1

B2W DIGITAL ANNOUNCES CASH GENERATION OF R$ 509 MILLION IN 4Q17

B2W Marketplace continues to grow rapidly and reached GMV of R$ 1.8 billion in 4Q17 (up 108.4%), representing a 42.8% share of Total GMV

Rio de Janeiro, March 7, 2018: B2W Digital (B3: BTOW3), the largest and most beloved digital company in Latin America, today announces its results for the 4th quarter and year of 2017.

MESSAGE FROM MANAGEMENT

Over the last 5 years, B2W has invested heavily in its Digital Platform, with greater focus on connecting people, businesses, products and services. This important investment cycle was part of the Company’s Strategic Plan to address the country's structural and logistical challenges, creating the best customer experience.

The platform built allows the Company to consolidate its leadership position in e-commerce in Brazil (1P) and to develop a rapidly growing Marketplace (3P) operation. In the same way that our Digital Platform is appealing to the customer, the centerpiece of the Company's strategy, it must also be able to attract strategic partners such as suppliers and sellers to the Marketplace.

In less than 4 years of operation, the Marketplace has reached R$ 4.5 billion in volume transacted (2017 GMV) and continues to grow rapidly (+108.4% in 4Q17 vs. 4Q16). This result reflects the value proposition that B2W offers to its sellers: qualified traffic, access to the most beloved internet brands in Brazil, customer service, different types of digital solutions, a highly experienced and qualified commercial team and above all, support in logistics and distribution. B2W invested in the construction of a proprietary logistics and distribution platform that provides sellers with the same high level of customer service offered by the Company in 1P sales.

The growth of 3P has allowed B2W Digital to accelerate the transition from its e-commerce (Direct Sales / 1P) business model to a hybrid digital platform model (Direct Sales / 1P, Marketplace / 3P and Services). The year 2017 marked the accelerated migration of items/ product lines from 1P to 3P (Marketplace reached over 35% share of total GMV in 2017).

As a result of this process, the Company presented a significant advancement in the trajectory of cash generation, generating R$ 509 million in cash in 4Q17. For the full year 2017, cash consumption decreased significantly (~ R$ 700 MM improvement vs. 2016).

After the transition year (2017), the Company's 2018 initiatives will focus on accelerating total GMV through the exponential growth of Marketplace (representing more than 50% total GMV for the year), continuing to attract and develop the best talent, develop new business fronts, and to progress in the trajectory of free cash generation in the short-term, an important movement for B2W to become self-sustaining

THE MANAGEMENT

KEY INDICATORS 4Q17 4Q16 Delta 2017 2016 Delta

Total GMV (R$ MM) 4,201 4,436 -5.3% 12,838 12,458 3.1%

Marketplace (R$ MM) 1,796 862 108.4% 4,533 2,179 108.0%

Marketplace (% of Total GMV) 42.8% 19.4% +23.4 p.p. 35.3% 17.5% +17.8 p.p.

# Sellers (New) 1,900 300 1,600 5,000 2,200 2,800

# Sellers (Base) 9,700 4,700 5,000 9,700 4,700 5,000

B2W Entrega (# Sellers) 4,900 - N.A 4,900 - N.A

B2W Entrega (% of Sellers Base) 50.5% - N.A 50.5% - N.A

Mobile (% of Traffic) 62.7% 51.3% +11.4 p.p. 57.4% 49.4% +8,0 p.p.

2

4Q17 HIGHLIGHTS

B2W Digital generated R$ 509.2 MM in cash in 4Q17. In the full year of 2017, cash consumption decreased by R$ 669.7 million from R$ 1,625.1 million in 2016 to R$ 955.4 million in 2017.

B2W Marketplace generates record sales during Black Friday. The investments made in the digital platform in recent years reflected, once again, the traffic and sales leadership during the event. Sellers were able to scale their businesses, selling 20 times more than a typically strong day. During Black Friday, we were Brazil's largest Marketplace platform, and 3P accounted for more than 50% of B2W's Total GMV.

B2W Marketplace connected more than 1,900 new sellers in 4Q17. In 2017, 5,000 new sellers were added, growing from a base of 4,700 sellers in December 2016 to over 9,700 sellers in December 2017. The feedback from the sellers has been superior sales volume on the B2W Marketplace when compared to other platforms in the market.

