1

MANAGEMENT REPORT 2019

B2W – Companhia Digital, the largest and most beloved Digital Company in Latin America, in compliance with legal provisions and pursuant to current Brazilian corporate law, presents the Management Report with financial and operating statements for the fiscal year ended December 31st, 2019.

1. ORGANIZATIONAL PROFILE

B2W is a Digital Company, leader in Latin America, whose history is intertwined with the history of e-commerce in Brazil. The company operates on the following fronts: e-commerce (1P) and Marketplace (3P) through the brands Americanas.com, Submarino, Shoptime; consumer credit services Submarino Finance and Digital Finance; payments, credit and financial services through Ame; technology platform; and solutions for logistics, distribution and customer service. With the purpose of CONNECTING PEOPLE, BUSINESS, PRODUCTS AND SERVICES on the same digital platform, B2W constantly invests to be closer to its customers, offering the best shopping experience, attracting the best talents and creating barriers to new entrants.

Americanas is the controlling shareholder of B2W DIGITAL, with participation of 61.42%. The Company is headquartered in Rio de Janeiro and its shares are traded through the BTOW3 code on B3, in the Novo Mercado segment, which has the highest Corporate Governance index in Brazil.

2

VISION

To be closer to our customers, becoming the largest and most beloved Digital Company in Latin America.

VALUES

Have the best people

Be a good “Business Owner”

Seek excellence in operation

To focus on the customer

Delta – Doing more and better every day

Being obsessed with results

Breathing innovation all the time

1.1. THE LARGEST AND MOST BELOVED INTERNET BRANDS

B2W Digital has the most complete portfolio of e-commerce brands, with complementary customer profiles, and low overlap (86% of our customers buy from just one brand). B2W Digital's multi-brand operation is a competitive advantage that allows for the: i) attracting of more customers, ii) optimization of direct traffic and SEO, iii) increasing relevance and presence of brands, and iv) increasing the assortment available by connecting different brands and Sellers.

3

Americanas.com

The biggest store. The lowest prices.

Americanas.com is the largest Brazilian online store with millions of products available in more than 40 categories. Voted by customers as the number one in service and the internet's most beloved store, Americanas.com offers the shopping experience and variety of customer delivery options. It is a democratic, inclusive brand that is present in the daily lives of Brazilians. The clients can buy through site, app or kiosks located in Americanas stores and receive their products at home or at the more than 1,700 Americanas stores throughout the country.

Submarino

The products you enjoy and the best service on the internet

Submarino is a digital brand, a reference in books, games, technology and entertainment. The goal of the brand is to bring the best experience to customers, through the main subjects that happen on the internet and the biggest launches at all times, always with quality content and curatorship done by those who understand the subject! In addition, our website and app have agile navigation to enhance our shopping experience and the search for new products. Shoptime

Exclusive products and live demonstration Shoptime is the largest home shopping channel in Latin America. A specialist in live broadcasts of product demonstrations, it is on the air 24 hours per day, offering clients good content and entertainment. Shoptime offers unique items and practical solutions for day-to-day use with its own brands: Home & Comfort (bed and bath), Fun Kitchen (portable electric appliances), La Cuisine (houseware) and Life Zone (sports and leisure).

Sou Barato

The Americanas.com outlet Sou Barato, the outlet of Americanas.com, offers repackaged products (which have been returned by another customer and / or had the original packaging damaged during the distribution process), used products (which are tested, reconfigured and sanitized to make them perfect new). All products sold are guaranteed. There are more than 22 thousand products, divided between 20 departments, with discounts that reach 60%.

1.2. MARKETPLACE (3P)

The B2W Marketplace offers the best value proposition for the Sellers, who can access the brands with the internet's best reputation to deliver highly qualified traffic to leverage their sales. To deliver the best customer shopping experience, Sellers are also supported by a highly experienced and qualified commercial team as well as the entire B2W Digital platform. In just five years, the Marketplace has already reached GMV of R$ 11.6 billion 2019, an increase of 49.7% in relation to the year prior, representing 64.2% of total GMV. Over the past year, 24.9 thousand new sellers have been connected, reaching a base of 46.8 thousand Sellers. Being a relevant part of the Company’s strategy, the Marketplace should drive strong future growth and profitability.

1.2.1 AMERICANAS MUNDO

Cross Border operation that allows customers to buy products from all over the world (including USA and China), creating a new growth front for B2W Marketplace. Launched in March/ 19, the cross border operation continues to expand rapidly and already has more than 13.4 million items, 33x higher than the initial 410

4

thousand items. The operation was responsible for the top selling item on Black Friday, in addition to the item that brought more new customers to B2W in 4Q19.

1.3. 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.

1.3.1 AME

Fintech and mobile business platform, and among the first initiatives of IF, continues to accelerate and deliver impressive metrics. The Ame app reached more than 6.5 million downloads in just over 18 months of operation.

Ame has been gaining strong traction on Americanas and B2W, optimizing the offer of discounts to

customers, generating greater repeat purchases and increased spending. Americanas continues to develop unique features for the physical world. Thus, in just one year, Ame is

already in all of the 1,700 stores throughout all of Brazil (vs. 1,337 in 3Q19). On September 18, 2019, an agreement was signed with Linx, allowing for 65,000 establishments using the

Linx Pay system to accept Ame. On September 23, 2019, the partnership with Mastercard was announced and includes the offer of Ame's

prepaid card, with the digital first concept, mirroring the customers' Ame account. A physical card is also available if desired. The partnership makes it possible to pay with Ame at all 7.8 million Mastercard accredited merchants.

On October 9, 2019, the partnership with VTEX was announced, enabling Ame to connect to more than

2,500 e-commerce sites using VTEX systems. On December 6, 2019, the partnership with Banco do Brasil was announced to offer credit cards through

Ame. On December 6, 2019, a partnership with the acquirer Stone was also announced to integrate payment

platforms to enable payments via QR code on Stone machines. On December 12, 2019, a similar partnership with Cielo was announced.

Ame also continues to expand its acceptance network organically through the Ame Plus platform (seller

profile), totaling 63 thousand merchants. Over the last few months, several features have been released:

Cash in with credit card

Receive and transfer cash to other Ame accounts

Pay merchants off platform (Ame Plus: other physical world merchants)

Cash out checking account (bank transfers, exclusive for Ame Plus)

Geomarketing (location of merchants with filters for type of establishment)

Bill payments (bank slip)

Cash in checking-account (bank transfer)

Cash in by bank slip

Cash in at Americanas (store POS)

Cash out of Americanas (store POS, in beta version)

Prepaid cellular recharge

5

Individual credit (in beta version)

Public transportation (recharge pass balance)

Private transportation

E-Gifts

Marketplace of services

Itaú Bike sharing program

Friend Referral Program (Member Get Member)

Tickets and event passes

Bus tickets

Games (in beta version)

Meal voucher

Buying and selling airline miles (in beta version)

Donations

Mini-games

Beer Delivery (in beta version)

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 800 registered couriers serving 300 physical stores in Rio de Janeiro and São Paulo.

Acquisition of Pedala and Courri: In December/19, Ame completed the acquisition of the startups Pedala and Courri, which specialize in fast and sustainable deliveries via bicycles and scooters. The acquisitions aim to accelerate the Ame Flash operation, making deliveries in large urban centers through different modes. 1.4. 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 (+160% vs. 4Q18). Over the past twelve months, more than 2.8 million people made their purchases through these initiatives and the combined O2O modalities exceeded the R$ 2 billion GMV mark (+153% vs. 2018). LASA Seller: In 2019, the available assortment expanded 3x and sales grew 2.5x over the previous year. During Red Friday, Americanas was the biggest Seller on the B2W Marketplace in number of items sold, registering sales on the days of the event greater than the entire year of 2018.

Click and Collect Now: Available in all 1,700 Americanas stores, allowing the customer to purchase the store's inventory online and pick up the product within 1 hour without shipping. The modality continues its rapid development, reaching the mark of more than 100 thousand orders in December.

Ship from Store: Purchase products online from the nearest LASA physical store and receive the order within 2 hours. The option is available in 110 cities and 13 states, totaling 300 stores implemented.

Click and Collect: Buy online and withdraw at the physical store. In 2019, we became the largest network of pick-up points in Brazil, with more than 8,000 connected points (Americanas, Sellers stores, and partner points) in more than 5,000 municipalities, offering 99% of the Brazilian population access to the service.

Infinite Shelf: Assisted sales operation at Americanas for products offered on the digital platform (1P and 3P). In 4Q19, the operation had an average ticket approximately 15x higher than in physical stores and 57% growth in sales over 4Q18.

O2O for B2W Marketplace Sellers: Transforming Sellers stores into Flexible Fulfillment Centers. With this, Click and Collect, Click and Collect Now (1 hour), and Ship from Store (2 hour) initiatives can be expanded to physical stores of B2W Marketplace Sellers.

6

1.5. 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. Delivery Time: In 2019, more than 50% of all purchases made on B2W websites (1P and 3P) and handled by LET’S were delivered within 2 days. In 4Q19, despite the high sales volume on Black Friday, 61.3% of deliveries to the states of Rio de Janeiro and São Paulo were made within 2 days (1P and 3P). New DCs: LET’S announced the opening of 3 new Distribution Centers at the end of 4Q19, in the States of Pará, Minas Gerais and Rio Grande do Sul, in order to reduce the distance to the final consumer, increasing the number of cities eligible for deliveries in up to 24 hours. LET’S currently operates 18 DCs in the states of: RJ, SP, MG, PE, PA, SC and RS. B2W Entrega: The platform that operates and controls B2W Marketplace deliveries. Sellers connected to B2W Entrega have 5 types of service: Fulfillment (storage + delivery), Pick Up - Large Operations (product withdrawal from the Seller DC + delivery), Direct Collect - Small and Medium operations (product withdrawal from the Seller DC + delivery), Drop Off Hub (Seller delivers to one of the Direct Hubs + delivery) and Drop Off in Store (Seller delivers to one of the Americanas locations + delivery). B2W Entrega reached more than 44.6 thousand Sellers at the end of 4Q19, representing 95.3% of the total Seller base and participating in more than 75% of orders placed on the Marketplace. B2W Fulfillment: Reached a total of 511 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.

7

1.6. BIT SERVICES: PLATFORM OF TECHNOLOGY AND DIGITAL SERVICES BIT Services, as a result of the acquisition of ten “best in class”, offers complete solutions in different technology verticals to support B2W (1P) and Marketplace (3P) e-commerce operations.

1.7. DIGITAL LABS: B2W INNOVATION AND TECHNOLOGY (BIT)

The BIT – B2W Innovation and Technology was developed with the aim of creating an inspiring and collaborative environment focused on the development of new technologies and innovative solutions. In 2013, BIT RJ was inaugurated, formed by B2W Digital's technology and digital services areas. The facility is responsible for the development of our sites, the platform of Mobile and Data Analytics. The office has an open space concept, an area for informal meetings and an arena for various events. Our São Paulo office (BIT SP) was opened in 2014, to accommodate the teams responsible for the Marketplace platform and a portfolio that includes solutions such as BSeller, SkyHub, among others. In 2015, BIT Recife was opened, which is located in Porto Digital, one of the references in technology and innovation in Brazil. In the same year, we opened BIT Boston (US), strategically positioned between MIT and Harvard, universities worldwide known for excellence in research, innovation, technology and business. Our BITs were inspired by the largest and best centers of innovation and entrepreneurship in the world and currently have more than 1,500 engineers. We

8

are pioneers in the use of Microservices, Cloud Computing, Kotlin, Clojure, Datomic, Go and React Native. Considering the scale of B2W, when we do not find the right tools in the market, we develop and make available in-house tools, such as Asgard, RestQL and Apache Marvin, our Open Source projects. In recent years, BIT has become a reference in disruptive initiatives, developing innovative projects with Harvard and MIT Universities, which resulted in articles published with the scientific community. The fronts developed were: Marketing Optimization (in partnership with the Stanford University Artificial Intelligence Laboratory, by Professor Andrew Ng, founder of Google Brains and co-founder of Coursera), Last Mile (with Professor Matthias Winkenbach, director of the MIT Megacity Logistics Lab) and Artificial Intelligence (creation of Marvin, an open source artificial intelligence platform currently incubated by the Apache Foundation). To meet the specific demands of B2W's business, our engineers developed projects in the areas of Machine Learning, Scalable Software Architecture and Natural Language Processing in partnership with Universidade Federal de São Carlos (UFSCAR).

2. MESSAGE FROM MANAGEMENT

Since its creation (2006), B2W Digital has continued to invest heavily in the fundamental pillars of its business. From 2007 to 2019, we had three important cycles, which totaled R$ 5.4 billion in investments (CAPEX) in the Digital Platform and development of e-commerce in Brazil, which still has low penetration of total retail, and we understand this to be an extraordinary opportunity. The investments were concentrated in three main pillars: technology, logistics, and people. Over the years we have built unique assets to operate e-commerce / marketplace in Brazil, as well as a first-rate digital team, with technology DNA and that breathes innovation. Our team is the best combination of young people with experience. The thirteen acquisitions of technology and logistics companies, which we carried out between 2013 and 2015, were also responsible for the arrival of many talented people. We are proud of the successful integrations and the high retention rate of these brilliant people, of which we currently have over 1,500 developers building the B2W of the future. Our technology DNA allowed the Digital Platform to be developed based on cloud and micro services, enabling the team to be organized in more than 90 Squads, accelerating Total GMV and launching new growth fronts, with the Marketplace being an excellent business example, created quickly from this technological architecture. The strategic plan (2017-2019) was aimed to accelerate the growth of the Marketplace (3P) and generate cash. The Marketplace went from GMV of R$ 2 billion in 2016 (18% of Total GMV) to R$ 12 billion in 2019 (62% of Total GMV). With the transformation of the business model, the Company also achieved a significant evolution in cash flow, which went from a consumption of R$ 1.6 billion in 2016 to a positive cash generation of R$ 190 million in 2019. In the last three years, we connected 42.1 thousand Sellers (from 4.7 thousand in December/ 16 to 46.8 thousand in December/ 19), allowing for the exponential growth in assortment offered to the customer, which totaled 29.5 million items at the end of 2019 (+26.8 MM vs. the 2.7 MM of December/ 16). During this period, we also launched B2W Entrega, a platform that operates and controls the deliveries of the Marketplace, reducing delivery times and freight costs by 50% (on average), and totaling 95% adhesion by Sellers at the end of 2019. In line with this, we have developed several financial products and services, allowing for Sellers to continue investing in their operations, such as receivables discount (B2W Marketplace native solution) and Credit Seller, where we offer loans quickly, safely, simply and 100 % online. With the rapid growth in the number of Sellers and assortment, our platform has transformed itself to offer increasingly complete and scalable solutions, with the objective of supporting Sellers according to their different needs. Currently, these solutions translate into more than 230 million requests per day on our APIs, simplifying Sellers' operation across the main business variables (product, pricing, customer service, inventory, exchanges, refunds, and freight, among others).

9

We understand that our hybrid Digital Platform model (1P, 3P and Digital Solutions) has a superior value proposition for everyone. We want to continue to be the best option for Suppliers and Sellers, delivering robust and qualified traffic and the best solutions for them to continue growing their business with us. For the Customer, we want to deliver the best experience, through a wide assortment and the highest level of service, with maximum convenience. Ensuring the best level of service on the Brazilian internet is a priority and we will continue offering complete solutions for Sellers, fostering entrepreneurship and also enabling for the emergence of new companies and formal businesses in Brazil. The year 2019 meant the end of a very important cycle, and in 2020, we start a new cycle. In the new 3-year strategic plan (2020-2022), we have the dream of more than doubling in size (GMV) and continuing to generate cash. We are even more prepared and motivated to transform the Customer experience, offering: “Everything. Anytime. Anywhere.” which will guide our strategy to retain our current Customers and attract new Customers. The convenience for Customers, addressing different consumption occasions, will dictate our growth rate and be driven by the intensive use of data, algorithms and analytics to drastically improve the experience within the Digital Platform. The focus will be to become even more relevant in the daily lives of Customers. “Everything. Anytime. Anywhere.” translates into continuously increasing the offering of products and services, improving and expanding our availability, and delivering wherever the customer desires. In this sense, we aim to reach the mark of more than 100 MM items, with more than 150 thousand Sellers connected by the end of 2022. LET'S, the shared management platform for Lojas Americanas and B2W's logistics and distribution assets, will be responsible for shortening the distance to the Customer, reducing the delivery time to minutes, by expanding the logistics network to a total of 22 DCs by the end of 2022 (vs. 15 DCs in December/ 19), and the acceleration of O2O initiatives (Online to Offline). Ame, the Fintech and the Mobile Business Platform of Lojas Americanas and B2W, which simplifies the lives of people and companies, will continue to build customer loyalty and engagement, expanding its acceptance network organically and through strategic partnerships (as we did with Linx , Vtex, Cielo, Stone, Mastercard, and Banco do Brasil, among others). Ame has a roadmap of new features to radically increase the frequency of use, becoming a one-stop-app, essential in the daily lives of Customers. Ame Flash, which connects independent couriers, will also accelerate O2O initiatives, mainly through the “ship from store” delivery method. The acquisition of startups Pedala and Courri, specialists in fast and sustainable deliveries (in urban centers) with bicycles and scooters, was a strategic action to move forward in this market. We also identified great opportunities for growth in categories that still have low penetration in the online world. The acquisition of Supermercado Now allows us to enter the Supermarket category with speed, scale and expertise. This type of category, with high frequency of purchases, will further expand our assortment and boost convenience for the Customer. We will continue to advance our sustainability strategy, reinforcing our commitment to the 2030 Agenda and the United Nations (UN) Sustainable Development Goals (SDGs). We are signatories to the UN Women's Empowerment Pacts (WEP’s), the Coalition for Racial and Gender Equity, and the Business Charter for Human Rights and Decent Work. We understand there are still many opportunities to be developed and we are committed to doing more and better every day. We take the opportunity to thank our team for their enthusiasm and dedication. We were certified by Great Place to Work (GPTW), an important recognition of the effort to keep evolving and engaging the team to achieve increasingly challenging goals, always focusing on 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

10

3. STRATEGY AND INVESTMENT

3.1. ECONOMIC SCENARIO

2019 was marked by a gradual improvement in the economic environment, with the recovery of PIB, control of inflation and reduction in the basic interest rate (Selic), which reached the historic low of 4.5% a.a. in December. In addition, inflation measured by the IPCA ended the year at 4.31%, 0.56 p.p. above that recorded in 2018, but remaining within the target. Electronic commerce, according to data from e-Bit / Nielsen, showed a growth of 16.3% in relation to 2018. The market growth is driven by the constant expansion of the internet user base and the growth in the number of e-consumers. Thus, B2W Digital reiterates its confidence and its positive perspectives for the future, both in relation to the development of the country as well as to the opportunity of growth of the Internet, boosting the penetration of e-commerce as a percentage of total retail commerce and other business opportunities. Sources: Brazilian Institute of Geography and Statistics, the Central Bank of Brazil and e-Bit/Nielsen.

3.2 STRATEGY

The core of the Company's strategy is the customer, and ensuring an excellent online shopping experience is the focus of our efforts. To ensure superior experience in the midst of an environment with structural and logistical challenges, it was necessary to invest heavily in the creation of a unique platform, which allows us to meet and exceed the expectations of our clients. Over the last few years, the Company has invested in technology, logistics, distribution, payments and services, creating the premier shopping experience. With the main structural investments made, B2W continues to invest in its Digital Platform, with the greater purpose of connecting people, businesses, products and services. To ensure success in executing this strategy, the Company relies on its innovative culture and the best digital team in Latin America, including more than a thousand internet / technology engineers.

3.3 INVESTMENTS

As part of its strategy, B2W continues to invest in the digital platform built, with the objective of enabling the growth and improvement of its operations. In 2019, R$ 510.1 million were invested, mainly in technology and innovation, with a focus on the development of the Marketplace and the platforms for sale by mobile devices.

11

4. RESULTS OVERVIEW

B2W Digital generated R$ 479.3 MM in cash in 4Q19, an evolution of R$ 264.6 MM in relation to the R$ 214.7 MM registered in 4Q18. In 2019, cash generation totaled R$ 189.9 MM, an evolution of R$ 428.9 MM in relation to consumption of R$ 239.0 MM registered in 2018. Accordingly, the Company ended the year with a net cash position of R$ 984.7 MM.

B2W Digital registered record sales on Black Friday. The investments made in the digital platform in recent years reflected, once again, in the leadership of traffic and sales during the event. On Black Friday, we were the largest Marketplace platform in Brazil, enabling Sellers to scale their business, selling the equivalent of 53 days’ worth of sales.

B2W Marketplace set a new record, connecting more than 8.1 thousand new Sellers in 4Q19, from a base of 38.7 thousand Sellers in September/ 19 to more than 46.8 thousand Sellers in December/ 19. In this way, we exceeded the initial goal of closing the year with 40 thousand connected Sellers.

B2W Digital total assortment reached 29.5 million items exiting 4Q19, growing 264% vs. 4Q18, driven by Marketplace. With this, we exceeded the initial goal of closing the year with 20 MM items.

Americanas Mundo expanded its assortment to over 13.4 million items in 4Q19. Launched in March/ 19, the operation that allows customers to buy products from Sellers all over the world, was responsible for the top selling item on Black Friday.

O2O (Online to Offline) surpassed the R$ 2 billion GMV mark in 2019 (+153% vs. 2018). Using the concept of “Everything. Anytime. Anywhere”, the O2O initiatives of Americanas and B2W have been improving customers' shopping experience and growing at an accelerated pace. In the last twelve months, more than 2.8 million people have made their purchases through these initiatives.

B2W Digital announced the acquisition of Supermercado Now, an innovative e-commerce platform with focus on the online supermarket category. The business model, of which has proven success in other countries, has great growth opportunity in Brazil and will allow B2W to expand its presence in the Supermarket category, opening a new growth front and offering an even more complete assortment for the more than 16 million active customers of the Company.

LET’S opened 3 new Distribution Centers (DCs) at the end of 4Q19, in the states of Pará, Minas Gerais, and Rio Grande do Sul, in order to reduce the distance to the final consumer and expanding the number of cities eligible for deliveries within 24 hours.

B2W Digital was recognized with “Great Place to Work 2020” certification, an important acknowledgement of the effort to continue evolving and engaging the team to achieve increasingly challenging goals, always focusing on the customer.

KEY INDICATORS 4Q19 4Q18 Delta 2019 2018 Delta

Total GMV (R$ MM) 6,647 5,078 +30.9% 18,778 15,005 +25.1%

Marketplace (R$ MM) 4,267 2,898 +47.2% 11,589 7,740 +49.7%

Marketplace (% of Total GMV) 64.2% 57.1% +7.1 p.p. 61.7% 51.6% +10.1 p.p.

Assortment (Items/MM) 29.5 8.1 +21.4 29.5 8.1 +21.4

# Sellers (New/Thou) 8.1 3.1 +5.0 24.9 12.2 +12.7

# Sellers (Base/Thou) 46.8 21.9 +24.9 46.8 21.9 +24.9

B2W Entrega (# Sellers/Thou) 44.6 18.5 +26.1 44.6 18.5 +26.1

B2W Entrega (% of Seller base) 95.3% 84.5% +10.8 p.p. 95.3% 84.5% +10.8 p.p.

Mobile (% of Traffic) 80.1% 70.2% +9.9 p.p. 76.7% 67.8% +8.9 p.p.

12

4.2. RESULTS The financial information serving as the basis for the comments below refer to 4Q19, 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$). Definitions for adjusted financial metrics can be found in Annex III and Annex V. Beginning in January 2019, the Company's income statements reflect the new accounting practices implemented by CPC 06 (R2) / IFRS 16. Therefore, to maintain the comparability of results (4Q19 vs. 4Q18 and 2019 vs. 2018), the income statement for the quarter ended December 31, 2018 (4Q18) is presented in comparable amounts. The reconciliation of the quarterly results and year 2018 is available on the Company's IR website (ri.b2w.digital). In order to maintain comparability between the periods, the result presented in 4Q19 and the year 2019 were adjusted in order to disregard the tax credits arising from a final judgement in the STF regarding the unconstitutionality of the inclusion of ICMS in the PIS / COFINS calculation basis, as per Material Fact published in 12/20/2019. Total GMV: In 4Q19, total GMV was R$ 6,647.5 million, an increase of 30.9% compared to the R$ 5,078.5 million registered in 4Q18. In 2019, GMV reached R$ 18,777.5 million, an increase of 25.1% from R$ 15,005.4 million in 2018.

The Marketplace continues to develop rapidly, increasing 47.2% (vs. 4Q18) and representing 64.2% of Total GMV (vs. 57.1% in 4Q18). Gross Revenue: In 4Q19, gross revenue totaled R$ 2,806.7 million, compared with the R$ 2,469.5 million registered in 4Q18. In 2019, the accumulated gross revenue was R$ 8,357.4 million vs. R$ 8,044.3 million in 2018.

Net Revenue: In 4Q19, net revenue totaled R$ 2,220.1 million, compared with R$ 1,978.6 million registered in 4Q18. In 2019, net revenue was R$ 6,661.7 million vs. R$ 6,488.5 million in 2018. Adjusted Gross Profit: In 4Q19, adjusted gross profit totaled R$ 728.4 million, an increase of 15.3% vs. the R$ 631.6 million registered in 4Q18. Adjusted gross margin expanded 0.9 p.p., from 31.9% in 4Q18 to 32.8% in 4Q19. In 2019, adjusted gross profit was R$ 2,142.9 million, an increase of 11.1% vs. the R$ 1,928.9 million in 2018, with a margin expansion of 2.5 p.p, (32.2% vs. 29.7%). Adjusted Selling, General and Administrative (SG&A) Expenses: In 4Q19, adjusted expenses totaled R$ -474.1 million vs. the R$ -422.4 million registered in 4Q18. The SG&A as a percentage of GMV decreased by 1.2 percentage points, from 8.3% in 4Q18 to 7.1% in 4Q19. In 2019, adjusted expenses totaled R$ -1,542.9 million vs. R$ -1,411.9 million registered in 2018. The SG&A as a percentage of GMV decreased by 1.2 percentage points, from 9.4% in 2018 to 8.2% in 2019. Adjusted EBITDA: In 4Q19, Adjusted EBITDA reached R$ 254.3 million, an increase of 21.6% compared with the R$ 209.2 million registered in 4Q18. Adjusted EBITDA margin varied from 10.6% in 4Q18 to 11.5% in 4Q19, an increase of 0.9 p.p. In 2019, Adjusted EBITDA was R$ 600.1 million, an increase of 16.1% compared with R$ 517.1 million registered in 2018. Adjusted EBITDA Margin expanded 1.0 p.p., from 8.0% in 2018 to 9.0% in 2019. Net Financial Result: In 4Q19, the net financial result was R$ -137.9 million (vs. R$ -163.6 million in 4Q18). The net financial result went from R$ -587.5 million in 2018 to R$ -603.9 million in 2019. Net Result: In 4Q19, the net result was R$ -22.3 million vs. R$ -69.6 million in 4Q18. In 2019, the net result was R$ -391.6 million (vs. R$ -405.1 million in 2018). Cash Management:

Cash Generation: In 4Q19, cash generation was R$ 479.3 MM, an evolution of R$ 264.6 MM vs. cash generation of R$ 214.7 MM registered in 4Q18. In 2019, cash generation totaled R$ 189.9 MM, an increase of R$ 428.9 MM in relation to the consumption of R$ 239.0 MM recorded in 2018.

13

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 impact of capital increase operations. In the quarter, to calculate cash generation, the R$ 40.6 MM received in October/ 19 from the capital increase is disregarded (total of R$ 2.5 billion for the year).

Working Capital: -41 days in December/ 19 (improvement of 61 days vs. 4Q18). 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).

CAPEX: B2W uses its cash generation by prioritizing investments that present optimal returns to shareholders. Accordingly, in 4Q19, CAPEX totaled R$ 136.6 MM, representing 2.1% of Total GMV. For the year of 2019, CAPEX totaled R$ 510.1 MM, representing 2.7% of Total GMV.

Capital Increase

The Capital Increase of R$ 2.5 Bn had 100% participation by the Company’s shareholders. Americanas participated with R$ 1,564.5 MM and minority shareholders acceded with the remaining R$ 935.5 MM (R$ 2,459.4 MM cash in 3Q19 and the remaining R$ 40.6 MM in 4Q19).

On August 19, 2019, a meeting of the Board of Directors was held with the objective of approving the proposal to increase the company's capital, in the amount of R$ 2,500,000,035.00 (two billion, five hundred million, and thirty five reais), for private subscription of 64,102,565 new common shares, all nominative and with no par value, for the issuance price of R$ 39.00 (thirty nine reais) per share.

The Capital Increase will improve our capital structure, while maintaining our commitment for cash generation, enabling us to continue investing in our powerful digital platform and accelerating the growth through a differentiated ecosystem, including LET`S (Flexible Fulfillment Platform), Ame (Mobile Business Platform), and initiatives such as O2O (Online to Offline) and Digital Services, as detailed in presentation also made available to Messrs. Shareholders on this date as an attachment to the Minutes of the Board of Directors’ Meeting that approved the Capital Increase (both made available through IPE Module of Empresas.Net System, at www.cvm.gov.br and at www.b3.com.br, and at the Company’s Investors Relations website - ri@b2wdigital.com).

The shareholders had from August 23, 2019 to September 21, 2019 the right to exercise preference in the subscription of the new shares issued, in proportion of their participation in the capital of the company at the closing of the trading session on August 22, 2019. The assessment of additional leftovers occurred between September 30 and October 07, 2019.

14

INDEBTEDNESS

¹Excludes the R$ 2.500 MM proceeds from the capital raise.

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:

15

4.3. INCOME STATEMENT EXCLUDING THE EFFECTS OF TAX CREDITS AND EFFECTS OF THE CONSOLIDATION OF B2W

DIGITAL’S TRANSPORTATION SUBSIDIARIES

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

CONCILIATION OF EFFECTS RELATING TO FISCAL CREDITS

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

16

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

CONCILIATION OF EFFECTS RELATING TO FISCAL CREDITS

4.4 NOTE REGARDING THE FINANCIAL STATEMENTS

17

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 4Q19, Adjusted EBITDA was R$ 254.3 million. Including other operating income and expenses, EBITDA, according to CVM Instruction 527/12, would be R$ 247.6 million in 4Q19 (11.2% of NR) vs. R$ 194.9 MM in 4Q18 (9.9% of NR).

4.5 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). 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

5. CORPORATE GOVERNANCE 5.1 TRANSPARENCY AND COMMITMENT TO STAKEHOLDERS

B2W Digital was formed in 2006 under the rules established by the São Paulo Stock Exchange (B3) and the Novo Mercado, which includes a stock ownership structure exclusively comprised of common shares and the election of independent members of the Board of Directors. . Composition of Shareholders B2W's shares are listed on the B3 S.A. and traded under ticker symbol BTOW3. On December 31, 2019, the Americanas control block consisted of 61.42% of the Company's shares. Dividend Policy The Company's Bylaws, in conformity with the principles of current legislation, establish the minimum value for dividends at 25% of the net profit for any given fiscal year, adjusted in accordance with legislation in effect. In 2019, B2W did not distribute dividends to its shareholders. Shares The Company's common shares are part of the Special Tag Along Stock Index (ITAG). This indicator consists of shares of companies that offer the same conditions to minority shareholders in the event of change of ownership control. The Company is also part of other important indices, such as Ibovespa, IBrX 50, Icon, IGC, IVBX-2, ISE, MSCI and FTSE Russell. Adherence to the Arbitration Panel B2W chose mediation as a means of resolving conflicts of interest between partners and managers and between them and the Company. If no agreement can be reached, B2W, its shareholders and administrators are required to resolve, through arbitration, any and all disputes or controversies that may arise among them, related to or resulting from, especially, the application, validity, effectiveness, interpretation, violation and effects of the provisions contained in the Bylaws, the provisions of Brazilian Law 6.404/1976, the rules issued by Brazil’s National Monetary Council, the Central Bank of Brazil and the Securities Exchange Commission of Brazil (CVM), and other rules applicable to market securities in general, as well as those in the Novo Mercado Listing Rules, the Novo Mercado Participation Agreement, the Arbitration Rules of the Market Arbitration Panel Rules and, especially, the Voting Agreement and Assumption of Obligations (“Voting Terms”) entered into on December 13, 2006 and filed at the Company’s headquarters. B2W also is linked to the Market Arbitration Panel. Any claim can be heard by this entity, established by B3 in accordance with the regulations of the aforementioned panel, and the parties may, in accordance with Chapter 12 of those regulations, agree on a different arbitration panel or center to resolve their disputes. Idependant Auditors In compliance with CVM Instruction no. 381, the Company informs that its independent auditors KPMG Auditores Independentes and PricewaterhouseCoopers, provided only external audit services in the first half and second half of 2019, respectively. The Company's policy on contracting services, other than external auditing, from independent auditors ensures that there is no conflict of interest and that the contracted services do not compromise the independence of its auditors. Thus, the company seeks that its auditors provide an objective service and issue an impartial opinion on the Company's Financial Statements.

5.2 GOVERNANCE STRUCTURE Board of Directors and Management B2W's Board of Directors consists of seven members and adopts a series of initiatives that go beyond what the Novo Mercado requires, such as the participation of independent members on the Board of Directors in a number that is higher than the minimum required. The evaluation of members is based on the financial and operational targets set the previous year. Each year, the Board meets quarterly or whenever necessary, convened by its Chairman.

19

The Executive Management Board is a collective body responsible for exercising the attributions conferred by the law, the Bylaws and the Board of Directors for the performance of the acts necessary to the regular operation of the Company. Independent Members Luiz Carlos Di Sessa Filippetti Mauro Muratorio Not Paulo Antunes Veras Representatives of the Parent Company and members of the Board of Directors Anna Christina Ramos Saicali Celso Alves Ferreira Louro Jorge Felipe Lemann Miguel Gomes Pereira Sarmiento Gutierrez B2W Digital Management Marcio Cruz Meirelles – President/CEO Carlos Eduardo Rosalba Padilha – COO Carlos Henrique de Lucca Fortes Gatto – COO Fábio da Silva Abrate – Chief Financial Officer and Investor Relations Officer Jean Pierre Lessa e Santos Ferreira – COO José Timotheo Barros – COO Marcelo da Silva Nunes – CFO Thiago Mendes Barreira – Commercial Officer Anna Christina da Silva Sotero – Comercial Officer José Mauro Rocha de Barros – COO

5.3 THE ROLE OF THE COMMITTEES Audit Committee It is incumbent upon the Committee, among other functions, to review the management report and the Company's annual and quarterly financial statements, reporting quarterly to the Board of Directors. Comprised of three members, for a term that will coincide with the term of office of the members of the Board of Directors, being allowed re-election. The members of the Audit Committee are appointed by the Board of Directors, exclusively among the Independent Directors. Nominating Committee The Nominating Committee is responsible for nominating candidates to the Board of Directors, whose names will be submitted to the Company's General Meeting for the election of the members of its Board of Directors. Composed of four members of the Board of Directors, of which at least two must always be independent, for a period to coincide with the term of office of members of the Board of Directors, reelection being allowed. Sustainability Committee For 12 years, the Sustainability Committee, known as Companhia Verde, has been committed to defining corporate sustainability guidelines. Currently, our fronts of action and projects are aimed at contributing to the achievement of the 2030 agenda of the Sustainable Development Goals (SDGs) of the United Nations (UN), in which society and companies are committed to developing the SDGs and their goals until the year 2030. Composed of members of the Board of Executive Officers and executives from different areas, in addition to the participation of a member of the Board of Directors throughout the meetings, the Committee brings a multidisciplinary vision to the company and its work aims to foster best management practices based in the balance between the environmental, social and economic pillars. In 2019, for the fourth consecutive year, B2W won the portfolio of companies of the Business Sustainability Index (ISE) 2019 B3 S.A. – Brasil, Bolsa, Balcão, and was listed for the second time in the Exame Sustainability

20

Guide. This is the recognition of a joint effort to build a socially just, economically profitable and environmentally responsible company.

5.4 POLICIES AND REGULATIONS

B2W has a set of Policies and Regulations designed with respect to company values and with the aim of further improving its corporate governance structure, providing an environment that aims to ensure compliance with the Company's strategic objectives and mitigate the risks of not realizing them, generating value to all its stakeholders. Seeking to realize its vision, mission and values, in 2017, B2W revised and updated the Code of Ethics of the Company and also the Compliance Policy. The two documents are public and are available on the Companhia Verde site (www.companhiaverde.com.br). At the time of admission, all members receive a copy of the Code of Ethics and Conduct, signing a term of science and agreement. B2W values integrity, transparency, and solidarity, and since 2014, we have promoted the aspects of the Anti-Corruption Law (12.846/13) which addresses the responsibility of harmful conduct against national and foreign public administration. The Company's Code of Conduct, Product Donation Policy and Project Support and Risk Management Policy deal with issues that ensure compliance with the Law. In compliance with CVM Instruction 586 of June 2017, the Company disclosed on October 31, 2018, for the first time, the Report on the Brazilian Code of Corporate Governance, which deals with the governance practices adopted by the Company in relation to 5 spheres: Shareholders, Board of Directors, Board of Executive Officers, Supervisory and Control Bodies and Ethics and Conflict of Interest in accordance with the principles and practices recommended in the aforementioned Report (ICVM 586) 8 Policies and 5 Regulations were formalized and / or revised, thus promoting greater transparency and reducing the asymmetry of information to its stakeholders. Among the Policies / Regulations formalized are the Internal Regulations of the Committees of the Board of Directors, the Remuneration Policy of Directors, the Risk Management Policy, the Internal Regulations of the Board of Directors and the Policy for the Appointment of Directors, among others. All documents are public and are available on B2W's Investor Relations website (ri.b2w.digital). A signatory of the Global Compact of the United Nations (UN) since 2013, B2W has worked to strengthen the sustainability of management processes in the company and across the supply chain. The Global Compact is an initiative that brings together thousands of companies around the world that are committed to the best corporate practices with regard to human rights, especially in relation to labor issues, as well as the environment and business ethics.

To this end, we promote and value the sharing of protection principles and the development of human rights, featuring these terms in our commercial contracts, being committed to the eradication of all forms of forced labor and to combat any and all practices that do not respect the Human Dignity Principle throughout its value chain. All our contracts impose specific punitive clauses including fines and disqualification in the event of irregularities. The Company supports several initiatives by entities, both public and private, which are engaged in the identification of the potential risks and impacts of human rights violations that may be associated with its activities.

6. LATIN AMERICA’S BEST AND BIGGEST DIGITAL TEAM 6.1 TALENTS SET TO GROW

In order to keep up with the accelerated growth of the e-commerce market in Latin America, B2W Digital has been investing to improve attraction, retention and development of talent, as well as in the strengthening of its organizational culture and corporate identity. We understand that, only with clear directions and a well-prepared team will we assure the accomplishment of our strategic plans and the continuity of our business. In 2019, the Company perfected its recruitment, selection, training and competence development programs. In view of the growing increase in the demand for qualified professionals to work in the digital market, B2W has sought to increase the value and capacities of its own team, to boost its results. In view of the assumptions of employment generation and promotion of the local development of regions in which it acts, B2W Digital has its strategy of prioritizing the hiring of a local labor force.

21

6.2 PROFESSIONAL PROFILE

B2W Digital’s professional team has closed the year with a total of 9,176 associates (of these, 1,453 are seasonal), of which 4,707 are women (51.3%) and 4,469 are men (48.7%). To promote equality among men and women, and to guarantee that wage and hiring policies eliminate any possibility of discrimination, the Company holds meritocracy as the only basis for career development. All of our associates comply with the legal working hours for their professional categories, entering the Company on experience contracts of, at most, 90 days. At the end of this period, depending on the proficiency evaluation, the associates have their contracts extended for an undetermined length of time. The Company adopts practices to act in favor of diversity and equality of opportunities. All associates are selected exclusively based on their professional profile, not discriminated by color, gender, political, religious or sexual orientation, which is a clause inscribed in the Company’s Bylaws and practiced at all hierarchical levels.

6.3. RECRUITMENT AND TALENT SELECTION

B2W Digital has developed a bold plan with the intention of identifying the best talents of the market in the functions important to the business, with an entrepreneurial profile and who are aligned to the values and principles of the Company. Through the main doors to the Company – internship, trainee and new talents programs – we recruit young university students and recent graduates, who identify with the “B2W Way”. B2W Internship Program In 2019, we resumed the Internship Program, with the hiring of 70 interns, in Rio de Janeiro and São Paulo.. In addition to participating in various technical, behavioral and immersion training at the Company, they will have the opportunity to learn in practice what they are studying in their courses, experiencing the dynamism of a digital company on a daily basis. B2W Tech Internship Program Launched in 2018, the former “Internship Bit” program focuses on the selection of interns interested in becoming front-end (professionals who develop the interface between system and user) and back-end (professionals who work in programming and in the database). Over a six-month period, interns participate in classes taught by B2W Digital associates, undergo job rotation, develop activities in different areas, and create a project with the help of a tutor (associate). Master's Internship Program Launched in 2019, the partnership project with the UFSCar Computing Department aims to encourage research and knowledge exchange between the academic and corporate environment. This is the first research project that focuses on the evolution of the Apache Marvin platform and includes the participation of teachers and master students from the educational institution.

22

Trainee Program We ended the selection process of the Trainee 2020 Program with the approval of 19 candidates. The new trainees will travel through several areas of the Company, following a job rotation model, and then they will be allocated to their areas, where they will develop specific projects. New Talents Program With the purpose of training recent graduates to become future leaders of the Company in an accelerated way, the Company offers the New Talents Program. When they enter B2W, the New Talents are allocated directly in their areas to start their development on the job. They also participate in some training sessions, such as “General Corporate Vision”, in which they swap experiences with managers of different areas, as well as in technical visits to some distribution units. New Talents Program Master Program focused on the recruitment of high potential youths with masters or doctorates from the best universities in the country, who join the company as coordinators. Beginning Together Program – Apprenticeship for Minors B2W Digital runs the "Começando Juntos" (Beginning Together) program that provides youths with their first experience in the job market, designed to help them to develop their skill sets. The program encompasses their professional and interpersonal training of these young people, who have been able to achieve permanent development through live classes and e-learning, in addition to other tools. The company is a proud to be able to contribute to the process for forming citizens and not just training the professional skills of these young people. SOMAR Program – Inclusion of Disabled Persons Being an increasingly inclusive Company is part of our values. To this end, B2W Digital expanded the dissemination of vacancies in institutional channels and in partnerships with municipal secretariats and specialized consultants for these opportunities. In addition, identifying talents and promoting the qualification of persons with disabilities in our business units has been a major challenge considering the accelerated growth of the sector.

23

The Devs Hunt In order to offer the candidate a differentiated experience through a dynamic selection process, B2W Digital launched the program The Dev's Hunt which aims to present the main vacancies of the company and select the best talents performing all the main stages of the selection process in a single day. During the year, 2 editions of the selection process were held in São Paulo. Top of mind Universities In recent years, we have strengthened our talent attraction team and made a project to define our EVP – Employee Value Proposition. The project's objective is to reinforce B2W Digital's employing brand in universities, demonstrating all the knowledge, development and career opportunities that the Company can offer. As a result, we repositioned our Company as a brand for this audience and increased the number of events we participate in at Universities by more than 200%. Programming Marathon (Brazilian Computer Society) As a stimulus for the development of entrepreneurial technological projects, we sponsor the Regional - São Paulo and National - Salvador stages of the XXIV SBC Marathon (Brazilian Computer Society) of Programming, where important initiatives were developed through the practice of Hackathon (programming marathon). The competition winners were classified to represent Brazil in the International Collegiate Programming Contest, the main international competition in the area. Programming Marathon (UNICAMP) In 2019, B2W sponsored the Unicamp Programming Marathon. The event, in competition format, aims to select students who will represent the university in official competitions throughout the year. In addition to rewarding the winning teams, we held an opening lecture at the event, sharing with the students the day-to-day life of a developer at B2W. Brazil Conference B2W Digital supported and participated in the fifth edition of the Brazil Conference at Harvard and MIT held by the Brazilian student community in Boston to promote the meeting with leaders from different sectors and with the mission of finding innovative solutions for the future of our country. We also supported HackBrazil, a competition for innovation and technology, which nominated five finalists who played in the final in April, 2019, in Boston. Working days In 4Q19, we held two Working Days with students from Universities of UFF and CEFET, in Rio de Janeiro, and one dedicated to women, in São Paulo. This initiative aims to present B2W's day-to-day and career opportunities. During the event, guests participate in lectures, office tour, and conversations with Company executives. International Mathematical Olympiad We sponsor the participation of the ITA (Technological Institute of Aeronautics) team in the International Mathematical Olympiad that promotes the solution of problems in the areas of algebra, analysis (real and complex) and combinatorial analysis. The ITA team, made up of six students, had five students awarded, winning three silver medals (second prize) and two bronze medals (third prize). Recruitment Trade Shows and Academic Weeks In order to recruit the best talent in the market, B2W Digital participated in the main recruitment fairs and academic weeks at universities across the country. In addition to the space to meet the candidates, the company also carried out various activities such as lectures, workshops at PUC-RJ, EFEJ, UFPE, USP, Unicamp, ITA, Semana da Computação UFSCar and Semana da Engenharia de Produção USP.

6.4. TALENT DEVELOPMENT In line with the main principles, policies and values of the Company, our development programs are structured on three pillars: People, Method and Results. With the objective of searching for the continuous improvement of all our professionals and of contributing to excellence in corporate management of human resources processes, we offer training specific to each profile and challenge embraced by each associate.

24

All associates who identify with the Company's culture, like technology / internet and want to develop to the maximum of their potential, find numerous opportunities in B2W Digital. Proof of this is the significant number of hours of training in 2019: more than 60 thousand hours, between setting, technical and behavioral training, given by consultancies or by the associates themselves. The trainings are promoted at Headquarters, at two innovation and technology centers (BITs: B2W Innovation and Technology) and at distribution centers throughout the country. “Great Places to Work 2020” Certification As a result of B2W Digital’s commitment to the development of the Company's talent, we received certification in January/ 20. This is an important recognition to the efforts of continuing to evolve and engage the team to achieve increasingly challenging goals, always focusing on the customer. Training Method - Lean Six Sigma and Agile Methodologies B2W has been intensifying the training and education of associates in Lean Six Sigma and Agile Methodologies, as a way to obtain better results through the training and development of its associates. In 2019, almost 400 associates were trained in the “Belts” methodologies (Yellow, Green, Black and Master Black Belt). B2W Fellows – Scholarship Program The Program is intended for associates that have two or more years of work in the Company, and that have been nominated by their immediate superiors, in account of the superior performance in the exercise of their functions. The aim of the program is to promote the academic training of the participants, qualifying them even more and amplifying their chance of career growth. The Company offers the selected associates scholarships to undergraduate and graduate courses. Leadership Development Program In 2019, we continue to apply to PDG.com, the Manager Development Program, and more than 1000 managers participated in the classes that were taught in our units. The program aims to assist career transition leaders by seeking understanding of their role, impact of their actions on the people they lead and, consequently, on the organization. The Program has been applied at all levels of management, contributing to the preparation of the entire Company team. In addition, in 2019, we continued the LBA Program (Leadership and Business Academy) in partnership with HBS (Harvard Business School) to improve our leadership. Talent Radar The program consists of identifying our talents and directing the training and development actions according to the profile of each associate. Since the beginning of the program, more than 500 managers have been mapped per degree of competence and readiness to take on new challenges. B-Talks In 4Q19, we launched B-Talks, a talk show that aims to share knowledge, promote conversations and debates, and present and integrate areas and people. The events have a panel format where associates are interviewed and present projects, moderated by a manager. The event is broadcast live via webcast to all of our units and employees, allowing them to submit questions before and during the meeting. BIT Tech Week and Hackathon Ironbit In order to foster innovation and technology in our environments, in 2019 we launched BIT Tech Week, a week focused on the realization of lectures, talks, mini-courses and at the end, the traditional hackathon IRONbit! Meetups In 4Q19, B2W Digital continued the rounds of meetups (technical community events). The Meetups are informal events for exchanging information and experiences on a specific topic, involving people from certain technology communities and also the Company's internal people, providing a moment of networking between the two worlds. During this period, we received several groups such as NODE.JS, Elastic, Java, GODOT, Nerd Girls, Devops, Phython, and others. Hackathons In 4Q19, we carried out, in partnership with USP-SP and Inter Hack - the Hackathon for students from USP São Paulo, Leste and São Carlos.

25

Qcon – International Software Development Conference: Thinking about the development of our associates, B2W Digital supported the participation of more than 100 associates in the Qcon Conference. The event brings together the latest software development trends and takes place annually in several cities around the world. The lectures are selected for those who work on a daily basis with development, influence and generate innovation in their teams. TDC – The Developer’s Conference In July 2019, more than 200 associates from different locations participated in the TDC (The Developer’s Conference). TDC is a software development event in Brazil that connects organizers of meetups and events, speakers, companies and sponsors. Independently, there are more than ten parallel trails per day organized by experts on the subject. This is yet another initiative that B2W has been investing to contribute to the learning of our IT team. BRACIS / STILL B2W sponsored and supported the 2019 edition of Bracis / Still in Salvador. During the event, our associates participated in several actions representing the company. The Tech Labs team presented B2W's first scientific paper presenting to the scientific community a corpus of user reviews that we extracted from our user evaluation base.

6.5 – TALENT DEVELOPMENT Due to the accelerated growth of the Company, B2W Digital registered more than 1,405 promotions of its associates at all levels. Considering the promotions for management positions, 27% were promoted to "Leader", 17% to “Supervisor”, 37% to “Coordinator” and 19% to “Manager”. As criteria in the hiring and promotion of professionals, the Company bets on the potential of people development, regardless of any criteria of ethnicity, age, nationality, or time of entry.

7. SUSTAINABILITY B2W Digital, through its purpose of connecting people, businesses and services, has collaborated for an increasingly inclusive society and shared values with stakeholders. Throughout 2019, it carried out several initiatives that generated positive changes, balancing the three dimensions, environmental, social and economic. Our initiatives are in line with the Universal Principles of the Global Compact and the United Nations (UN) Agenda 2030 Sustainable Development Goals (SDGs).

7.1 SUSTAINABILITY RECOGNITIONS

B2W Digital makes up, for the sixth consecutive year, the B3 Corporate Sustainability Index (ISE) and was recognized, for the second consecutive year, in the Exame Sustainability Guide, being listed among the most sustainable companies in the country. At the Chico Mendes Socioenvironmental Award, the company was recognized with the Green Seal Certification in the “Responsible Socioenvironmental Action” category. Environment In 2019, the Company participated in B3's Carbon Efficient Index (ICO2) and voluntarily answered the questionnaire of the Carbon Disclosure Project (CDP), with the objective of increasing the transparency and management of its emissions. For the ninth consecutive year, it published its inventory of greenhouse gas (GHG) emissions, which, since 2016, has received the Gold seal from the GHG Protocol program. Contributing to the mitigation of their emissions, DCs located in São Paulo, Brasília and Rio de Janeiro expanded the delivery of small goods by means of bicycles, providing greater mobility in large centers and reducing emissions. Inclusion and diversity

26

In line with the UN 2030 agenda, through social projects and support for external initiatives, B2W Digital has sought to work with communities. The projects aim to promote inclusion, education, reduce inequalities and improve the quality of life, contributing to social transformation. B2W Digital is present throughout the country with its digital platform. As a way to develop a project of national relevance with a positive social impact, we are working in the Amazon rainforest, in partnership with the Amazonas Sustainable Foundation promoting the sale of products from Amazonian craft groups to all of Brazil. The project aims to enhance the craftsmanship of the riverside and indigenous communities through the sale of their products on the Americanas.com website. All income obtained from the sale goes to the development of the project. Americanas and americanas.com sponsored the “Todo Mundo Vai” running and walking circuit focused on quality of life and well-being and participated, for the second consecutive year, in the Natal Sem Fome campaign, promoted by the NGO Ação Cidadania, which aims to end the country's hunger. Seeking to show the possibilities for the future for cities and the importance of combating global warming and its effects, they also sponsored the exhibition "O Dia Seguinte" held in Rio de Janeiro. For the fourth year, we promoted the socio-cultural project Grafitarte for urban intervention through graffiti with exclusive sponsorship from Submarino. For the fifth consecutive year, we encourage access to literature in communities in Rio de Janeiro and São Paulo through a library bus that is part of the Books in the Squares Project sponsored by Americanas and americanas.com. Americanas and americanas.com, together with the Instituto Rumo Náutico - Projeto Grael - has been promoting, since 2016, the democratization of access to sports practices for young people in socially vulnerable situations, developing socioenvironmental aspects inherent to sport such as respect for the environment, leadership, human relations and citizenship.