B2W Companhia Digital : announces 2Q20 Results

B2W DIGITAL ANNOUNCES GMV GROWTH OF 72.2% AND CASH GENERATION OF R$ 72.4 MM IN 2Q20

The result demonstrates the strength of the hybrid business model, with accelerated growth on the 1P (+62%) and 3P (+79%) platforms.

Rio de Janeiro, August 13, 2020: B2W Digital (B3: BTOW3), the largest and most beloved digital Company in Latin America, today announces its results for the second quarter of 2020.

KEY INDICATORS	2Q20	2Q19	Delta		1H20	1H19	Delta
Total GMV (R$ MM)	6,715	3,899	+72.2%		11,273	7,479	+50.7%
Marketplace (R$ MM)	4,107	2,289	+79.4%		6,835	4,480	+52.6%
Marketplace (% of Total GMV)	61.2%	58.7%	+2.5 p.p.		60.6%	59.9%	+0.7 p.p.
Assortment (Items/MM)	39.8	12.1	+27.7		39.8	12.1	+27.7
# Sellers (New/Thou)	14.4	5.5	+8.9		22.9	9.1	+13.8
# Sellers (Base/Thou)	69.8	31.0	+38.8		69.8	31.0	+38.8
B2W Entrega (# Sellers/Thou)	67.6	28.4	+39.2		67.6	28.4	+39.2
B2W Entrega (% of Seller base)	96.8%	91.6%	+5.2 p.p.		96.8%	91.6%	+5.2 p.p.
Mobile (% of Traffic)	81.5%	74.6%	+6.9 p.p.		81.5%	73.3%	+8.2 p.p.

MESSAGE FROM MANAGEMENT

In 2020, we started the 3 year strategic plan (2020-2022), with the aim of driving accelerated growth and continued cash generation. In the first six months of the year, we faced a challenging scenario due to the COVID-19 pandemic, which brought enormous learning and motivated us to be even more agile, seeking innovative and creative solutions to generate value for the Customer and society as a whole.

With a complete digital platform integrated with the Americanas Universe, we practice to instill our commitment to be increasingly relevant in the daily lives of the customer, always with a focus on better serving them, offering: Everything. Anytime. Anywhere.

The Americanas Universe continues to reinforce its social role and conduct actions to combat COVID-19 in Brazil, including more than R$ 62 million in donations for the transport of PPE, logistics services to São Paulo, construction of a field hospital in Rio de Janeiro, among others.

Throughout 2Q20, we challenged ourselves to implement, in record time, a series of actions aimed at revolutionizing the online shopping experience, at a time when the customer most needed convenience and security to meet their consumption needs.

We accelerated O2O (Online to Offline), which offers the best combination of the physical and digital worlds and has already established an important offering to serve customers. In 2Q20, the GMV from O2O reached R$ 920 MM (+127% vs 2Q19).

We completed the integration of Supermercado Now and launched Americanas Mercado, allowing customers to buy their complete grocery basket, including fresh items, with a customized experience and same-day deliveries. In 2Q20, the category was the Company's largest in terms of units sold and represented a growth in sales of 7x vs. 2Q19. Thus, we started to expand the Supermarket operation, including the partnership with the Grupo Big, which will enable the service to be offered to customers in several states.

We created the Local Marketplace, which uses the neighborhood concept to deliver an increasingly complete assortment, connecting more than 4,000 physical stores (Americanas and Sellers), which, through the ship from store model, delivers products to the customer within two hours. Throughout the quarter, we entered into several partnerships to connect more and more merchants on the platform, including Ale Combustíveis, Ancar Invanhoe, BR Malls, BR Mania, Delivery Center, Multiplan, among others, which together have 20,000 physical stores.

The creation of the Local Marketplace also allowed us to accelerate our entry into new segments that have a high purchase frequency, such as the launch of the Restaurants category, which has already connected important fast food chains, such as McDonald's (+1,000 stores) and Bob's (+1,000 stores).

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In order to operate all these initiatives and offer better delivery times to customers, we continue to invest in Ame Flash, our crowdshipping platform, which already has more than 20 thousand registered independent couriers and operates in more than 700 cities. Ame Flash, in conjunction with our proprietary logistics network and O2O initiatives, has allowed us to change the level of delivery times in Brazil. In 2Q20, we have already delivered more than 30% of orders on the same day, and our goal is to achieve more than 50% of same-day deliveries by 2022.

We remain committed to the objective of offering the best Brazilian online experience, through the differentiation of our platform, regardless of the strong growth in sales volume. Thus, while the market showed a strong deterioration in customer satisfaction indicators, our brands had a significant evolution in NPS, being the only representatives of eCommerce (large operations) with the RA 1000 seal, the highest level of reputation in Reclame Aqui.

Ame Digital, the fintech and mobile business platform of the Americanas Universe, surpassed the mark of 10 million downloads and continues to gain strong traction in Americanas and B2W (on-us) and other retailers in the physical and digital worlds (off-us). At the end of 2Q20, Ame had already connected more than 1.7 MM merchants, including the partnership with BR Distribuidora, which has been showing strong results with more than R$ 100 MM in TPV and 1 MM transactions in just 45 days of operation. In July/20 the off-us already represented 60% of new accounts created.

As a result of these actions, in 2Q20, we achieved the highest level of sales in our history, exceeding the results attained in 4Q19, a period that includes major sales events such as Black Friday and Christmas. This result was driven by the increase in purchase frequency and the strong performance of new categories, which generated 95% growth in the number of orders and 171% in units sold (vs. 2Q19). In comparison with 2Q19, we added ~ R$ 3 billion in sales in the quarter, with growth of 72% in Total GMV.

Our active customer base reached 19.3 MM at the end of June/20, totaling more than 5 MM new customers in the last 12 months. From January/20 to June/20, our apps were the most downloaded in the shopping category in Brazil, totaling 30.6 MM downloads and a monthly active user (MAU) base of 37.6 MM customers in June/20.

Even with the gradual reopening of physical retail, sales in July/20 and the beginning of August/20 continue at an accelerated pace, with no signs of deceleration, which demonstrates that 2Q20, which was more than an exceptional quarter, was an important inflection point in our growth trajectory.

The results achieved and the countless opportunities that present us, leave us extremely motivated to attain the strategic plan (2020-2022) and start a new journey of exponential growth, with the realization of monetization and expansion of our digital platform.

In this new journey, we will develop and expand our reach through scale and speed in new categories, generating growth, profitability and network effect in our e-commerce ecosystem and in the Americanas Universe.

Accordingly, we announced a private capital increase of R$ 4 billion that will allow for the execution of our aggressive growth plan, including organic expansion, partnerships, and possible strategic acquisitions.

This movement does not change our commitment to continue generating cash, but it will allow us to have an even faster speed of execution to continue our e-commerce revolution in Brazil.

We remain firm in our purpose of CONNECTING PEOPLE, BUSINESS, PRODUCTS AND SERVICES and in fulfilling our important social role, especially in this moment of uncertainty.

We thank our team for their engagement and enthusiasm to better serve the Customer. We also thank our suppliers for the partnership, the Marketplace sellers for choosing our platform, the shareholders for their trust and, above all, the Customers for their preference.

Marcio Cruz

CEO, B2W Digital

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2Q20 HIGHLIGHTS

• B2W Digital announced a capital increase of R$ 4.0 Bn, which will allow for the execution of our aggressive growth plan, including organic expansion, strategic partnerships, and possible strategic acquisitions.
• B2W Digital announces 95% growth in the number of orders in 2Q20. This result was driven by the increase in the purchase frequency and new customers activated in the quarter.
• B2W Digital announces growth of 171% in units sold in 2Q20, totaling more than 31 MM, with emphasis on the growth in the Supermarket category, B2W's largest in terms of units sold.
• B2W Digital reached 19.3 MM active customers in 2Q20, driven by the addition of 5.1 MM new active customers in the last 12 months.
• B2W Marketplace registered 45.6 thousand Sellers in 2Q20, setting a new record. Of this total, 14.4 thousand Sellers are already connected and selling on the platform, totaling a base of 69.8 thousand Sellers in June/20 (vs. 46.8 thousand in December/19).
• B2W Digital totaled 39.8 MM offers exiting 2Q20, providing the products that customers need most during the period of social distancing, with a differentiated service level and fast delivery. The total number of offers available increased by 226% over 2Q19, driven by Marketplace sellers.
• O2O (Online to Offline) initiatives totaled R$ 920 MM in GMV in 2Q20, an increase of 127% vs. 2Q19. In the quarter, we registered 3.3 MM orders through these initiatives.
• B2W launched the Local Marketplace platform, which, using the neighborhood concept, allows the customer to select the stores closest to their location and receive orders within two hours powered by deliveries from the store. The Local Marketplace has already connected more than 4,000 stores, including Americanas and other Sellers with physical stores in various categories such as, supermarket, pharmacy, pet supplies, and toys.
• B2W Digital launched the Restaurant category, which has high purchase frequency and already includes the connection of important fast food chains such as McDonald's and Bob's.
• B2W Digital launched Americanas ao Vivo, the first Live Commerce platform in Brazil. The initiative offers a differentiated shopping experience, improving the exposure of items in fast-growingcategories and driving conversion. Live Commerce was also expanded to Shoptime, which recruited more than 100 influencers to form its Live Creators team.
• LET'S delivered 30% of orders in the same day in 2Q20. Throughout 2Q20, same-daydeliveries made by the LET'S platform (1P and 3P operations, including the Local Marketplace), totaled 30% of total deliveries. Our goal is to reach more than 50% of same-daydeliveries by 2022.
• Initiatives of IF - Innovation and Future

1. Ame Digital, the fintech and mobile business platform of the Americanas Universe, surpassed the mark of 10 MM of downloads and continues to gain strong traction in Americanas and B2W (on- us).

1. Ame connected more than 1.7 MM merchants from the physical and digital worlds (off-us).In July/20, off-usalready represented 60% of the new accounts created.

1. Ame accelerated the partnership with BR Distribuidora, which has already registered more than R$ 100 MM in TPV and 1 million transactions via QR Code in the first 45 days of operation.

1. Ame officially launched its prepaid card, expanding its acceptance to the entire Mastercard accredited network, in addition to withdrawals from thousands of ATMs.

1. Ame expanded its financial solutions offering, with the creation of the Credit Marketplace which includes personalized loans offered by partners, such as BCredi, Creditas, Jeitto, and Rebel.

1. Ame Flash, crowdshipping platform that connects independent couriers, ended 2Q20 with more than 20,000 couriers registered and with presence in more than 700 cities.

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STRATEGIC INITIATIVES

• Commercial and Marketing

1. Assortment: The number of items offered on the sites totaled 39.8 MM at the end of 2Q20, an increase of 226% vs. 2Q19, driven by Marketplace.

1. Traffic: The number of visits to our sites and Apps surpassed the 1 billion mark in 2Q20, representing an increase of 102% vs. 2Q19.

1. Marketing and SEO: With the exponential growth in the number of items offered (SKUs) came the necessity of improving the visibility of the assortment across our websites, and demonstrating to our customers the wide product offering and vast selection that can be found across our brands (one- stop-shop).
2. • Organic Traffic: In 2Q20 the organic traffic increased 115%.
   • SEO: We were designated in the study "Os domínios mais presentes no top 10 Brasil", which was conducted by SEO specialist company, Convertion, as being awarded the first position for the Americanas brand and in the Top 5 with Submarino and Shoptime.
   • Local SEO: Integrated approach of the Americanas Universe (assortment of each store) bringing greater relevance to O2O modalities for customer navigation within search engines.
   • Search Engine: Intensive use of technology to design a new solution for page titles and descriptions, making information more clear for customers thus, allowing them to have a better experience in search engines.

• 1. Americanas Empresas: A brand dedicated exclusively for the sale of products to corporate clients (legal entity with CNPJ), which aims to bring more facilities to companies, with a wide assortment, competitiveness and the benefits of the Americanas Universe. The Americanas Corporate clients can choose to purchase for the company's own use and consumption or purchase items for resale.
  2. • In 2Q20, the most sought after departments were PCs, Health, and telephony, with emphasis on the sale of essential items for companies in the midst of the pandemic.
     • In May/20, we started selling e-Gifts at Americanas Empresas, developing an option to purchase in bulk.
• Evolution of the Marketplace
• 1. Assortment: The B2W Marketplace assortment grew by 232%, going from a base of 11.8 million items in 2Q19 to 39.4 million items at the end of 2Q20.

1. Americanas Mundo: The Cross Border operation that enables customers to purchase products from all over the world (including the US and China), creating a new growth avenue for the B2W Marketplace. Launched in March/19, the operation continues to develop rapidly.
2. • In 2Q20, the Cross Border operation was expanded to Sou Barato, another growth front for the sale of international products.

1. B2W Marketplace University: In 2Q20, more than 2 thousand Sellers received online training on the use of technology platforms. The training offered was highlighted in major media outlets, which reinforced the importance of training in the pandemic period.

• 1. Uni360º: To further integrate the Seller's experience within the platform, the B2W Marketplace University implemented the Uni360º on the Partner Portal, a series of videos that assist the seller when registering items, encouraging an increase in assortment.
• Mobile Platform
• 1. Traffic: Throughout 2Q20, mobile traffic represented 81.5% of total visits, an increase of 6.9 p.p. compared with 2Q19.

1. Apps: 92.6 million downloads of the brands' apps since inception. In the first six months of 2020, our apps totaled 30.6 million downloads. The Americanas app was the most downloaded in the shopping category in Brazil in 2Q20 and 1H20.

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• 1. MAU: Exiting 2Q20, the brand apps totaled 37.6 million active users (Monthly Active Users - Source: App Annie).
• UX (Customer Experience):
  o Local Marketplace: The same convenience structure developed for Americanas physical stores, is now available on the Marketplace. In this way, Sellers of different categories can make their sales for delivery or pick up on the same day.
• • Special Showcase: Allows for the availability of selected promotions with prominent display and the option of a banner for the promotion of campaigns aimed at seasonal events.
  • Regional Offer: Allows for the browsing of assortment in a regionalized way, with a highlight on the product page for the buy and receive today modality.
  • Store share: We launched the option to share a store within the Buy and Receive Today modality. This action is aimed both at users who browse our sites and applications, as well as at the establishment's operation to disseminate information, offers and news for your region.

1. Americanas Mercado: We integrated the online Supermarket shopping platform, Supermercado Now, as a mini app, creating Americanas Mercado, to offer greater convenience to customers.

1. Freight menu: In June/20, we started to display a range of dates on the site instead of showing a delivery deadline in business days, thus increasing conversion rates.

1. Submarino
2. • New menu in the App: We updated the Submarino App menu layout, increasing the agility of navigation between product categories and facilitating the exposure of all available content and assortment. The new menu has the categories, highlights, and services presented in "cards" to make navigation more intuitive and accessible.
   • Furniture assembly: Customers who purchase products from the furniture department can also choose to hire the assembly service, with specialized service and a 3-month warranty.

• 1. Shoptime
  2. • Floating Button: We have included a floating "buy" button on the Shoptime product pages that allows the customer to be directed to their cart from anywhere on the page, increasing conversion rates. In this new area, we display the items best price, payment terms, and cashback.
     • Video on the product page: In order to highlight the video content on the Shoptime mobile product page, we created a display button. After the improvement, we experienced a 49% increase in conversion rates among customers who watched the videos.
• B2WADS:
• 1. With a specialized team of more than 50 people divided across the Business and Technology fronts, B2WADS is a complete advertising platform focused on leveraging the sale of business partners, including Sellers and suppliers. The platform offers advertising solutions with an integrated O2O approach, allowing for customer impact at various points in the purchase journey.
  2. • In 2Q20, B2WADS posted a 283% growth in revenue versus 2Q19, in addition to a significant increase in profitability.
     • In the quarter, several features were developed with a focus on the Marketplace Seller, with the automation of the Seller's experience when investing in advertising and a more integrated exposure with the sales algorithm of B2W websites.
     • Throughout 2Q20, there was a 300% increase in investments from players in the Consumer Goods industry, who have been exploring options for display media, performance, and other

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special formats. Customers such as Nestlé, Nespresso, L'Oréal, and Unilever have utilized the B2WADS O2O focused advertising solutions.

• Financial Services

1. Credit Promotion: Throughout 1H20, B2W and Cetelem's joint venture (Submarino Finance and Digital Finance) recorded volume of R$ 1.8 billion in approved transactions. In the same period, the receivables portfolio for these operations was R$ 1.5 billion.
2. • In June/20, the Credit Promoter reported 3.4 MM cards issued (2.0 MM on Submarino Finance and 1.4 MM on Digital Finance, which includes the brands Americanas.com, Shoptime and Sou Barato).

• 1. Credit Seller: Marketplace Sellers can access loans quickly, securely, simply, and 100% online. The contracts can be made for payment in installments (installment credit) or in full payment (single installment credit) and, aiming to meet the requests of the Sellers, we implemented innovations in the functionalities and methods of contracting these products:
  2. • Credit in installments now have a longer payment term, and can reach up to 24 months.
     • We implemented Credit Seller as a payment method in B2WADS, allowing for greater media investments by Sellers.
     • Partnership with the Americanas Empresas brand, with the possibility of purchasing negotiations to replenish inventory as if they were in cash, however, with the flexibility in the terms of the payment method, through the Credit Seller.
     • At the end of 1Q20, we implemented a new type of credit, Flex Credit, which allows the Seller to define a fixed percentage to be committed to its sales. In this new product, the Seller has a completely flexible operation that adapts to the seasonality of its sales on the platform.
     • As a measure to support the impacts of the COVID-19 pandemic, we expanded the base of Sellers eligible for credit, opened up the possibility of renegotiating contracts, offering longer terms, reducing the value of the installment and treating, on a case-by-case basis, the best conditions so that our Sellers are impacted as little as possible in that period.
     • In August/20, the FIDC proposal of B2W (Sellers) and Ame Digital (Merchants), in partnership with Integral Investimentos, dedicated to granting credit to MPMEs, was prioritized by BNDES (moving on to the next phase of analysis and diligence) to integrate a set of initiatives of the bank to face the impact caused by COVID-19. BNDESPAR will invest up to R$ 4 Billion in the credit funds and may invest up to R$ 500 Million per fund.
• Customer Service
• 1. B2W Digital's main brands are regarded as industry benchmarks in customer service, being the only representatives of eCommerce (large operations) with the RA 1000 seal, the high level reputation by Reclame Aqui.
  2. • The average score on Reclame Aqui website for B2W's brands is 8.6, while the main competitors have an average score of 7.0.
     • 81.5% of customers who registered complaints on Reclame Aqui website indicated their intent to buy again from B2W's brands, while only 60.9% 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 93.2% while the average solution rate of competitors' brands is 79.9%.

1. In the 1H20, the average complaint solution time was reduced by 23.4% in the 1P and by 14.1% on 3P, significantly improving the service experience compared to 1H19.

1. WhatsApp: A customer service channel via WhatsApp, promoting innovative and friendly communication throughout the main stages of purchase. To develop the new service channel, we adopted artificial intelligence in the creation of a virtual assistant, capable of talking to customers and recognizing their needs. The project was developed in partnership with Google, using Dialogflow of the Google Cloud, which allows for the creation of a more natural conversation experiences.
2. • Currently, 61% of orders are being tracked with WhatsApp.

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• • Millions of messages are sent monthly with the tracking request, and the client base that opted to receive communication by the app reached 9 million.
• O2O (Online to Offline)

Using the concept of "Everything. Anytime. Anywhere." the O2O initiatives of Americanas and B2W have been enhancing customers' shopping experience and growing at a rapid pace. In 2Q20, these combined initiatives recorded GMV of R$ 920 million, an increase of 127% vs 2Q19.

1. LASA Seller: In 2Q20, the initiative maintained the accelerated pace of growth, recording sales that are 5x higher than the same period last year. Due to the COVID-19 scenario, commercial actions focused on basic necessities items were reinforced, resulting in a 60% increase in the number of SKUs sold.

1. Click and Collect Now: Available in all 1,702 Americanas, allowing the customer to purchase the store's inventory online and pick up the product within 1 hour without shipping costs. The modality continues its rapid development, reaching the mark of more than 300 thousand orders in 2Q20.

1. Ship from Store: Purchase products online from the nearest store and receive them within 2 hours at the desired address. The service, available at the 1,702 Americanas, has been expanded to B2W Marketplace Sellers stores, allowing same-day deliveries from 4,000 stores.

1. Click and Collect: Buy online and withdraw at the physical store. In 2019, we became the largest network of pick-up points in Brazil, and in 2Q20 reached 9,075 connected points (Americanas, Sellers stores, and partner points) in more than 5 thousand municipalities, offering 99% of the Brazilian population access to the service.

• 1. Infinite Shelf: Assisted sales operation at Americanas for products offered on the digital platform (1P and 3P). In 2Q20, the operation had an average ticket approximately 15x higher than in physical stores and 25% growth in sales in relation to 2Q19, even with the closing of approximately 30% of stores due to COVID-19.
• LET'S - Logistics and Distribution

The shared management platform for the logistics and distribution assets of LASA and B2W, which aims to optimize the operations of the Companies through a flexible Fulfillment model.

1. Delivery Time: In 2Q20, deliveries made by LET'S (1P and 3P operations, including the Local
   Marketplace) conducted 30% of total deliveries on the Same Day. Two day delivery represented 58% of total deliveries.

1. Fulfillment Centers: LET's operates 17 FCs in 8 states (MG, PA, PE, PR, RJ, RS, SC, and SP). By the end of 2020, we will open an additional 3 Fulfillment centers in three different states.

• 1. B2W Entrega: Reached more than 67.6 thousand Sellers at the end of 2Q20, representing 96.8% of the total Seller base and participating in more than 80% of orders placed on the Marketplace.
  2. • Integrated Platform: The integrated logistics services platform increases cross-selling, allowing Sellers to connect complementary logistics services, such as B2W Fulfillment, Click & Collect and Ship from Store.
     • B2W Fulfillment: Reached a total of 908 Sellers connected, with their inventory operated by the platform, ensuring shorter lead times and more competitive freight costs. Through B2W Fulfillment, the customer gets the best shopping experience, where the entire logistics process (inventory, transportation and fulfillment) is operated by B2W.
• IF - Innovation and Future

Faced with the context of accelerated transformation of the physical and digital worlds, and in order to capture the opportunities generated by this new business environment, in 2018, IF - Innovation and Future was created, outside Americanas and B2W operations. IF was conceived with the mission of creating disruptive business and leveraging various initiatives of the Companies. IF's main verticals include: incubating new business, accelerating existing initiatives, investing in startups (venture capital), leading the O2O fronts, and prospecting new opportunities, including M&A operations.

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1. Ame: Fintech and mobile business platform, and among the first initiatives of IF, continues to accelerate and deliver impressive metrics.
2. • Ame Digital reached 10.1 million downloads and continues to gain strong traction at Americanas and B2W, optimizing the offer of discounts to customers through cashback, generating greater purchase frequency and increasing Customer spending.
   • Ame connected more than 1.7 MM merchants from the physical and digital worlds (off-us). In July/ 20, off-us already represented 60% of the new accounts created.
   • The campaign #AmeFazerSuaParte("AmeDoingYourPart") intermediated a total of R$ 4.5 million in donations, with a strong presence on social media. Using mini-app technology, Ame leveraged its donation platform by supporting more than 70 NGOs.
   • Ame officially launched its prepaid card, expanding its acceptance to the entire Mastercard accredited network. The card allows the user to use the balance of the wallet for payments in physical stores and online, in addition to allowing withdrawals from thousands of ATMs throughout Brazil.
   • Ame announced the expansion of its financial solutions offering, with the creation of a Credit Marketplace. Through the platform, customers can contract personalized loans quickly and simply through a 100% digital process. Currently, it is possible to contract various formats of personal loans offered by partners such as BCredi, Creditas, Jeitto, and Rebel.
   • Ame accelerated the partnership with BR Distribuidora, which has already registered more than R$ 100 MM in TPV and 1 million transactions via QR Code in the first 45 days of operation, making it possible to pay quickly and securely with Ame.
   • Ame has integrated with new technology platforms to expand acceptance in the online world. Throughout 2Q20, Ame Plus was connected to the Magento, WooComerce and Payhow.
   • In June, the Ame Scan&Go pilot was launched, which allows customers to scan the barcode of products in the store and pay with the app, without having to go to the cashier.
   • Ame Digital already has more than 45 features, with the aim of simplifying the lives of customers.

• 1. Ame Flash: In order to accelerate O2O initiatives, Ame Flash connects independent couriers (motorcycle, bicycle, and other modes), enabling for the delivery of products to customers within 2 hours, from the 1,700 physical stores of Americanas and the physical stores of B2W Marketplace Sellers. The app already has 20 thousand couriers and has surpassed the mark of 700 cities served.
• Digital Team
• 1. Summer Job Program: The program selects students from the best universities to work on the Company's projects. In June/ 20, we received 9 students from international schools who, in addition to carrying out the development of the project, are participating in meetings with managers, as well as technical and behavioral training with the Human Resources team.

1. Meetups: In 2Q20, B2W Digital continued the rounds of meetups, holding more than 10 meetings in an online format. The meetings are moments of exchange of information and experiences on a specific topic, involving professionals from the technology communities and other topics, with the B2W team. During this period, we had meetings with the communities of "Recursos Humanos", "Mentoria", "CyberSecurityGirls BR", "Perifacode", and "Node.js Rio", among others.

1. Giro 360º: For the purpose of promoting knowledge and interaction between the areas of the Company. In 2Q20, 14 presentations were made involving business and technology areas of the Americanas Universe, providing global business knowledge and vision about the reality and performance of the Company.

1. On LET´S: In 2Q20 we launched On LET´S, an online workshop for the leadership of our Fulfillment Centers, which addresses topics chosen by the managers themselves. Since May/20, we have held
   14 Talks, with themes such as "Culture of Engagement", "CNV - Non-Violent Communication" and "Leader Communicator".

1. Online Learning: We promoted changes in our training that began to be conducted 100% online. In 2Q20, more than 50 training sessions were held on various topics, such as Adobe, Machine

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Learning, Power BI, Python, Salesforce, Scrum, Treinamento de Entrevistas, DRE, Canvas, Oratória, PDCA, PDI, Excel, Process Management, Financial Management, Indicators, among others.

• Corporate Governance and Sustainability

In line with the Global Compact principles and the Agenda 2030 Sustainable Development Objectives (SDO), a United Nations initiative, in 2Q20 we continued advancing our sustainability strategies.

1. COVID-19Donations: The Americanas Universe continues to reinforce its social role and conduct actions to combat COVID-19 in Brazil, including more than R$ 62 million in donations for the transport of PPE, logistics services to São Paulo, construction of a field hospital in Rio de Janeiro, among others.

1. ISE: For the sixth consecutive year, B2W was selected for the ISE portfolio, B3's Corporate Sustainability Index, which assesses companies' commitments to sustainable development and recognizes those that promote best practices.

1. Pacts, commitments and ethics: B2W is a signatory to the Business Pact for Integrity and Anti- Corruption, an initiative developed by the Ethos Institute, which aims to unite companies and promote a more honest and ethical market, eradicating bribery and corruption. It is also part of the UN Principles of Women's Empowerment, as well as the "Business Coalition for Racial and Gender Equity" and the "Business Charter for Human Rights and the Promotion of Decent Work", both from the Ethos Institute.

1. Diversity and Inclusion: We enable the sites to be accessible to people with hearing, visual and motor disabilities through Hand Talk and Essential Accessibility, enabling the site to be read in sign language (for the hearing impaired), out loud (for the visually impaired), and only with eye movement (for the disabled).

1. Social Impact: The Jirau da Amazônia project, carried out in partnership with the Amazonas Sustainable Foundation, promotes the sale of products by local indigenous and riverside artisans on the Americanas digital platform throughout Brazil, with the proceeds reverted to the development of the project. In light of the social distancing and the prohibition of tourist activity in the communities, Jirau da Amazônia is the only means of selling products by artisans.

1. Operation Carbon Neutral: As a way to contribute to SDG 13, Action Against Global Climate Change, we offset greenhouse gas (GHG) emissions, becoming a Carbon Neutral operations Company. Altogether, the compensation of B2W and the parent company Americanas contributed to avoid 1.4 million tCO2eq of emissions per year, in addition to supporting the conservation of 1.1 million hectares of the Amazon Forest.

1. Annual Report 2019: In line with our commitment to sustainable development and improvement to communicate the Company's performance, for the sixth consecutive year, the guidelines outlined by the Global Report Initiative (GRI) were adopted in the global indicator model for reporting sustainability. The report also shows actions in line with the Universal Principles of the Global Compact and with the Sustainable Development Goals (SDGs).

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FINANCIAL HIGHLIGHTS

The financial information serving as the basis for the comments below refer to 2Q20, and are in compliance with international financial reporting standards (IFRS), the standards issued by the Securities and Exchange Commission of Brazil (CVM), as well as the listing regulations of the Novo Mercado and in Brazilian reais (R$). Definitions for adjusted financial metrics can be found in Annex III and Annex V.

• Total GMV: In 2Q20, Total GMV of R$ 6,714.7 million, an increase of 72.2% compared to the R$ 3,899.2 million registered in 2Q19. For the 1H20, Total GMV increased by 50.7%, from R$ 7,478.5 million in the 1H19 to R$ 11,272.7 million in 1H20.
• Gross Revenue: In 2Q20, gross revenue totaled R$ 3,020.3 million, an increase of 63.8% in comparison to the R$ 1,843.6 million registered in 2Q19. For the 1H20, gross revenue of R$ 5,125.7 million represents an increase of 48.5% when compared to the R$ 3,451.9 million in 1H19.
• Net Revenue: In 2Q20, net revenue totaled R$ 2,433.7 million, an increase of 64.7% in comparison to the R$ 1,477.8 million registered in 2Q19. For the 1H20, net revenue increased 49.6%, from R$ 2,760.4 million in 1H19 to R$ 4,129.9 million in 1H20.
• Adjusted Gross Profit: In 2Q20, adjusted gross profit totaled R$ 761.1 million, an increase of 67.3% vs. the R$ 454.9 million registered in 2Q19. Adjusted gross margin reached 31.3% in 2Q20 vs. 30.8% in 2Q19. For 1H20, gross profit totaled R$ 1,287.9 million, representing an increase of 49.3% in relation to the R$ 862.8 million in 1H19, with margin going from 31.3% in 1H19 to 31.2% in 1H20.
• Adjusted Selling, General and Administrative (SG&A) Expenses: In 2Q20, adjusted expenses totaled R$ 576.4 million vs. the R$ 344.7 million registered in 2Q19. The SG&A as a percentage of GMV decreased by 0.2 p.p., to 8.6% in 2Q20 vs. 8.8% in 2Q19. For the 1H20, expenses of R$ 975.7 million compared to R$ 669.4 million in 1H19, which represents a reduction of 0.3 p.p. as a percentage of GMV, from 9.0% to 8.7%.
• Adjusted EBITDA: In 2Q20, adjusted EBITDA reached R$ 184.7 million, an increase of 67.6% compared with the R$ 110.2 million in 2Q19. Adjusted EBITDA margin went from 7.5% in 2Q19 to 7.6% in 2Q20, an increase of 0.1 p.p. For the 1H20, adjusted EBITDA reached R$ 312.3 million, representing an increase of 61.5% in relation to the R$ 193.4 million in 1H19, with EBITDA margin going from 7.0% in 1H19 to 7.6% in 1H20.
• Other operating income (expenses): In 2Q20, the other operating income (expenses) reached R$ 21.3 million vs. the R$ 12.5 million registered in 2Q19. For the 1H20, other operating income (expenses) totaled R$ 36.1 million compared with the R$ 24.2 million in 2H19.
  The growth in other operating income (expenses) line is related to non-recurring expenses due to COVID- 19, including employee testing, distribution of PPE, donations, among others.
• Net Financial Result: In 2Q20, the net financial result reached R$ -114.3 million vs. R$ -158.4 million in 2Q19, which represents an improvement of 27.8%. For the 1H20, the net financial result reached R$ -
• 1. million, representing an improvement of 28.7% in relation to the R$ -314.5 million in 1H19.
• Net Result: In 2Q20, the net result reached R$ -74.6 million vs. R$ -127.6 million in 2Q19, an improvement of 41.5%. The net margin showed an evolution of 5.5 p.p., from -8.6% in 2Q19 to -3.1% in 2Q20. For the 1H20, the net result was R$ -182.6 million, representing an improvement of 31.6% in relation to the R$ -
• 1. million in 1H19, with net margin going from -9.7% in 1H19 to -4.4% in 1H20, an evolution of 5.3 p.p..

10

• Cash Management:

1. Cash Generation: In 2Q20, cash generation reached R$ 72.4 MM. Cash generation in the quarter is associated with the continued acceleration of the Marketplace and the constant gain in efficiency of the 1P operation, with a focus on curating the assortment to maximize results.
   As a way of capturing all the effects, cash generation or consumption is measured by the variation in net debt in relation to the previous quarter, always disregarding any resources from capital increase operations.

1. Working Capital: -15 days in June/20 (improvement of 19 days vs. 2Q19). This result reflects the 1P assortment curation and assortment review process, the optimization of the merchandise planning, as well as the increased 3P (Marketplace) share of total sales.
   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).

• 1. CAPEX: B2W uses its cash generation by prioritizing investments that present optimal returns to shareholders. Accordingly, in 2Q20, CAPEX totaled R$ 171.5 MM, representing 2.6% of Total GMV.
• Capital Raise

1. On July 21, 2020, a meeting of the Board of Directors was held with the purpose of approving the
   Company's capital increase in the amount of R$ 4,000,000,035.00 (four billion and thirty five reais), through private subscription of 34,782,609 new common shares, nominative and without par value, at the issue price of R$ 115.00 per share.

1. The capital increase is intended to allow the acceleration of the strategic growth plan, including any strategic acquisitions, while maintaining the cash generation commitment.

1. On July 27, 2020, the period for the subscription of preemptive rights began, which should be exercised until August 25, 2020.

• 1. Lojas Americanas S.A. the controlling shareholder of the Company, committed to exercise the preemptive right to subscribe the shares, in proportion to its participation in the capital of the Company, as well as to subscribe up to the totality of the eventual balance of shares not subscribed in the scope of the capital increase.
• Rating

1. On July 25, 2020, the risk rating agency Fitch Ratings, Inc. gave the Company a corporate rating of AAA(bra) on the National Scale of Brazil, with a stable outlook.

11

ANNEX I: ABOUT B2W DIGITAL

B2W Digital is the leader in e-commerce 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 a fast growing Marketplace operation. The platform built over the years allows B2W to also offer technology, logistics, distribution, customer service and payments.

DIGITAL PLATFORM AND B2W VIRTUOUS CYCLE:

12

ANNEX II: FINANCIAL STATEMENTS

EXCLUDING EFFECTS OF CONSOLIDATION OF B2W DIGITAL'S TRANSPORTATION SUBSIDIARIES

	B2W - Companhia Digital
	Income Statements¹		Consolidated				Consolidated
	Period ended on June 30		Period ended on June 30
	(in million of Brazilian reais)	2Q20	2Q19	Variation		1H20	1H19	Variation
	Gross Merchandise Volume (GMV)	6,714.7	3,899.2	72.2%	11,272.7	7,478.5	50.7%
	Gross Sales and Services Revenue	3,020.3	1,843.6	63.8%			3,451.9	48.5%
		5,125.7
	Taxes on sales and services	(586.7)	(365.8)	60.4%		(995.8)	(691.5)	44.0%
	Net Sales and Services Revenue	2,433.7	1,477.8	64.7%		4,129.9	2,760.4	49.6%
	Cost of goods and services sold	(1,672.6)	(1,022.9)	63.5%	(2,842.0)	(1,897.6)	49.8%
	Gross Profit	761.1	454.9	67.3%	1,287.9	862.8	49.3%
	Gross Margin (% NR)	31.3%	30.8%	0.5 p.p.	31.2%	31.3%	-0.1 p.p.
	Operating Revenue (Expenses)	(727.0)	(472.9)	53.7%	(1,272.4)	(923.9)	37.7%
	Selling expenses	(517.1)	(309.0)	67.3%	(866.1)	(587.3)	47.5%
	General and administrative expenses	(59.3)	(35.7)	66.1%	(109.6)	(82.1)	33.5%
	Depreciation and amortization	(150.6)	(128.2)	17.5%			(254.6)	16.6%
		(296.8)
	Operating Result before Net Financial Result and	34.1	(18.0)	289.4%		15.5	(61.1)	125.4%
	Equity Accounting
	Net Financial Result	(114.3)	(158.4)	-27.8%		(224.3)	(314.5)	-28.7%
	Financial revenues	86.9	122.0	-28.7%		184.9	241.8	-23.5%
	Financial expenses	(201.2)	(280.3)	-28.2%		(409.2)	(556.3)	-26.4%
	Non-controlling shareholder participation	(5.6)	0.0	-		(16.6)	0.0	-
	Other operating income (expenses)	(21.3)	(12.5)	70.4%		(36.1)	(24.2)	49.2%
	Income tax and social contribution	32.5	61.3	-47.0%		79.0	133.1	-40.6%
	Net Result	(74.6)	(127.6)	-41.5%		(182.5)	(266.8)	-31.6%
	Net Margin (% NR)	-3.1%	-8.6%	5.5 p.p.		-4.4%	-9.7%	5.3 p.p.
	Adjusted EBITDA	184.7	110.2	67.6%	312.3	193.4	61.5%
	Adjusted EBITDA Margin (% NR)	7.6%	7.5%	0.1 p.p.	7.6%	7.0%	0.6 p.p.

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

NON-EXCLUDING THE CONSOLIDATION OF B2W DIGITAL'S TRANSPORTATION SUBSIDIARIES

	B2W - Companhia Digital
	Income Statements¹		Consolidated				Consolidated
	Period ended on June 30		Period ended on June 30
	(in million of Brazilian reais)	2Q20	2Q19	Variation		1H20	1H19	Variation
	Gross Merchandise Volume (GMV)	6,714.7	3,899.2	72.2%	11,272.7	7,478.5	50.7%
	Gross Sales and Services Revenue	3,020.3	1,843.6	63.8%		3,451.9	48.5%
		5,125.7
	Taxes on sales and services	(586.7)	(365.8)	60.4%		(995.8)	(691.5)	44.0%
	Net Sales and Services Revenue	2,433.7	1,477.8	64.7%		4,129.9	2,760.4	49.6%
	Cost of goods and services sold	(1,765.9)	(1,080.2)	63.5%		(2,995.4)	(2,015.0)	48.7%
	Gross Profit	667.8	397.6	68.0%		1,134.5	745.4	52.2%
	Gross Margin (% NR)	27.4%	26.9%	0.5 p.p.	27.5%	27.0%	0.5 p.p.
	Operating Revenue (Expenses)	(633.7)	(415.6)	52.5%	(1,119.0)	(806.5)	38.7%
	Selling expenses	(423.8)	(251.7)	68.4%	(712.6)	(469.9)	51.7%
	General and administrative expenses	(59.3)	(35.7)	66.1%	(109.6)	(82.1)	33.5%
	Depreciation and amortization	(150.6)	(128.2)	17.5%	(296.8)	(254.6)	16.6%
	Operating Result before Net Financial Result and	34.1	(18.0)	289.4%	15.5	(61.1)	125.4%
	Equity Accounting
	Net Financial Result	(114.3)	(158.4)	-27.8%	(224.3)	(314.5)	-28.7%
	Financial revenues	86.9	122.0	-28.7%	184.9	241.8	-23.5%
	Financial expenses	(201.2)	(280.3)	-28.2%	(409.2)	(556.3)	-26.4%
	Non-controlling shareholder participation	(5.6)	0.0	-	(16.6)	0.0	-
	Other operating income (expenses)	(21.3)	(12.5)	70.4%	(36.1)	(24.2)	49.2%
	Income tax and social contribution	32.5	61.3	-47.0%	79.0	133.1	-40.6%
	Net Result	(74.6)	(127.6)	-41.5%	(182.5)	(266.8)	-31.6%
	Net Margin (% NR)	-3.1%	-8.6%	5.5 p.p.	-4.4%	-9.7%	5.3 p.p.
	Adjusted EBITDA	184.7	110.2	67.6%	312.3	193.4	61.5%
	Adjusted EBITDA Margin (% NR)	7.6%	7.5%	0.1 p.p.	7.6%	7.0%	0.6 p.p.
								13

BALANCE SHEET

B2W - Companhia Digital

Balance Sheet

(in million of Brazilian reais)	06/30/2020	03/31/2020
ASSETS
CURRENT ASSETS
Cash and cash equivalents	3,904.0	3,682.3
Marketable securities	2,699.2	2,867.2
Accounts receivable	566.4	518.8
Inventories	1,295.4	1,194.0
Recoverable taxes	748.6	712.0
Prepaid expenses and other accounts	484.4	480.5
Total Current Assets	9,698.1	9,454.9
NON CURRENT ASSETS
Marketable Securities and other financial assets	97.4	92.3
Deferred income tax and social contribution	1,409.0	1,374.2
Recoverable taxes	1,255.5	1,273.8
Escrow deposits and other receivables	191.8	171.4
Investments	66.3	54.7
Plant, property and equipment	388.6	396.9
Intangible assets	3,086.3	3,048.7
Right of use asset	252.4	262.0
Total Non-Current Assets	6,747.2	6,674.0
TOTAL ASSETS	16,445.3	16,129.0
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Suppliers	2,996.4	2,690.7
Loans and financing	899.2	1,192.2
Debentures	4.6	2.8
Salaries and social contribution	99.1	60.8
Taxes payable	98.3	54.2
Deferred income tax and social contribution	3.4	1.5
Other accounts payable	430.5	395.0
Lease liability	77.3	79.4
Total Current Liabilities	4,609.0	4,476.5
NON-CURRENT LIABILITIES
Loans and financing	5,689.5	5,393.8
Debentures	200.0	200.0
Related parties	-	42.0
Provision for contingencies and other accounts payable	166.3	166.3
Lease liability		210.2	218.7
Total Non-Current Liabilities	6,266.0	6,020.8
SHAREHOLDERS' EQUITY
Capital	8,325.6	8,289.6
Advance for future capital increase	-	-
Capital reserves	20.9	43.7
Accumulated income (losses)	(2,776.2)	(2,701.6)
Total Shareholders' Equity	5,570.3	5,631.6
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	16,445.3	16,129.0

14

CASH FLOW STATEMENT

B2W - Companhia Digital
Cash Flow Statement
(in million of reais)		Consolidated
Operating Activities	6/30/2020	6/30/2019	Variation
Net Result for the Period	(182.6)	(266.8)	84.2
Adjustment to the Net Result:
Depreciation and amortization	298.7	256.1	42.6
Deferred income tax and social contribution	(82.2)	(137.3)	55.1
Interest, monetary and currency changes	139.3	302.8	(163.5)
Equity accounting	16.6	-	16.6
Others	(20.4)	(35.0)	14.6
Adjusted Net Result	169.4	119.8	49.6
Change in Working Capital:
Accounts receivable	295.4	(212.9)	508.3
Inventories	(350.7)	29.3	(380.0)
Suppliers	166.6	(113.5)	280.1
Change in Working Capital:	111.3	(297.1)	408.4
Change in Assets:
Prepaid expenses	(1.8)	6.5	(8.3)
Escrow deposits	(16.2)	(15.0)	(1.2)
Recoverable taxes	(122.8)	(49.8)	(73.0)
Other accounts receivable (current and non-current)	68.6	71.9	(3.3)
Change in Assets:	(72.2)	13.6	(85.8)
Change in Liabilities
Salaries and social security charges	38.4	4.5	33.9
Recoverable taxes (current and non-current)	(8.9)	(11.2)	2.3
Other liabilities (current and non-current)	(57.6)	(29.2)	(28.4)
Accounts payable/receivable (related companies)	(46.3)	56.7	(103.0)
Change in Liabilities:	(74.4)	20.8	(95.2)
Interest Expense on Loans and Debentures	(166.9)	(215.3)	48.4
Settlement of interest in leases	(12.3)	(10.7)	(1.6)
Paid Income Tax and Social Contribution	(5.4)	(5.2)	(0.2)
Cash Flow from Operating Activities	(50.5)	(374.1)	323.6
Investing Activities
Marketable securities	375.8	(326.0)	701.8
Purchases of property, plant and equipment assets	(16.4)	(5.6)	(10.8)
Intangible assets	(267.9)	(221.3)	(46.6)
Capital increase in related parties	(17.2)	-	(17.2)
Value paid for the acquisition of subsidiaries	(2.7)	(1.1)	(1.6)
Cash Flow from Investing Activities	71.6	(554.0)	625.6
Financing Activities
Funding	1,103.3	1,766.4	(663.1)
Payments	(718.1)	(612.6)	(105.5)
Payment of lease liabilities	(47.7)	(32.1)	(15.6)
Capital increase cash	9.7	-	(9.7)
Cash Flow from Financing Activities	347.2	1,121.7	(774.5)
Change in cash balance	368.2	193.3	174.9
Beginning Cash Balance	3,535.8	3,119.9	415.9
Ending Cash Balance	3,904.0	3,313.2	590.8

15

ANNEX III: NOTE REGARDING FINANCIAL STATEMENT

Effects in the consolidation of B2W Digital's transportation subsidiaries

BFF Logistics and Distribution, a subsidiary of B2W Digital, provides 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.

Consolidated gross profit is reduced in proportion to the positive effect observed on selling, general and administrative expenses, but 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 2Q20, Adjusted EBITDA was R$ 184.7 million. Including other operating income and expenses and the equity income, EBITDA, according to CVM Instruction 527/12, would be R$ 157.8 million in 2Q20 (6.5% of NR) vs. R$ 97.7 MM in 2Q19 (6.6% of NR).

	Consolidated EBITDA Reconciliation - R$ MM		2Q20		1Q19		∆ %			1H20		1H19		∆ %
	(=) Adjusted EBITDA		184.7		110.2		67.6%		312.3		193.4		61.5%
	(+) Other Operating Income (Expenses)		(21.3)		(12.5)		70.4%		(36.1)		(24.2)		49.4%
	(+) Equity Accounting		(5.6)	-	-			(16.6)		-		-
	(=) EBITDA (CVM 527/12)		157.8	97.7	61.5%	259.6	169.2	53.4%

16

ANNEX IV: INDEBTEDNESS

			Including FIDC		Excluding FIDC
			Effects		Effects
	Consolidated Indebtedness - R$ MM		6/30/2020		6/30/2019		6/30/2020		6/30/2019
	Short Term Debt	899.2	1,157.8	498.0	968.1
	Short Term Debentures	4.6	8.0	4.6	8.0
	Short Term Indebtedness	903.9	1,165.8	502.6	976.1
	Long Term Debt	5,689.5	6,733.5	5,689.5	6,733.5
	Long Term Debentures	200.0	200.0	200.0	200.0
	Long Term Indebtedness	5,889.5	6,933.5	5,889.5	6,933.5
	Gross Debt (1)		6,793.4		8,099.3		6,392.1		7,909.6
	Cash and Equivalents	6,700.6	5,562.3	6,700.6	5,562.3
	Credit Card Accounts Receivables Net of Discounts	504.2	453.0	102.9	263.3
	Total Cash (2)		7,204.8		6,015.3		6,803.5		5,825.6
	Net Debt (Cash) (2) - (1)		411.4		(2,084.0)		411.4		(2,084.0)
	Cash Generation (Consumption) ¹		72.4		6.4		72.4		6.4
	Average Maturity of Debt (days)		1,100		1,155		1,148		1,178

1Cash generation of consumption is measured by the change in net debt compared to the previous quarter, disregarding any capital increase operations.

Accounts receivable are mainly composed of credit card receivables, net of the discounted value, which have immediate liquidity and can be considered as cash.

In December/18, the Board of Directors approved the structuring of the FIDC (Credit Card Receivables Advance Fund) with shareholders' equity of R$ 1.1 billion. The FIDC is a unique tool in the market, representing an important source of fundraising.

The composition of accounts receivable from B2W is shown in the following table:

				Including FIDC		Excluding FIDC
				Consolidation		Consolidation
	Consolidated Accounts Receivable Reconciliation - R$ MM		6/30/2020		6/30/2019		6/30/2020		6/30/2019
		Gross Credit Cards Receivables	6,080.7	4,307.8	6,080.7	4,307.8
		Discounted Receivables	(5,576.5)	(3,854.9)	(5,977.7)	(4,044.6)
		Credit Card Receivables - Net of Discounted Amount	504.2	453.0	102.9	263.3
		Present Value Adjustment	(6.3)	(6.8)	(6.3)	(6.8)
		Allowance for Doubtful Accounts	(59.3)	(44.1)	(59.3)	(44.1)
		Other Accounts Receivable	127.8	78.0	127.8	78.0
	Net Accounts Receivable - Consolidated		566.4		480.1		165.1		290.4

17

ANNEX V: 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).
• 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.

18

INFORMATION ABOUT THE WEBCAST AND CONFERENCE CALL

19