B2W Entrega connected more than 4,900 sellers in 2017, representing more than 50% of the seller base on the Marketplace. In November 2017, the platform was integrated into the loyalty program (Prime), allowing sellers to have their items available to Prime subscribers.

B2W Digital expanded Prime to Shoptime in February 2018. For R$ 79.90 per year, customers will have access to unlimited free shipping and fast delivery. Prime is available in 2,479 cities, covering the entire South and Southeast region of Brazil, and can be used to purchase more than 1 million 1P and 3P offers. With Shoptime, subscribers will be able to develop and purchase unique and personalized products.

B2W Marketplace commenced the C2C (Customer to Customer) operation, which will provide an unlimited product assortment, drive significant increases in traffic to the websites, and expand B2W's customer base. The operation began in December 2017 with the sale of books on Americanas.com and expanded to the games category in February 2018.

BIT (B2W Innovation and Technology) becomes a reference in disruptive projects. B2W's Digital Lab has developed innovative projects with Harvard, MIT and Stanford Universities, resulting in articles being published in the scientific community. The developed fronts were: Marketing Optimization (in partnership with the Artificial Intelligence Laboratory of Stanford University with Professor Andrew Ng, founder of Google Brains and co-founder of Coursera), Dynamic Pricing (with Professor David Simchi-Levi of MIT), Last Mile (with Professor Matthias Winkenbach, PhD - director of the MIT Megacity Logistics Lab) and Artificial Intelligence (creation of Marvin, an open source platform for artificial intelligence and machine learning).

STRATEGIC INITIATIVES ENHANCING THE DIGITAL PLATFORM

Commercial and Marketing

o Market Share: Since the beginning of the investment plan, B2W has expanded its market share by 7.8 p.p. from 19.9% in 1H12 to 27.7% in 4Q17.

o Assortment: The number of items (SKUs) offered on the site totaled 4.6 million at the end of 4Q17, up 71% from 4Q16, driven primarily by Marketplace.

o Prime: With the Prime loyalty program, the customer receives free shipping with differentiated service levels (unlimited fast delivery, exclusive offers, and dedicated service).

The Company expanded the program's offerings to all 2,479 cities in the South and Southeast regions of Brazil, which was previously restricted to the capitals of Rio de Janeiro, São Paulo and Belo Horizonte. In November 2017, the company launched Americanas Prime, the Americanas.com loyalty program, enabling the brands’ customers to access the service in time for Black Friday. Throughout 4Q17, B2W Digital added more than 1,000 marketplace sellers to the Submarino Prime and Americanas Prime programs, expanding the product offerings from 160,000 previously to more than 1 million offers available to subscribers. To participate in Prime, sellers must be integrated with B2W Entrega, the B2W logistics and distribution service, and have a high level customer service reputation. In February 2018, the Prime program was also extended to the Shoptime brand.

Prime customers have two times higher purchase frequency and three times higher spend.

3

Marketplace Evolution

o Marketplace GMV: In 4Q17, Marketplace grew by 108.4% vs. 4Q16, reaching GMV of R$ 1,796.5 million and with a participation of 42.8% in total GMV.

o Sellers: In 4Q17, the B2W Marketplace connected more than 1,900 new sellers. Over the course of

2017, more than 5,000 new sellers were connected. The feedback from the sellers has been superior sales volume on the B2W Marketplace when compared to other platforms available in the market.

o Product Assortment: B2W Marketplace reached over 4.2 million items by the end of 4Q17, increasing

92% in comparison to the year ago period.

o C2C: In December 2017, the Company launched the sale of used consumer products (C2C) at Americanas.com, providing unlimited assortments and significantly contributing to increases in recurring traffic to the sites and expanding the B2W customer base.

Logistics and Operations

o The Distribution Unit (UND): In 4Q17, the participation of UND reached 97% of total deliveries by the Company in direct sales/ 1P. During the quarter, the Distribution Unit began to process deliveries for 14 new customers. Revenues from external clients represented 45% of total sales in the quarter.

o Freight Menu: The verticalization of the logistics and distribution unit allowed for the creation of the Freight Menu, which offers 6 delivery options throughout the country: Same Day, Next Day, Fast, Standard, Scheduled Delivery and Click & Collect. In 4Q17, the number of daily deliveries via “Next Day” option on the Freight Menu grew 120% in relation to 4Q16

o B2W Entrega: The platform that operates and controls the Marketplace deliveries reached more than

4,900 sellers by the end of 4Q17, representing 50.5% of the total base of sellers. At year end, the platform was integrated into the Prime loyalty program, allowing sellers to make their items available to Prime subscribers.

o Last Mile: In October 2017, the completion of the "Last Mile" project was presented in partnership with

MIT to develop efficient logistics for delivery in the last mile. The presentation was held at our digital lab in São Paulo (BIT-SP) and featured a lecture on Urban Logistics and new trends in Supply Chain, by Professor Matthias Winkenbach, PhD (director of MIT).

Mobile and Technology

o Traffic: During 4Q17, traffic from mobile devices represented more than half of total visits, reaching 62.7% of the total, an expansion of 11.4 p.p. compared to 4Q16.

o Apps: 3.8 million downloads in 4Q17, an increase of 85% compared to 4Q16 and totaling approximately 18.2 million downloads since inception.

o Artificial Intelligence: As a result of 2 years of research and development, B2W created Marvin, an artificial intelligence (AI) system. In late 2017, the decision was made to make it an open source AI system for the global developer community, allowing for a robust and innovative platform to use the technology and in turn accelerate the knowledge of Marvin. Marvin is instrumental in enhancing B2W's Last Mile, Buy Box, Pricing, Product Search (SEO) systems, among others

Digital Services

o B2WAds: The B2W Marketplace native ads platform connected 375 new sellers in 4Q17, totaling a base of more than 1,300 advertisers. B2WAds allows the Sellers to have greater visibility of their products within B2W's websites and increase sales.

4

o BIT Services: Provides complete technology solutions to support the operations and sustainable growth of Marketplace sellers and major online operations. In 4Q17, service revenue from solutions offered by B2W’s technology companies grew 32%.

Sieve: Pricing Intelligence – Online Stores Site Blindado: Security and Virtual Credibility Infoprice: Pricing Intelligence – Offline Stores Admatic: Digital Marketing Skyhub: Marketplace Integration

Financial Services

o Credit Promotion: In 4Q17, B2W and Cetelem’s joint venture (Submarino Finance and Digital Finance) recorded volume of R$ 951.5 million in approved transactions. Over the course of 2017, recorded volume reached R$ 3.3 billion in approved transactions, representing growth of 17% compared to 2016. In the same period, the receivables portfolio for these operations was R$ 1.25 billion, an increase of 12% compared to 2016.

As of December 31, 2017, the operations registered 2.6 million credit cards issued (1.685 million for Submarino Finance and 949 thousand for Digital Finance which includes the brands Americanas.com, Shoptime and Sou Barato).

The Credit Promotion operation is profitable for B2W. Net income in 4Q17 was 3.5 times higher than in 4Q16, and 2 times higher in 2017 (vs. 2016).

o BNDES Card: The BNDES Card is offered as a means of payment on the B2W Empresas website

(corporate sales), which became the first e-commerce website to accept the Card. The BNDES card has R$ 55.6 billion in pre-approved credit and transacted R$ 2.9 billion in 2017. In February 2018, the assortment available for purchases with the card has been expanded to approximately 20,000 items.

Customer Service

o B2W Digital’s main brands are regarded as industry benchmarks in customer service, having received the highest levels of evaluation given by the Reclame Aqui website.

The average score given by customers on Reclame Aqui website for B2W’s brands is 7.0 while the main competitors have an average score of 5.3.

72% of customers who registered complaints on Reclame Aqui website indicated their intent to buy again from B2W’s brands, while only 53% 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 87%, while the average solution rate of competitors’ brands is 77%.

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

Digital Talents

o Hackathon: As a stimulus to the development of entrepreneurial technology projects with potential to create new businesses, we promoted 3 editions of the IronBIT event, where important initiatives were developed through a Hackathon (programming marathon). In total there were more than 200 registered participants and 40 innovative projects developed.

o Project on Means of Payment: In October B2W promoted the Immersion Program of FGV-SP, where

20 undergraduate students spent a week based at BIT SP together with Professor Adrian Cernev to develop a program of products / services B2W can offer to unbanked consumers.

o CLAV 2017- Big Data & Applied Retail Analysis: B2W participated in the Latin American Retail Congress (CLAV), with the intention to promote the generation, sharing and dissemination of knowledge in Retail. During the event, which aims to integrate the academic approach to professional relevance under the theme "Big Data & Applied Retail Analytics”, B2W presented initiatives on the subject of Marvin, our open source platform for artificial intelligence.

5

Corporate Sustainability

o ISE: For the fourth consecutive year, B2W was selected to the B3 S.A. Corporate Sustainability Index (ISE) portfolio of Brazil stock trading.

o BVSA: B2W maintained its partnership with the B3 Socioenvironmental Stock Exchange (BVSA), supporting another project in April 2017. Between 2015 and 2017, the Company supported 11 projects based on the UN's Sustainable Development Objectives (ODS).

o Transparency: B2W is among the most transparent companies in Brazil for the quality of its financial

statements, being recognized as one of the winners of the "Transparency Trophy" Award at the 21st ANEFAC (National Association of Finance Executives).

o Communication: Reflecting the search for efficiency in communication with the market and in the best practices of Investor Relations, B2W was selected in two categories in the Latin America Executive Team 2017 ranking, promoted by Institutional Investor Magazine. The Company ranked among the top 3 companies in the categories "Best IR Team, Small Cap" (Consumer / Retailing) and "Best IR Professionals, Small Cap" (Consumer / Retailing).

o Ethos Institute: In 2017, B2W joined Ethos Institute, a civil society organization dedicated to mobilizing, sensitizing and assisting companies to manage their businesses in a socially responsible way, and forming partnerships in building a just and sustainable society.

FINANCIAL HIGHLIGHTS

The financial information serving as the basis for the comments below refer to 4Q17 and 2017, 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 III and Annex V.

GMV: In 4Q17, GMV was R$ 4,200.9 million, compared to R$ 4,436.0 million in 4Q16. In 2017, GMV was R$ 12,838.5 million compared to R$ 12,457.7 million registered in 2016, representing an increase of 3.1%. The B2W Marketplace continues to grow rapidly and reached GMV of R$ 1,796 million in 4Q17 (108.4% growth), with a 42.8% share of total GMV. In 2017, Marketplace GMV reached R$ 4,533 million (108% growth), representing 35.3% of total GMV.

Gross Revenue: In 4Q17, gross revenue was R$ 2,580.4 million, compared to R$ 3,666.3 million in 4Q16. For 2017, gross revenue was R$ 8,763.6 million, compared to R$ 10,520.4 million in 2016.

Net Revenue: In 4Q17, net revenue was R$ 2,106.1 million, compared to R$ 3,024.7 million in 4Q16. For 2017, net revenue was R$ 7,120.8 million, compared to R$ 8,601.3 million in 2016.

Adjusted Gross Profit: In 4Q17, adjusted gross profit was R$ 582.8 million, compared to R$ 715.7 million in 4Q16. Adjusted gross margin expanded 4.0 pp, from 23.7% in 4Q16 to 27.7% in 4Q17.

For 2017, adjusted gross profit was R$ 1,769.3 million, compared to R$ 2,077.2 million in 2016

Adjusted Selling, General and Administrative (SG&A) Expenses: In 4Q17, adjusted SG&A expenses were R$ 367.8 million, a reduction of $86.8 million (-19.1%) vs. the R$ 454.6 million recorded in 4Q16. In 4Q17, SG&A accounted for 8.8% of total GMV, a reduction of 1.4 p.p. compared to 4Q16, when adjusted SG&A accounted for 10.2% of total GMV.

For 2017, adjusted SG&A expenses were R$ 1,149.2 million, representing a reduction of R $ 239.8 million (-17.3%) vs. the R $ 1,389.0 recorded in 2016. 2017 SG&A expenses represented 9.0% of total GMV, a reduction of 2.2 p.p. compared to 2016 when adjusted SG&A accounted for 11.2% of total GMV.

6

Adjusted EBITDA: In 4Q17, Adjusted EBITDA reached R$ 214.9 million, compared to R$ 261.1 million in 4Q16. Adjusted EBITDA margin expanded from 8.6% in 4Q16 to 10.2% in 4Q17, an increase of 1.6 p.p. For 2017, Adjusted EBITDA reached R$ 620.1 million, compared to R$ 688.2 million in 2016. In this period Adjusted EBITDA margin increased by 0.7 p.p., from 8.0% in 2016 to 8.7% in 2017.

Net Financial Result: In 4Q17, net financial result was R$ -173.6 million, representing a reduction of 46.4% in relation to the R$ -324.1 million in 4Q16. For 2017, net financial result was R$ -868.5 million, representing a variation of -19.9% in relation to the R$ -1,084.3 million in 2016.

Net Result: In 4Q17, the net result was R$ -34.9 million, representing a reduction of 65.9% in relation to the R$ -102.3 million in 4Q16. For 2017, the net result was R$ -411.4 million, compared to R$ -485.9 million in 2016.

Cash Management:

o Cash Generation: In 4Q17, the Company generated R$ 509 million in cash. As a way of capturing all effects, cash generation / consumption is measured by the variation of net debt in relation to the previous quarter, always disregarding possible resources and impact of capital increase operations.

Accordingly, on 12/31/2017, the Company's Net Debt totaled R$ 1,466.2 million, a reduction of R$ 509.2 million compared to the net debt of R$ 1,975.4 million recorded on 09/30/2017. For the full year of 2017, cash consumption decreased by R$ 669.7 million, from R$ 1,625.1 million in 2016 to R$ 955.4 million in 2017 (Net Debt rose from R $ 1,720.8 MM in 2016 to R $ 1,466.2 million in 2017 - disregarding the amount of R $ 1,210 million of the capital increase - net debt increased by R $ 955.4 million).

o Working Capital: Improved 4 days (4Q17 vs. 4Q16) mainly due to the strong acceleration of 3P (Marketplace).

It is important to remember that Marketplace (whose credit card transactions are approved on the B2W platform and make up the gross balance of receivables) does not demand Working Capital (B2W is an intermediary and receives a commission on realized sales).

o CAPEX: B2W uses its cash generation prioritizing investments that present optimal returns to shareholders. Accordingly in 2017, consolidated investments in plant, property and equipment and intangibles (development of websites and systems) totaled R$ 379.9 million (down -17.6% vs. R$ 459.9 million in 2016), representing 3.0% of total GMV (reduction of 0.7 p.p vs. the 3.7% in 2016). Accordingly, Adjusted EBITDA in 2017 covered 163% of CAPEX for the period, compared to a coverage ratio of 149% in 2016.

Financial Debt: B2W’s cash balance, excluding FIDC consolidation, at 12/31/2017 totaled R$ 4,559.6 million, 3.4x times the sum of the Company's short-term debt, which totaled R$ 1,347.7 million. The level of leverage (defined as Net Debt / Adjusted EBITDA LTM) was 2.4x on 12/31/2017, compared to 3.0x on 09/30/2017.

Capital Increase:

o In March 9, 2017, a Board of Directors Meeting was held in order to approve the proposal to increase the Company's capital stock, which was subsequently submitted to the Extraordinary General Meeting for approval, in the amount of R$ 1,210,000,000.00 (one billion, two hundred and ten million reais), through the private issue of 110,000,000 (one hundred and ten million) new common shares at an issue price of R$ 11.00 (eleven reais) per share.

o The capital increase was approved by majority at the Extraordinary General Meeting held on March 25, 2017.

Accordingly, shareholders had from March 27, 2017 to April 25, 2017 to exercise their rights of preference for the subscription of the new shares issued in proportion to their participation in the Company's capital on the close of trading on March 24, 2017.

7

o The objective of the Capital Increase is to strengthen the cash of the Company and to improve its capital

structure. The capital increase will allow the Company to continue investing in its digital platform and accelerating the growth of its Marketplace.

o The Capital Increase had participation of nearly 100% of the Company's shareholders. Lojas Americanas

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

ANNEX I: ABOUT B2W DIGITAL

B2W Digital is the leader in Latin America and its purpose is to CONNECT PEOPLE, BUSINESS, PRODUCTS

AND SERVICES IN A DIGITAL PLATFORM.

The Company has the largest and most beloved Internet brands (Americanas.com, Submarino, Shoptime and Sou

Barato) and the fastest growing Marketplace operation. The platform built over the years allows B2W to also offer

technology, logistics, distribution, customer service and consumer finance services.

DIGITAL PLATFORM AND B2W VIRTUOUS CYCLE:

8

ANNEX II: FINANCIAL STATEMENTS

EXCLUDING THE EFFECTS OF B2W DIGITAL’S TRANSPORTATION SUBSIDIARIES

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

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

B2W - Companhia Digital

Income Statements

(in million of Brazilian reais) 4Q17 4Q16 Variation 2017 2016 Variation

Gross Merchandise Volume (GMV) 4,200.9 4,436.0 -5.3% 12,838.5 12,457.7 3.1%

Gross Sales and Services Revenue 2,580.4 3,666.3 -29.6% 8,763.6 10,520.4 -16.7%

Taxes on sales and services (474.3) (641.6) -26.1% (1,642.8) (1,919.1) -14.4%

Net Sales and Services Revenue 2,106.1 3,024.7 -30.4% 7,120.8 8,601.3 -17.2%

Cost of goods and services sold (1,523.3) (2,309.0) -34.0% (5,351.5) (6,524.1) -18.0%

Gross Profit 582.8 715.7 -18.6% 1,769.3 2,077.2 -14.8%

Gross Margin (% NR) 27.7% 23.7% 4.0 p.p. 24.8% 24.1% 0.7 p.p.

Operating Revenue (Expenses) (443.0) (531.6) -16.7% (1,481.7) (1,680.8) -11.8%

Selling expenses (311.8) (428.2) -27.2% (1,044.7) (1,308.1) -20.1%

General and administrative expenses (56.0) (26.4) 112.1% (104.5) (80.9) 29.2%

Depreciation and amortization (75.2) (77.0) -2.3% (332.5) (291.8) 13.9%

139.7 184.1 -24.1% 287.6 396.4 -27.4%

Net Financial Result (173.6) (324.1) -46.4% (868.5) (1,084.3) -19.9%

Financial revenues 107.5 138.7 -22.5% 501.0 481.1 4.1%

Financial expenses (281.1) (462.8) -39.3% (1,369.5) (1,565.4) -12.5%

Non-controlling shareholder participation 0.1 0.0 - 0.3 - -

Other operating income (expenses)* (18.7) (10.1) 85.1% (39.7) (35.3) 12.5%

Income tax and social contribution 17.7 47.8 -63.0% 208.9 237.3 -12.0%

Net Result (34.9) (102.3) -65.9% (411.4) (485.9) -15.3%

Net Margin (% NR) -1.7% -3.4% 1.7 p.p. -5.8% -5.6% -0.2 p.p.

Adjusted EBITDA 214.9 261.1 -17.7% 620.1 688.2 -9.9%

Adjusted EBITDA Margin (% NR) 10.2% 8.6% 1.6 p.p. 8.7% 8.0% 0.7 p.p.

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

Consolidated

Period ended on December 31

Consolidated

Period ended on December 31

Operating Result before Net Financial Result and

Equity Accounting

B2W - Companhia Digital

Income Statements

(in million of Brazilian reais) 4Q17 4Q16 Variation 2017 2016 Variation

Gross Merchandise Volume (GMV) 4,200.9 4,436.0 -5.3% 12,838.5 12,457.7 3.1%

Gross Sales and Services Revenue 2,580.4 3,666.3 -29.6% 8,763.6 10,520.4 -16.7%

Taxes on sales and services (474.3) (641.6) -26.1% (1,642.8) (1,919.1) -14.4%

Net Sales and Services Revenue 2,106.1 3,024.7 -30.4% 7,120.8 8,601.3 -17.2%

Cost of goods and services sold (1,593.6) (2,438.7) -34.7% (5,554.9) (6,889.2) -19.4%

Gross Profit 512.6 586.0 -12.5% 1,565.9 1,712.1 -8.5%

Gross Margin (% NR) 24.3% 19.4% 4.9 p.p. 22.0% 19.9% 2.1 p.p.

Operating Revenue (Expenses) (372.8) (401.9) -7.2% (1,278.3) (1,315.7) -2.8%

Selling expenses (241.6) (298.5) -19.1% (841.3) (943.0) -10.8%

General and administrative expenses (56.0) (26.4) 112.1% (104.5) (80.9) 29.2%

Depreciation and amortization (75.2) (77.0) -2.3% (332.5) (291.8) 13.9%

139.7 184.1 -24.1% 287.6 396.4 -27.4%

Net Financial Result (173.6) (324.1) -46.4% (868.5) (1,084.3) -19.9%

Financial revenues 107.5 138.7 -22.5% 501.0 481.1 4.1%

Financial expenses (281.1) (462.8) -39.3% (1,369.5) (1,565.4) -12.5%

Non-controlling shareholder participation 0.1 0.0 - 0.3 - -

Other operating income (expenses)* (18.7) (10.1) 85.1% (39.7) (35.3) 12.5%

Income tax and social contribution 17.7 47.8 -63.0% 208.9 237.3 -12.0%

Net Result (34.9) (102.3) -65.9% (411.7) (485.9) -15.3%

Net Margin (% NR) -1.7% -3.4% 1.7 p.p. -5.8% -5.6% -0.2 p.p.

Adjusted EBITDA 214.9 261.1 -17.7% 620.1 688.2 -9.9%

Adjusted EBITDA Margin (% NR) 10.2% 8.6% 1.6 p.p. 8.7% 8.0% 0.7 p.p.

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

Consolidated

Period ended on December 31

Consolidated

Period ended on December 31

Operating Result before Net Financial Result and

Equity Accounting

9

BALANCE SHEET

B2W - Companhia Digital

Balance Sheet

(in million of Brazilian reais)

ASSETS

CURRENT ASSETS

Cash and banks 1,469.5 1,422.2

Marketable securities 2,987.2 2,093.9

Accounts receivable 414.7 448.5

Inventories 1,207.3 1,051.0

Recoverable taxes 397.8 309.3

Prepaid expenses and other accounts 483.0 533.5

Total Current Assets 6,959.5 5,858.4

NON CURRENT ASSETS

Deferred income tax and social contribution 953.7 928.7

Recoverable taxes 1,142.2 1,136.4

Escrow deposits and other receivables 110.7 103.8

Plant, property and equipment 469.8 483.9

Intangible assets 2,987.2 2,915.2

Total Non-Current Assets 5,663.6 5,568.0

TOTAL ASSETS 12,623.1 11,426.4

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES

Suppliers 1,766.6 909.2

Loans and financing 1,563.7 1,377.2

Debentures 0.3 21.1

Salaries and social contribution 52.3 66.6

Taxes payable 51.2 27.3

Deferred income tax and social contribution 5.9 12.2

Other accounts payable 257.4 189.3

Total Current Liabilities 3,697.4 2,602.9

NON-CURRENT LIABILITIES

Loans and financing 4,478.1 4,260.1

Debentures 200.0 200.0

Related parties 126.9 208.6

Provision for contingencies and other accounts payable 215.0 220.7

Total Non-Current Liabilities 5,020.0 4,889.4

SHAREHOLDERS' EQUITY

Capital 5,709.1 5,707.3

Capital reserves 52.3 47.6

Equity valuation adjustment (0.9) (1.0)

Accumulated income (losses) (1,854.6) (1,819.7)

Minority interest (0.2) (0.2)

Total Shareholders' Equity 3,905.7 3,934.1

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 12,623.1 11,426.4

Consolidated

12/31/2017 9/30/2017

10

CASH FLOW STATEMENT

B2W - Companhia Digital

Cash Flow Statement

(in million of reais)

Operating Activities 12/31/2017 12/31/2016 Variation

Net Result for the Period (411.8) (485.9) (74.1)

Adjustment to the Net Result:

Depreciation and amortization 335.4 291.8 (43.6)

Deferred income tax and social contribution (230.9) (247.0) (16.1)

Interest, monetary and currency changes 232.6 546.1 313.5

Others (16.3) 22.0 38.3

Adjusted Net Result (91.0) 127.0 218.0

Change in Working Capital:

Accounts receivable 518.0 408.9 (109.1)

Inventories 333.8 (134.1) (467.9)

Suppliers (519.5) (370.6) 148.9

Change in Working Capital: 332.3 (95.8) (428.1)

Change in Assets:

Prepaid expenses 15.8 (6.1) (21.9)

Escrow deposits (19.5) 1.5 21.0

Recoverable taxes (31.2) (432.6) (401.4)

Other accounts receivable (current and non-current) (200.7) (125.6) 75.1

Change in Assets: (235.6) (562.8) (327.2)

Change in Liabilities

Salaries and social security charges (13.0) (4.7) 8.3

Recoverable taxes (current and non-current) (15.0) 17.6 32.6

Other liabilities (current and non-current) (63.3) (27.1) 36.2

Accounts payable/receivable (related companies) 45.1 76.2 31.1

Change in Liabilities: (46.2) 62.0 108.2

Interest Expense on Loans and Debentures (399.8) (311.8) 88.0

Paid Income Tax and Social Contribution (2.2) (3.5) (1.3)

Cash Flow from Operating Activities (442.5) (784.9) (342.4)

Investing Activities

Marketable securities (1,244.7) 496.3 1,741.0

Purchases of property, plant and equipment assets (3.9) (29.9) (26.0)

Intangible assets (376.0) (430.9) (54.9)

Value paid for the acquisition of subsidiaries (42.1) (67.4) (25.3)

Cash Flow from Investing Activities (1,666.7) (31.9) 1,634.8

Financing Activities

Funding 2,681.4 408.9 (2,272.5)

Payments (538.4) (544.4) (6.0)

Capital increase in cash 1,211.4 847.1 (364.3)

Advance for future capital increase - - -

Cash Flow from Financing Activities 3,354.4 711.6 (2,642.8)

Change in cash balance 1,245.3 (105.2) (1,350.5)

Beginning Cash Balance 224.2 329.4 105.2

Ending Cash Balance 1,469.5 224.2 (1,245.3)

Consolidated

11

ANNEX III: NOTE REGARDING THE FINANCIAL STATEMENTS

Effects in the consolidation of B2W Digital’s transportation subsidiaries Click-Rodo and Direct (subsidiaries of B2W Digital) provide merchandise distribution services to the Company, generating an elimination effect in consolidated gross revenue and selling, general and administrative expenses (distribution expenses), according to the present accounting rules. The consolidated gross profit is reduced in an amount equal to the positive effect observed in the selling, general and administrative expenses, but with no effect on Adjusted EBITDA and Adjusted EBITDA Margin. Adjusted EBITDA On October 4th, 2012, Brazilian Securities Exchange Commission (CVM) enacted Instruction 527/12, regarding the voluntary disclosure of non-accounting information such as EBITDA. The Instruction aims to standardize the disclosure, in order to improve the understanding of this information and make it comparable among publicly listed companies. In order the maintain consistency and comparability between previous periods, we present the reconciliation of EBITDA. In 4Q17, Adjusted EBITDA was R$ 214.9 million. Including other operating income and expenses, EBITDA, according to CVM Instruction 527/12, would be R$ 196.2 million in 4Q17, representing 9.3% of net revenue.

12

ANNEX IV: 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 12/31/2017 9/30/2017 12/31/2017 9/30/2017

Short Term Debt 1,563.7 1,377.2 1,347.4 1,071.3

Short Term Debentures 0.3 21.1 0.3 21.1

Short Term Indebtedness 1,564.0 1,398.3 1,347.7 1,092.4

Long Term Debt 4,478.1 4,260.1 4,478.1 4,260.1

Long Term Debentures 200.0 200.0 200.0 200.0

Long Term Indebtedness 4,678.1 4,460.1 4,678.1 4,460.1

Total Debt (1) 6,242.1 5,858.4 6,025.8 5,552.5

Cash and Equivalents 4,456.8 3,516.2 4,456.8 3,516.2

319.1 366.8 102.8 60.8

Total Cash (2) 4,775.9 3,883.0 4,559.6 3,577.0

Net Debt (Cash) (2) - (1) 1,466.2 1,975.4 1,466.2 1,975.4

Net Debt (Cash) / Adjusted EBITDA LTM 2.4 3.0 2.4 3.0

Average Maturity of Debt (days) 764 737 791 786

Credit Card Accounts Receivables Net of Discounts

Including FIDC

Effects

Excluding FIDC

Effects

Consolidated Accounts Receivable Reconciliation - R$ MM 12/31/2017 9/30/2017 12/31/2017 9/30/2017

Gross Credit Cards Receivables 3,169.7 2,495.7 3,169.7 2,495.7

Discounted Receivables (2,850.6) (2,129.0) (3,066.9) (2,434.9)

319.1 366.8 102.8 60.8

Present Value Adjustment (1.4) (1.1) (1.4) (1.1)

Allowance for Doubtful Accounts (34.3) (25.1) (34.3) (25.1)

Other Accounts Receivable 131.4 107.9 131.4 107.9

Net Accounts Receivable - Consolidated 414.8 448.5 198.5 142.6

Credit Card Receivables - Net of Discounted Amount

Including FIDC

Effects

Excluding FIDC

Effects

13

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).

Net New Customers: Increase in active customer base during the trailing 12 months.

Working Capital: Calculated as the sum of days of trade accounts receivable (using GMV as a basis) and inventory days, minus vendor days, considering GMV and CMV in the last 12 months.

14

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: