Lojas Quero Quero S A : Dados Econômico-Financeiros

(Convenience Translation into English from the Original Previously Issued in Portuguese)

Lojas Quero-Quero S.A.

Report on Review of Individual and Consolidated Interim Financial Information for the Nine-month Period Ended September 30, 2021

Deloitte Touche Tohmatsu Auditores Independentes Ltda.

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www.deloitte.com.br

(Convenience Translation into English from the Original Previously Issued in Portuguese)

REPORT ON REVIEW OF INDIVIDUAL AND CONSOLIDATED INTERIM FINANCIAL INFORMATION

To the Shareholders, Directors and Management of

Lojas Quero-Quero S.A.

Introduction

We have reviewed the accompanying individual and consolidated interim financial information of Lojas Quero-Quero S.A. ("Company"), included in the Quarterly Information Form - ITR for the quarter ended September 30, 2021, which comprises the balance sheet as at September 30, 2021 and the related statements of income and of comprehensive income for the three- and nine-month periods then ended and of changes in equity and of cash flows for the nine-month period then ended, including the explanatory notes.

Management is responsible for the preparation of this individual and consolidated interim financial information in accordance with technical pronouncement CPC 21 (R1) and international standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board - IASB, as well as for the presentation of such information in accordance with the standards issued by the Brazilian Securities and Exchange Commission - CVM, applicable to the preparation of Quarterly Information - ITR. Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International Standards on Review of Interim Financial Information (NBC TR 2410 and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with standards on auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the individual and consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information included in the quarterly information referred to above is not prepared, in all material respects, in accordance with technical pronouncement CPC 21 (R1) and international standard IAS 34, applicable to the preparation of Quarterly Information - ITR, and presented in accordance with the standards issued by the CVM.

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© 2021. For information, contact Deloitte Touche Tohmatsu Limited.

Other matters

Statements of value added

The interim financial information referred to above includes the individual and consolidated statements of value added - DVA for the nine-month period ended September 30, 2021, prepared under the responsibility of the Company's Management and disclosed as supplemental information for international standard

IAS 34 purposes. These statements were subject to the review procedures performed together with the review of the Quarterly Information - ITR to reach a conclusion on whether they are reconciled with the interim financial information and the accounting records, as applicable, and if their form and content are in accordance with the criteria set forth in technical pronouncement CPC 09 - Statement of Value Added. Based on our review, nothing has come to our attention that causes us to believe that such statements of value added were not prepared, in all material respects, in accordance with the criteria set forth in that standard and consistently with the individual and consolidated interim financial information taken as a whole.

The accompanying individual and consolidated interim financial information has been translated into English for the convenience of readers outside Brazil.

Porto Alegre, November 4, 2021

DELOITTE TOUCHE TOHMATSU	Jonas Dal Ponte
Auditores Independentes Ltda.	Engagement Partner

2021PA009746_Relatório do Auditor (Inglês) (JP VF 03.12).docx
© 2021. For information, contact Deloitte Touche Tohmatsu Limited.	2

MESSAGE FROM THE MANAGEMENT

In this third quarter of 2021, when Lojas Quero-Quero reaches its 54th anniversary, we celebrate this special moment with milestones achieved that reinforce the company's history of continuous growth. This period represented one year since the company's initial public offering (IPO), and we reached the mark of 440 stores in operation, with the opening of 19 stores this quarter, including the first store outside the southern region of the country. Furthermore, this quarter was the first in which the new distribution centers in Sapiranga - RS and Corbélia - PR were in full operation, which allows us to continue with the opening of new stores in new microregions of operation, always maintaining our culture focused on building lasting relationships with the small and medium-sized communities in which we operate in Brazil's countryside.

One of our business strategy's pillars is to gain market share, and we believe there are two ways to achieve this goal: same store sales growth (SSS), gaining market share in cities where we already operate, and organic expansion, with the opening of new stores in new addressable markets. In recent quarters we have seen factors benefiting the home improvement retail market, which has been expanding above the historical average since the beginning of the pandemic, a greater appreciation of the home by our customers, or even a higher disposable income, either by lower spending on services during the pandemic, or by the good economic period experienced in small and medium-sized cities, influenced by the agricultural sector. We started the quarter knowing that there could be changes in all these factors, and with a strong comparison base, given the strong growth and gain in market share that we showed between 3Q20 and 2Q21. In this period we presented an average SSS growth of 34.9%, representing a total retail sales growth of 44.9%, and specifically in relation to the third quarter, we presented SSS growth of 4.9% in 3Q19 and 35.4% in 3Q20, and even with this strong comparison base, we managed to achieve 4.6% SSS growth in 3Q21 versus the previous year, and 12.1% total Retail growth in the quarter. This represents not only the maintenance of the market share gains achieved during the pandemic, but a continued growth in the same store concept, in line with one of our strategic pillars. Thus, we presented a 41.7% growth in the same store concept compared to 3Q19, the pre-pandemic period, and a total retail growth of 64.1%.

We noticed that even if some beneficial aspects for the retail sale of building materials and home products are not as strong as in recent months, we posted a sales performance similar to that seen in the first half of this year, when compared to 2019. In recent quarters we have also seen a challenging product supply scenario, which has been improving over time, but we have not yet returned to a normalized scenario, and we do not foresee normalization for all segments in 2021, due to several factors that still impact the global and domestic supply chain. Even so, we managed to maintain adequate inventory levels, which are reflected in sales growth.

The second variable of market gain is the organic expansion. We opened 19 stores in 3Q21, thus reaching 45 new stores throughout 2021, and reached the mark of 440 stores in operation at the end of the quarter in 353 cities, in line with the internal expansion plan outlined for the year. We are proud to open the first store outside the Southern region in August, located in the city of Eldorado, in the state of Mato Grosso do Sul, a city of approximately 12 thousand inhabitants, where we were well received by the community, and which has already started its operation being served by the distribution center in Corbélia - PR, which was inaugurated at the end of 2Q21. And this growth trajectory continues, with the 8 new stores opened in October. No less important, we also carried out the transformation and remodeling of 15 additional stores, of which 2 to the Mais Construção Phase I model, 9 stores to the Mais Construção Phase II model, and 4 stores to the Mais Construção Phase III model, which now has 20 stores in operation. With the transformations in the third quarter, we reached 46 stores transformed and/or remodeled during the year. The improvements and transformations of the stores are important levers to attract new customers and gain market share in the cities where we already operate.

Map of 3Q21 Inaugurations

With 149 managers trained in 2021, and another 62 managers currently in training, and 407 employees in the Despontes ("Dawns") program at the end of the quarter, we continue to invest in the qualification of our teams, who experience our values day by day, and we continue to prepare ourselves to support the company's growth trajectory.

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ri.queroquero.com.br