplace. Efficiency in delivery time: Productivity gains in the Distribution Centers (DCs) of 12% in 3Q16,

compared to 3Q15, driven by process improvements and the implementation of automated billing lines, resulting in faster delivery times for customers.

o Submarino Prime, launched in beta version in December, 2015, offers customers a superior shopping experience for a fixed annual fee. With Submarino Prime, the customer can make unlimited purchases with free shipping and fast delivery, participate in exclusive promotional events and receive dedicated customer service. The results of the first 9 months of program show that Submarino Prime's customers expanded their purchases to different categories and have purchase frequency more than three times higher than customers who have not yet joined the program.

Marketplace Evolution o The Marketplace continues its rapid expansion, adding more than 1,900 new sellers in 9M16,

increasing the base of sellers from 2,500 at the end of 2015 to over 4,400 sellers at the end of 3Q16. o In 3Q16, Marketplace grew by 117% yoy, reaching R$ 571 million in GMV with a participation of 19%

in total GMV. o At the end of 3Q16, the number of items listed by Marketplace sellers increased by 200% in comparison

to 3Q15, reaching more than 2 million items. o In line with B2W’s strategy to integrate new stores of various sizes and across multiple sectors, B2W

Marketplace closed partnerships with important stores like: Ricardo Eletro (Appliances, Electronics and Variety), Dell (Computers and Technology), Britânia (Appliances), Philco (Electronics) and Mahogany (Beauty and Perfumery);

o As part of our rapid growth strategy in the Marketplace, a new platform was launched with a focus on small sellers, selling a wide variety of products, expanding the assortment of B2W ’s websites. After completing the registration and validation of the Sellers main data, they can upload their products through an exclusive portal - without the need for integration systems -, in which they can also manage all stages of their sales.

o Aiming to help the sellers to sell more and more at the B2W Marketplace, the company held the Seller Day in September: an event that brought together hundreds of sellers to participate in a complete development program focused on Black Friday - through workshops and training centered on commercial and operational improvement.

Logistics and Operations o B2W Digital operates a total of 11 DCs throughout Brazil, with a total storage area of over 500,000

square meters, an increase of 35% compared to 3Q15. o B2W Digital opened 14 additional transit points in the 3Q16, totaling 176 (+81% vs 3Q15), strategically

located to support the Company’s distribution system. B2W’s transit points act as cargo consolidation centers and bases that make the distribution to clients easier.

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 3Q16, the participation of B2W Distribution Unit reached 94% of the Company’s total deliveries, compared to a share of 55% in 3Q15.

In 3Q16, B2W Distribution Unit began processing deliveries for 22 new customers, including Chanel, C&A, Tok&Stok, besides great Sellers from Marketplace. The services for external clients now represents 25% of the UND revenue and account for more than 5 million deliveries per year.

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

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In 3Q16, the number of daily deliveries via “Next Day” option on the Shipping Menu increased by 8 times versus 3Q15, 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.

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 4% in 3Q15 to 10% in 3Q16.

The “Click and Collect” option is currently available in 250 Lojas Americanas stores, compared to 80 at the end of 3Q15, and its utilization, that increased by 3 times during the same period, was accelerated due to the implementation of an interactive map on our site, allowing the customer to conveniently choose the closest Lojas Americanas store.

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

In October, B2W established an operating agreement with Vialog, the leading e-commerce delivery carrier in the southern region of the country. With the agreement, B2W will take on, Vialog’s package delivery operation, through Direct, which includes 40 hubs.

Mobile and Technology o During 3Q16, traffic from mobile devices represented for the first time more than half of total accesses,

reaching 52.2% of total visits, an expansion of 17.4 p.p. compared to 3Q15. o This growth was driven by B2W’s 4 apps (Americanas.com, Submarino, Shoptime and Sou Barato),

that totaled 3.6 million downloads during the first 9 months of the year, representing a growth of 171%. o Apps provide for the customer a most fluid and fast purchase experience and offer exclusive tools as

the “like” products. As a result, the customers with app visit more frequently the sites, look more for products and buy more.

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 offers the 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 50% (cross-sell is defined as the use of more than one of B2W’s services portfolio by the same partner).

o During the 3Q16, the solutions offered by the various B2W Services companies were contracted by several large brands, as we highlight below:

Sieve (Pricing Intelligence – Online Stores): Casa Show and Itatiaia. [B] Seller (Webstore and ERP Solution): Sephora Site Blindado (Online Security): Netfarma, Onofre and Sephora Skyhub (Marketplace Integration): Ricardo Eletro and Brastemp Admatic (Digital Marketing): Osklen, Canon and Zattini

o B2W was chosen to operate the Sephora's new online store in Brazil, through the [B] Seller platform. That choice confirm the company position as the main digital platform in the country.

Financial Services o During 9M16, B2W’s credit card operations (Submarino Finance and Digital Finance) registered an

approved transaction volume of R$ 1.9 billion, representing a growth of 9% compared to 9M15. o In the same period, the receivables portfolio from these operations was R$ 1 billion, increasing by 8%

over 9M15. o On September 30, 2016, the operations registered 2,1 million credit cards issued (1.54 million for

Submarino Finance and 548 thousand for Digital Finance that includes the brands Americanas.com, Shoptime and Sou Barato).

o The advantages to the customers include the access to exclusive discounts, rewards program and additional credit limit to purchase on B2W websites. Meanwhile, advantages for B2W include lower MDR, greater customer loyalty (2.2 times higher purchase frequency) and higher average ticket (+22% bigger).

o The portfolio of Insurance and Services continues presenting strong growth, registering and average ticket increase of 31% in 3Q16 compared with 3Q15, due to the expansion of assortment in recent years to include new services and insurance, including insurance against Theft and Accidental Breakage.

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o Continuing the expansion of assortment, B2W’s sites started to offer services in the sales process and expanded the portfolio with the offer of 9 new services of facilities by Americanas.com, as Televisions, Home Theater, Wash 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 7.0, while its

main competitors have an average score of 4.3. o 73% of customers who registered complaints on Reclame Aqui website indicated their intent to buy

again from B2W’s brands, while only 47% 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 67%.

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

o As a result of the excellence in customer service, B2W was again the winner of the most important categories of Época Reclame Aqui Award 2016. Americanas.com won by the 4th consecutive time the category “E-commerce – Eletronics”; the Submarino Card won by the 3rd consecutive time the category “Banks and Financial Services – Retail/Cards” and Direct won by the first time the category “Logistics and Transportation”.

Digital Talents

o B2W Digital was the unique Çompany in Latin America to be selected to be part of a program of Advanced Analytics of University of North Carolina, in the United States. The Company was chosen, together with 20 other organizations, among the 62 that sent proposals to the Institute this year.

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 objectives previously defined in the process of projects selection.

o The Company began the expansion of its BITs in Rio de Janeiro and in São Paulo to unify the technology teams and receive the new digital talents.

Corporate Sustainability o B2W concluded the target to support 10 projects of the Bolsa de Valores Socioambiental da Bovespa

(BVSA), during the years of 2015 and 2016, based on the ONU’s Objectives of Sustainable Development. All the projects were focused on Education, Environment and Sustainable Development.

o B2W Digital reaffirmed the partnership with the non-governmental organization that is reference in technological knowledge, Recode (previously CDI), and with the State Department of Education of Rio de Janeiro (Seeduc) in the project TecEscola, starting the online courses to train 1,500 students in technology, in addition to 150 in webdesign and other 50 in Java, besides the 150 teachers of 50 schools of the state system that were already formed by the project to capacitate 15 thousand of students that are in high school in these schools.

o For the second consecutive year, B2W was the only e-commerce company selected to integrate the BM&FBOVESPA Corporate Sustainability Index (ISE) portfolio.

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FINANCIAL HIGHLIGHTS

The financial information serving as the basis for the comments below refer to 3Q16, 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 3Q16, GMV was R$ 3,060.0 million, compared to R$ 2,624.0 million in 3Q15, representing a growth of 15.8%.

Gross Revenue: In 3Q16, gross revenue was R$ 2,551.2 million, compared to R$ 2,411.1 million in 3Q15, representing a growth of 5.8%.

Net Revenue: In 3Q16, net revenue was R$ 2,065.2 million, compared to R$ 2,078.1 million in 3Q15, representing a variation of -0.6%. The reduction in net revenue compared to the growth in gross revenue (difference of 6.4 p.p.) was mainly due to changes in VAT taxation in the country, which went into effect in January 2016.

Adjusted Gross Profit: In 3Q16, adjusted gross profit was R$ 496.0 million, compared to the R$ 505.7 million registered in 3Q15, representing a variation of -1.9%. As a result, adjusted gross margin varied -0.3 p.p., from 24.3% in 3Q15 to 24% in 3Q16.

Adjusted Selling, General and Administrative (SG&A) Expenses: In 3Q16, adjusted SG&A expenses were R$ 355.0 million, representing 17.2% of net revenue, a reduction of 1.1 p.p. compared to 3Q15, when adjusted SG&A accounted for 18.3% of net revenue.

Adjusted EBITDA: In 3Q16, Adjusted EBITDA was R$ 141.0 million, compared to R$ 125.4 million in 3Q15, representing a growth of 12.4%. Adjusted EBITDA margin in 3Q16 increased by 0.8 p.p., expanding from 6.0% in 3Q15 to 6.8% in 3Q16.

Net Financial Result: In 3Q16, net financial result was R$ -275.7 million, representing a variation of 34% in relation to the R$ - 205.7 million registered in 3Q15.

Net Result: In 3Q16, the net result was R$ -144.9 million, compared to R$ -124.6 million in 3Q15.

Cash Management:

o Working Capital: Net working capital days as of September 30, 2016 was 68, an increase of 9 days compared to September 30, 2015.

o CAPEX: B2W uses its cash generation prioritizing investments that present optimal returns to shareholders. Thus, in 3Q16, consolidated investments in plant, property and equipment and intangibles (development of websites and systems) totaled R$ 96.6 million, or 3.2% of GMV, a 2.8 p.p. reduction compared to 3Q15, when capex was 6.0% of total GMV. Accordingly, Adjusted EBITDA in 3Q16 covered 146.0% of CAPEX, compared to 78.5% in 3Q15. In the first nine months of 2016, CAPEX totaled R$ 330.5 million, a decrease of 29% compared to that recorded in 9M15.

Financial Debt: B2W’s cash balance, excluding FIDC consolidation, at 09/30/2016 amounted to R$ 1,477.0

million, 2 times the sum of the Company's short-term debt and debentures, which totaled R$ 756.4 million. The Company’s leverage level (defined as Net Debt / Adjusted EBITDA LTM) was 3.2x on 09/30/2016, compared to 3.0x on 06/30/2016.

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Capital Increase:

o In May 13, 2016, it was held the Board of Directors Meeting in order to approve the proposal to increase the Company's capital, subsequently submitted for approval at an Extraordinary General Meeting, in the amount of R$ 823,000,000.00, through the private issue of 82,300,000 new common shares at an issue price of R$ 10.00 per share.

o The Capital Increase aims strength the cash of the Company and to improve its capital structure, enabling the Company to continue investing in its digital platform, accelerating the growth of its Marketplace and consolidating its leading position in the market, always seeking to best serve its customers.

o The capital increase was approved by majority at the Extraordinary General Meeting held on May 31, 2016.

Thus, shareholders had between June 1, 2016 and June 30, 2016 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 May 31, 2016.

o During the period of exercise of preemptive rights were subscribed 55,087,727 common shares, totaling

R$ 550,877,270.00.

o Between July 6 and July 22, were subscribed 27,212,273 common shares under the first and second apportionment of unsubscribed shares, totaling the amount of R$ 272,122,730.00. So, once ended the period of the two apportionment, all the shares to be issued by the Company under the capital increase was fully subscribed by the shareholders.

o Thereby, on August 1, 2016, the Board of Directors homologated the Company's Capital Increase.

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ANNEX I: ABOUT B2W DIGITAL

B2W is a digital company, leader in Latin America, whose history coincides with the development of e-commerce

in Brazil. The Company operates in the following areas: e-commerce through the brands Americanas.com,

Submarino, Shoptime and Sou Barato; consumer finance platforms (Submarino Finance and Digital Finance);

technology platform; logistics platform, distribution and customer service; and Marketplace.

With the objective to connect people, businesses, products and services on a single digital platform, B2W

constantly invests in its strategy of being closer to the customer, offering the best shopping experience, attracting

the best talents, and creating barriers to entry. As a result of these developments, the Company continues to gain

market share, year by year.

The following chart illustrates the current organizational structure of B2W:

EVOLUTION OF THE BUSINESS PLATFORM:

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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.

B2W - Companhia Digital

Income Statements

(in million of Brazilian reais) 3Q16 3Q15 Variation 9M16 9M15 Variation

Gross Merchandise Volume (GMV) 3,060.0 2,642.0 15.8% 8,022.0 7,517.0 6.7%

Gross Sales and Services Revenue 2,551.2 2,411.1 5.8% 6,854.1 7,075.1 -3.1%

Taxes on sales and services (486.0) (333.0) 45.9% (1,277.5) (969.1) 31.8%

Net Sales and Services Revenue 2,065.2 2,078.1 -0.6% 5,576.6 6,106.0 -8.7%

Cost of goods and services sold (1,569.2) (1,572.4) -0.2% (4,215.1) (4,625.7) -8.9%

Gross Profit 496.0 505.7 -1.9% 1,361.5 1,480.3 -8.0%

Gross Margin (% NR) 24.0% 24.3% -0.3 p.p. 24.4% 24.2% 0.2 p.p.

Operating Revenue (Expenses) (427.8) (446.9) -4.3% (1,149.2) (1,258.6) -8.7%

Selling expenses (337.9) (333.8) 1.2% (879.8) (974.3) -9.7%

General and administrative expenses (17.1) (46.5) -63.2% (54.6) (108.3) -49.6%

Depreciation and amortization (72.8) (66.6) 9.3% (214.8) (176.0) 22.0%

68.2 58.8 16.0% 212.3 221.7 -4.2%

Net Financial Result (275.7) (205.7) 34.0% (760.2) (548.5) 38.6%

Financial revenues 115.0 104.7 9.8% 342.4 253.9 34.9%

Financial expenses (390.7) (310.4) 25.9% (1,102.6) (802.4) 37.4%

Other operating income (expenses)* (9.7) (37.6) -74.2% (25.2) (59.0) -57.3%

Income tax and social contribution 72.3 59.9 20.7% 189.5 128.4 47.6%

Net Result (144.9) (124.6) 16.3% (383.6) (257.4) 49.0%

Net Margin (% NR) -7.0% -6.0% -1.0 p.p. -6.9% -4.2% -2.7 p.p.

Adjusted EBITDA 141.0 125.4 12.4% 427.1 397.7 7.4%

Adjusted EBITDA Margin (% NR) 6.8% 6.0% 0.8 p.p. 7.7% 6.5% 1.2 p.p.

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

Consolidated

Period ended on Setember 30

Consolidated

Period ended on Setember 30

Operating Result before Net Financial Result and

Equity Accounting

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

B2W - Companhia Digital

Income Statements

(in million of Brazilian reais) 3Q16 3Q15 Variation 9M16 9M15 Variation

Gross Merchandise Volume (GMV) 3,060.0 2,642.0 15.8% 8,022.0 7,517.0 6.7%

Gross Sales and Services Revenue 2,551.2 2,411.1 5.8% 6,854.1 7,075.1 -3.1%

Taxes on sales and services (486.0) (333.0) 45.9% (1,277.5) (969.1) 31.8%

Net Sales and Services Revenue 2,065.2 2,078.1 -0.6% 5,576.6 6,106.0 -8.7%

Cost of goods and services sold (1,661.7) (1,647.4) 0.9% (4,450.5) (4,834.9) -8.0%

Gross Profit 403.5 430.7 -6.3% 1,126.1 1,271.1 -11.4%

Gross Margin (% NR) 19.5% 20.7% -1.2 p.p. 20.2% 20.8% -0.6 p.p.

Operating Revenue (Expenses) (335.3) (371.9) -9.8% (913.8) (1,049.4) -12.9%

Selling expenses (245.4) (258.8) -5.2% (644.4) (765.1) -15.8%

General and administrative expenses (17.1) (46.5) -63.2% (54.6) (108.3) -49.6%

Depreciation and amortization (72.8) (66.6) 9.3% (214.8) (176.0) 22.0%

68.2 58.8 16.0% 212.3 221.7 -4.2%

Net Financial Result (275.7) (205.7) 34.0% (760.2) (548.5) 38.6%

Financial revenues 115.0 104.7 9.8% 342.4 253.9 34.9%

Financial expenses (390.7) (310.4) 25.9% (1,102.6) (802.4) 37.4%

Other operating income (expenses)* (9.7) (37.6) -74.2% (25.2) (59.0) -57.3%

Income tax and social contribution 72.3 59.9 20.7% 189.5 128.4 47.6%

Net Result (144.9) (124.6) 16.3% (383.6) (257.4) 49.0%

Net Margin (% NR) -7.0% -6.0% -1.0 p.p. -6.9% -4.2% -2.7 p.p.

Adjusted EBITDA 141.0 125.4 12.4% 427.1 397.7 7.4%

Adjusted EBITDA Margin (% NR) 6.8% 6.0% 0.8 p.p. 7.7% 6.5% 1.2 p.p.

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

Consolidated

Period ended on Setember 30

Consolidated

Period ended on Setember 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 203.7 257.4

Marketable securities 1,269.1 1,596.1

Accounts receivable 869.2 631.3

Inventories 1,605.7 1,435.0

Recoverable taxes 288.8 223.4

Prepaid expenses and other accounts 265.1 215.1

Total Current Assets 4,501.6 4,358.3

NON CURRENT ASSETS

Deferred income tax and social contribution 673.8 595.0

Recoverable taxes 1,083.6 1,063.1

Escrow deposits and other receivables 91.5 93.8

Plant, property and equipment 544.8 553.9

Intangible assets 2,822.8 2,784.4

Total Non-Current Assets 5,216.5 5,090.2

TOTAL ASSETS 9,718.1 9,448.5

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES

Suppliers 1,638.8 1,540.2

Loans and financing 532.2 445.8

Debentures 224.2 215.8

Salaries and social contribution 79.5 66.4

Taxes payable 44.9 35.9

Deferred income tax and social contribution 7.4 2.9

Other accounts payable 261.8 279.3

Total Current Liabilities 2,788.8 2,586.3

NON-CURRENT LIABILITIES

Loans and financing 3,465.3 3,534.2

Related parties 14.3 30.2

Provision for contingencies and other accounts payable 278.2 274.6

Total Non-Current Liabilities 3,757.8 3,839.0

SHAREHOLDERS' EQUITY

Capital 4,477.4 4,186.8

Capital reserves 35.7 33.1

Equity valuation adjustment (0.8) (0.9)

Accumulated income (losses) (1,340.9) (1,195.9)

Minority interest 0.1 0.1

Total Shareholders' Equity 3,171.5 3,023.2

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 9,718.1 9,448.5

09/30/2016

Consolidated

06/30/2016

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CASH FLOW STATEMENT

B2W - Companhia Digital

Cash Flow Statement

(in million of reais)

Operating Activities 09/30/2016 09/30/2015 Variation

Net Result for the Period (383.6) (257.3) 126.3

Adjustment to the Net Result:

Depreciation and amortization 217.9 176.1 (41.8)

Deferred income tax and social contribution (198.0) (145.6) 52.4

Interest, monetary and currency changes 416.9 223.4 (193.5)

Others 25.4 (18.1) (43.5)

Adjusted Net Result 78.6 (21.5) (100.1)

Change in Working Capital:

Accounts receivable 179.9 205.6 25.7

Inventories (185.5) 22.1 207.6

Suppliers (757.8) (773.6) (15.8)

Change in Working Capital: (763.4) (545.9) 217.5

Change in Assets:

Prepaid expenses (3.0) 3.7 6.7

Escrow deposits 1.3 9.9 8.6

Recoverable taxes (296.2) (250.5) 45.7

Other accounts receivable (current and non-current) (96.0) (25.0) 71.0

Change in Assets: (393.9) (261.9) 132.0

Change in Liabilities

Salaries and social security charges 9.5 17.1 7.6

Recoverable taxes (current and non-current) (5.8) 27.5 33.3

Other liabilities (current and non-current) (317.7) (17.2) 300.5

Change in Liabilities: (314.0) 27.4 341.4

Paid Income Tax and Social Contribution (2.1) (2.5) (0.4)

Cash Flow from Operating Activities (1,394.8) (804.4) 590.4

Investing Activities

Marketable securities 969.8 231.2 (738.6)

Purchases of property, plant and equipment assets (26.9) (98.8) (71.9)

Intangible assets (303.6) (364.8) (61.2)

Value paid for the acquisition of subsidiaries (56.1) (170.5) (114.4)

Cash Flow from Investing Activities 583.2 (402.9) (986.1)

Financing Activities

Funding 111.6 1,518.9 1,407.3

Payments (267.1) (389.7) (122.6)

Capital reserves - 4.1 4.1

Capital increase in cash 841.4 26.8 (814.6)

Cash Flow from Financing Activities 685.9 1,160.1 474.2

Change in cash balance (125.7) (47.2) 78.5

Beginning Cash Balance 329.4 195.3 (134.1)

Ending Cash Balance 203.7 148.1 (55.6)

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. To keep the consistency and the comparability between previous periods, we present the reconciliation of EBITDA. In 3Q16, Adjusted EBITDA was R$ 141.0 million. Including other operating income and expenses, EBITDA, according to CVM Instruction 527/12, would be R$ 131.3 million in 3Q16, representing 6.4% 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 09/30/2016 06/30/2016 09/30/2016 06/30/2016

Short Term Debt 532.2 445.8 532.2 445.8

Short Term Debentures 224.2 215.8 224.2 215.8

Short Term Indebtedness 756.4 661.6 756.4 661.6

Long Term Debt 3,465.3 3,534.2 2,780.1 2,875.6

Long Term Debentures - - - -

Long Term Indebtedness 3,465.3 3,534.2 2,780.1 2,875.6

Total Debt (1) 4,221.7 4,195.8 3,536.5 3,537.2

Cash and Equivalents 1,472.8 1,853.5 1,428.5 1,669.3

689.4 497.4 48.5 23.0

Total Cash (2) 2,162.2 2,350.9 1,477.0 1,692.3

Net Debt (Cash) (2) - (1) 2,059.5 1,844.9 2,059.5 1,844.9

Net Debt (Cash) / Adjusted EBITDA LTM 3.2 3.0 3.2 3.0

Average Maturity of Debt (days) 753 839 778 863

Credit Card Accounts Receivables Net of Discounts

Including FIDC

Consolidation

Excluding FIDC

Consolidation

Consolidated Accounts Receivable Reconciliation - R$ MM 09/30/2016 06/30/2016 09/30/2016 06/30/2016

Gross Credit Cards Receivables 2,302.5 1,953.3 2,302.5 1,953.3

Discounted Receivables (1,613.1) (1,455.9) (2,254.0) (1,930.3)

689.4 497.4 48.5 23.0

Present Value Adjustment (2.3) (2.5) (2.3) (2.5)

Allowance for Doubtful Accounts (15.2) (7.8) (15.2) (7.8)

Other Accounts Receivable 197.4 144.2 197.4 144.2

Net Accounts Receivable - Consolidated 869.3 631.3 228.4 156.9

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 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.

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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: