Lojas Americanas S.A. - Mziq

Lojas Americanas S.A. Quarterly Information (ITR) at March 31, 2021 and report on review of quarterly information

Lojas Americanas S.A. Quarterly information (ITR)

March 31, 2021 and independent auditors’ report on anual information

(A free translation of the original in Portuguese)

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Report on review of quarterly information To the Board of Directors and Shareholders Lojas Americanas S.A. Introduction We have reviewed the accompanying parent company and consolidated interim accounting information of Lojas Americanas S.A. (“Company”), included in the Quarterly Information Form (ITR) for the quarter ended March 31, 2021, comprising the balance sheet as at that date and the statements of income, comprehensive income, changes in equity and cash flows for the quarter then ended, and a summary of significant accounting policies and other explanatory information. Management is responsible for the preparation of the parent company and consolidated interim accounting information in accordance with the accounting standard CPC 21, Interim Financial Reporting, of the Brazilian Accounting Pronouncements Committee (CPC) and International Accounting Standard (IAS) 34, Interim Financial Reporting issued by the International Accounting Standards Board (IASB), as well as the presentation of this information in accordance with the standards issued by the Brazilian Securities Commission (CVM), applicable to the preparation of the Quarterly Information (ITR). Our responsibility is to express a conclusion on this interim accounting information based on our review. Scope of review We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently did not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion on the interim information Based on our review, nothing has come to our attention that causes us to believe that the accompanying parent company and consolidated interim accounting information included in the quarterly information referred to above has not been prepared, in all material respects, in accordance with CPC 21 and IAS 34 applicable to the preparation of the Quarterly Information, and presented in accordance with the standards issued by the CVM. Emphasis of matter

Lojas Americanas S.A. Quarterly information (ITR)

March 31, 2021 and independent auditors’ report on anual information

(A free translation of the original in Portuguese)

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Business combination We draw attention to the material fact included in Note 31 (a), which describes that, on April 28, 2021, a “Protocol and Justification of Partial Spin-Off of Lojas Americanas S.A., with transfer of the spun-off assets to B2W Companhia Digital” was entered into, setting forth the general terms and conditions of the business combination between the two companies. The changes in assets and liabilities that comprise the spun-off net assets of Lojas Americanas S.A., calculated as from December 31, 2020, will also be recorded by B2W Companhia Digital, which will have its name changed to Americanas S.A. This transaction will be subject to approval of the shareholders of the two companies at Extraordinary General Meetings to be held on June 10, 2021. Our opinion is not qualified in respect of this matter. Other matters Statement of value added The quarterly information referred to above includes the parent company and consolidated statements of value added for the quarter ended March 31, 2021. These statements are the responsibility of the Company's management and are presented as supplementary information under IAS 34. These statements have been subjected to review procedures performed together with the review of the quarterly information for the purpose of concluding whether they are reconciled with the interim accounting information and accounting records, as aplicable, and if their form and content are in accordance with the criteria defined in the accounting standard CPC 09 - "Statement of Value Added". Based on our review, nothing has come to our attention that causes us to believe that these statements of value added have not been properly prepared, in all material respects, in accordance with the criteria established in this accounting standard, and consistent with the parent company and consolidated interim accounting information taken as a whole. Rio de Janeiro, May 3, 2021 PricewaterhouseCoopers Auditores Independentes CRC 2SP000160/O-5 Claudia Eliza Medeiros de Miranda Contador CRC RJ087128/0-01

Lojas Americanas S.A. Balance Sheet Quarter ended March 31, 2021 and 2020 In thousands of Brazilian reais, except net earnings per share

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03/31/2021 12/31/2020 03/31/2021 12/31/2020 03/31/2021 12/31/2020 03/31/2021 12/31/2020

ASSETS LIABILITIES

CURRENT CURRENT

Cash and cash equivalents 6.864.446 7.354.474 11.207.912 14.009.152 Suppliers 3.077.711 3.004.600 7.129.991 7.093.847

Marketable securities and other financial assets 2.251.847 2.393.065 6.027.738 7.622.064 Leasing to pay 501.126 436.763 603.618 527.197

Clients accounts receivable 1.173.197 1.408.023 3.169.801 3.365.280 Loans and financing 1.016.717 907.987 2.112.830 1.832.909

Inventories 2.801.210 2.420.798 4.813.480 4.122.456 Debentures 288.672 507.136 64.262 415.786

Recoverable taxes 654.213 543.993 1.449.858 1.240.146 Payroll and related charges 97.417 103.378 195.515 190.227

Related parts accounts receivable 168.832 189.601 - - Taxes payable 55.431 131.810 157.064 241.510

Dividends receivable - - - - Income tax and currents social contribution - 86.960 1.400 91.322

Prepaid expenses 38.896 18.474 87.879 65.174 Dividends and participations proposed 23.643 370.963 23.643 370.963

Other accounts receivable 463.507 634.020 1.011.683 1.143.586 Provisions for contingencies 34.698 35.208 34.698 35.208

Accounts payable - business combination - - 3.543 5.608

Advances received from customers - - 326.728 498.020

Related parts accounts payable 89.913 112.049 - -

Other current liabilities 310.443 428.455 689.788 785.459

Total current assets 14.416.148 14.962.448 27.768.351 31.567.858 5.495.771 6.125.309 11.343.080 12.088.056

NON-CURRENT ASSETS NON-CURRENT

Long-term assets: Long term liabilities:

Marketable securities and other financial assets 58.455 58.503 40.556 47.162 Leasing to pay 2.240.423 2.266.184 2.437.561 2.461.262

Loans and advances to subsidiaries companies 2.228 2.134 - - Loans and financing 2.773.955 2.955.521 9.902.021 12.833.589

Receivables from stockholders - Stock Option Plan 41.778 41.422 41.778 41.422 Debentures 6.227.160 6.143.677 4.023.435 3.938.002

Deferred income tax and social contribution 47.999 8.864 1.793.877 1.630.765 Provision for judicial proceedings and contingencies 117.904 120.310 291.394 295.341

Escrow deposits 273.194 275.839 432.646 414.613 Provisions for loss on investiments 254.272 275.954 - -

Recoverable taxes 929.801 1.054.907 2.255.482 2.348.634 Deferred income and social contribution taxes - - - -

Other non-current - - 68.308 68.308 Accounts payable - business combination - - 135.356 134.992

Other non-current liabilities - - 71.008 87.643

11.613.714 11.761.646 16.860.775 19.750.829

SHAREHOLDER'S EQUITY

Social capital 12.334.544 12.014.779 12.334.544 12.014.779

Investments 6.673.871 6.716.524 - - Capital reserves (101.252) 30.707 (101.252) 30.707

Property, plant and equipment 3.618.641 3.622.343 4.026.314 4.028.313 Goodwill on Capital transactions (679.830) (737.834) (679.830) (737.834)

Intangible assets 876.124 869.922 4.808.682 4.730.291 Profit reserves 1.048.306 1.048.306 1.048.306 1.048.306

Right to use real state 2.565.494 2.585.462 2.828.233 2.832.095 Treasury shares (44.545) (44.545) (44.545) (44.545)

Profit/loss for the period (162.975) - (162.975) -

12.394.248 12.311.413 12.394.248 12.311.413

Minority interest - - 3.466.124 3.559.163

Resourses to non controlling shareholders capital increase - - - -

Total non-current assets 15.087.585 15.235.920 16.295.876 16.141.603 Total shareholders' equity 12.394.248 12.311.413 15.860.372 15.870.576

TOTAL ASSETS 29.503.733 30.198.368 44.064.227 47.709.461 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 29.503.733 30.198.368 44.064.227 47.709.461

Parent Company Consolidated Parent Company Consolidated

Lojas Americanas S.A. Income Statement Quarter ended March 31, 2021 and 2020 In thousands of Brazilian reais, except net earnings per share

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03/31/2021 03/31/2020 03/31/2021 03/31/2020

NET REVENUE 2.404.184 2.400.381 5.232.629 4.057.237

Cost of goods and services rendered (1.519.373) (1.487.984) (3.601.207) (2.689.599)

GROSS PROFIT 884.811 912.397 1.631.422 1.367.638

OPERATING REVENUE (EXPENSES)

Selling expenses (357.560) (385.540) (1.092.700) (696.110)

General and administrative expenses (316.647) (231.339) (531.858) (439.359)

Other operating income (expenses) (14.419) (32.142) (33.975) (46.488)

(688.626) (649.021) (1.658.533) (1.181.957)

OPERATING INCOME BEFORE NET FINACIAL RESULT 196.185 263.376 (27.111) 185.681

Financial income 51.297 49.872 150.392 155.449

Financial expenses (233.564) (264.922) (448.079) (471.075)

Net Financial Result (182.267) (215.050) (297.687) (315.626)

Equity results of subsidiaries (169.211) (78.736) - -

Income (loss) for the period before income and

social contribution taxes (155.293) (30.410) (324.798) (129.945)

Income and social contribution taxes

. Current 2.155 - 1.696 (1.590)

. Deferred (9.837) (18.782) 98.696 40.693

Net loss for the period (162.975) (49.192) (224.406) (90.842)

Net income attributable to:

Company's shareholders (162.975) (49.192) (162.975) (49.192)

Interest of non-controlling shareholders - - (61.431) (41.650)

(162.975) (49.192) (224.406) (90.842)

Parent Company Consolidated

Lojas Americanas S.A. Comprehensive Income statement Quarter ended March 31, 2021 and 2020 In thousands of Brazilian reais, except net earnings per share

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03/31/2021 12/31/2020 03/31/2021 12/31/2020

Net income for the quarter (162.975) (49.192) (224.406) (90.842)

Items to be subsequently reclassified to the result

Cash flow hedge (144.035) - (144.035) -

Tax effects on cash flow hedge 48.973 - 48.973 -

Other comprehensive income - Cash flow hedge of subsidiaries (3.683) - (3.683) -

Other comprehensive income - Non-controlling cash flow hedge - - (37.462) -

Currency variation in overseas investee 14.821 34.572 14.821 34.572

Total comprehensive result (246.900) (14.620) (345.793) (56.270)

Lojas Americanas S.A. Statement of changes in equity In thousands of Brazilian reais

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Social capital

Subscription of

shares plan

reserve

Goodwill in

capital

transactions

Adjustment

of equity

valuation

LegalTo new

ventures

Treasure

shares

Accumulated

profitTotal

Participation of non

controllers

shareholders

Total

Balance as of December 31, 2020 12.014.779 159.232 (737.834) (147.788) 108.903 939.402 (44.545) (0) 11.146.164 3.199.330 14.345.494

Capital increase through share subscription 317.750 - - - - - - - 317.750 - 317.750

Capital increase through stock option plan emission - - - - - - - - - - -

Capital increase due to the incorporation of reserves 2.015 (2.015) - - - - - - - - -

Capital transactions - - (1.416) - - - - - (1.416) 1.416 0

Currency variation in overseas investee - - - 14.821 - - - - 14.821 - 14.821

Stock option plan - (46.020) 59.420 - - - - - 13.400 4.438 17.838

Cash flow hedge - - - (98.746) - - - - (98.746) (37.462) (136.208)

Adjustment of participation of non-controlling shareholders - - - - - - - - - - -

Net loss for the quarter - - - - - - - (162.975) (162.975) (61.431) (224.406)

Balance as of March 31, 2021 12.334.544 111.197 (679.830) (231.713) 108.903 939.402 (44.545) (162.975) 12.394.248 3.106.291 14.335.290

Profit reserveCapital reserve


Lojas Americanas S.A. Statement of Cash Flow – Indirect Method Quarter ended March 31, 2021 and 2020 In thousands of Brazilian reais, except net earnings per share

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03/31/2021 03/31/2020 03/31/2021 03/31/2020

Net income for the quarter: (162,975) (49,192) (224,407) (90,842)

Adjustments to the net income:

Depreciation and amortization 159,910 116,504 304,474 248,350

Depreciation right to use real state 128,632 86,276 151,465 108,275

Residual and deferred value of fixed assets write-off 25,301 4,289 25,414 6,312

Equity accounting 169,211 78,736 - -

Income tax and social contribution current (2,155) - (1,696) 1,590

Income tax and social contribution diferred 9,837 18,782 (98,696) (40,693)

Interest on credits and debits 669 1,598 670 1,598

Interest and variations financing 144,761 156,231 223,901 233,160

Adjustment in provision for contingencies 4,269 - 4,271 3,058

Reversal of provision for lawsuits and contingencies (1,277) (3,113) (1,277) (5,720)

Stock option plan 8,658 9,508 17,836 14,681

Provision for doubtfull accounts - credit cards 279 454 (8,551) (222)

Provision for losses in inventories (73,825) (14,733) (74,743) (13,120)

Others 4,412 20,736 89,391 28,132

Adjusted net income 415,707 426,076 408,053 494,559

Decrease (increase) in operating assets:

Clients accounts receivable 232,890 742,815 202,916 939,866

Inventories (302,064) (292,198) (620,013) (539,519)

Recoverable taxes 14,886 (50,901) (116,560) (156,562)

Prepaid expenses (17,396) (28,696) (19,714) (13,841)

Escrow deposits 2,645 18,172 (18,033) 6,286

Other accounts receivable 176,269 48,595 131,902 93,208

107,230 437,787 (439,502) 329,438

Increase (decrease) in operating liabilities:

Suppliers 62,808 (63,357) 38,158 (94,226)

Payroll and related charges (5,961) (8,113) 5,288 (2,380)

Current income tax and social contribution (76,439) (91,057) (85,010) (138,043)

Contingencies payments (6,873) (5,880) (8,416) (5,880)

Operations with related parties (1,461) (9,613) - -

Other accounts payable (49,652) (89,061) (323,001) (89,144)

(77,578) (267,081) (372,981) (329,673)

Interest paid on loans and debentures (36,032) (57,717) (88,848) (159,985)

Interest paid on leases (29,184) (38,950) (34,083) (44,514)

Income tax and social contribution paid (74,463) (76,597) (77,884) (79,646)

Net cash provided by operating activities 305,680 423,518 (605,245) 210,179

Cash Flow from Investing Activities

Marketable securities 141,266 (260,933) 1,600,932 31,080

Investments in subsidiaries (138,118) - - -

Plant, property and equipment (130,963) (195,344) (150,003) (202,031)

Intangible (56,748) (24,788) (248,083) (174,357)

Net cash provided (used) by investment activities (184,563) (481,065) 1,202,845 (345,308)

Cash Flow from Financing Activities

Loans e financing (current and non-current):

Borrowings - 853,605 117,075 1,135,447

Liquidations (78,819) (60,066) (2,963,465) (95,517)

(78,819) 793,539 (2,846,390) 1,039,929

Debentures (current and non-current):

Borrowings (352,578) - (352,741) -

(352,578) - (352,741) -

Leasing right to use real state (148,762) (138,527) (172,235) (161,680) Accounts receivables from stock option plan - 575 - 575 Goodwill on transactions of subsidiary shares (1,416) - (1,416) -

Capital increase 208,546 183,807 208,546 183,807 Non-controlling resources - - 3,512 -

Interest on equity and dividends paid (238,116) (187,677) (238,116) (187,677)

Repurchase of own shares - - - -

Net cash provided by financing activities (611,145) 651,717 (3,398,840) 874,954

Net increase in cash and cash equivalents (490,028) 594,170 (2,801,240) 739,825

Cash and cash equivalents at the begining of the quarter 7,354,474 2,752,618 14,009,152 6,291,718

Cash and cash equivalents at the end of the quarter 6,864,446 3,346,788 11,207,912 7,031,543

Net increase in cash and cash equivalents (490,028) 594,170 (2,801,240) 739,825


Lojas Americanas S.A. Statement of Added Value Quarter ended March 31, 2021 and 2020 In thousands of Brazilian reais, except net earnings per share

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03/31/2021 03/31/2020 03/31/2021 03/31/2020

REVENUES

Sales of goods and services 2.781.299 2.777.368 6.323.549 4.850.014

Other revenues 460 3.409 1.067 4.097

Reversal (provision) for doubtful accounts (12.279) (12.460) (24.893) (21.739)

2.769.480 2.768.317 6.299.723 4.832.372

INPUTS ACQUIRED FROM THIRD PARTIES

Costs of goods sold (include ICMS, PIS and COFINS) (1.714.058) (1.619.578) (4.035.284) (2.971.060)

Materials, energy, third party services and others (196.816) (181.897) (1.073.128) (545.018)

Loss on impairment - - 30 355

Others (5.759) (22.635) (5.760) (22.635)

(1.916.633) (1.824.110) (5.114.142) (3.538.358)

GROSS VALUE ADDED 852.847 944.207 1.185.581 1.294.014

DEPRECIATION AND AMORTIZATION (288.542) (202.780) (455.939) (356.625)

NET VALUE ADDED GENERATED BY THE COMPANY 564.305 741.427 729.642 937.389

ADDED VALUE RECEIVED AS TRANSFER

Equity in net income of subsidiaries (169.211) (78.736) - -

Financial income 51.297 49.872 150.392 155.449

Renegotiation of rental contracts 10.343 - 10.343 -

Others (2) 119 (2) 119

(107.573) (28.745) 160.733 155.568

TOTAL ADDED VALUE PAYABLE 456.732 712.682 890.375 1.092.957

DISTRIBUTION OF ADDED VALUE

Personnel

- Direct remuneration (160.700) (176.550) (285.637) (270.486)

- Benefits (31.220) (38.949) (56.389) (56.138)

- FGTS (6.361) (10.666) (15.765) (18.945)

(198.281) (226.165) (357.791) (345.569)

Taxes, rates and contributions

- Federal (34.597) (33.800) 69.025 27.634

- State (154.492) (205.726) (365.598) (352.683)

- Municipal (14.765) (11.001) (23.786) (17.953)

(203.854) (250.527) (320.359) (343.002)

Compensation of third party capital

- Interest (233.564) (264.922) (448.079) (471.075)

- Rents 15.992 (20.260) 11.448 (24.153)

(217.572) (285.182) (436.631) (495.228)

Remuneration of own capital

- Loss for the quarter 162.975 49.192 162.975 49.192

162.975 49.192 162.975 49.192

Interest of non-controlling shareholders - - 61.431 41.650


Lojas Americanas S.A. Notes to the financial statements March 31, 2021 and 2020 In thousands of Brazilian Reais, unless otherwise stated

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AMERICANAS UNIVERSE ANNOUNCES 52.8% GMV GROWTH IN 1Q21

Rio de Janeiro, May 6th, 2021 – Lojas Americanas S.A. [B3: LAME3 (common) and LAME4 (preferred], the Company that offers an integrated and unique approach in the Brazilian retail market, combining physical, digital and mobile business platforms, announces the results for the 1st quarter of 2021 (1Q21). The accounting information in which the comments below are based, is presented in accordance with International Financial Reporting Standards (IFRS), with the standards issued by the Brazilian Securities and Exchange Commission (CVM) and in Reais (R $).

AMERICANAS UNIVERSE

Potential Business Combination

o On 04/28, Lojas Americanas and B2W released a Material Fact about the proposed business

combination, creating Americanas S.A., which will be voted on at the Extraordinary

Shareholders' Meetings on 06/10. The combination of operations is an unique opportunity to

accelerate the business evolution, maximizing the customer experience.

Continued Growth in 1Q21

o Total GMV growth of +52.8% vs. 1Q20.

o O2O GMV grew 90.2% reaching R$ 1.0 billion in 1Q21.

Rapid Business Transformation

o Acquisition1 of Grupo Uni.co, which specializes in fashion franchises, accessories, gifts and

fun design.

o Partnership1 with BR Distribuidora to accelerate the convenience store front.

o Acquisition¹ of Nexoos (CaaS), a fintech that connects small and medium-sized businesses

with investors.

o B2W's partnership with OOOOO to accelerate advertising and entertainment verticals.

Acceleration of Ame Digital

o TPV in 1Q21 reached R $ 5.1 billion, + 350% vs. 1Q20.

o Ame reached more than 19 million downloads and 3 million connected establishments.

Evolution of logistics

o 14% of deliveries from Universo Americanas were made within 3 hours in 1Q21.

o 44% of deliveries from Universo Americanas were made within 24 hours in 1Q21.

Continous Focus on ESG

o We launched the “Americanas Social” project on the americana.com website, which aims to

bring visibility to NGOs in a social marketplace.

o In conjunction with a coalition of companies, we donated 6 oxygen plants to Manaus.

1 The conclusions of the acquisitions of Nexoos, of Grupo Uni.co and the partnership with BR Distribuidora are subject to approval by regulators.

HIGHLIGHTS OF THE UNIVERSE (R$ MM) 1Q21 1Q20 Δ

GMV 11,061.1 7,237.7 52.8%

Net Revenue 5,232.6 4,057.2 29.0%

Gross Profit 1,631.4 1,367.6 19.3%

Gross Margin (%NR) 31.2% 33.7% -2.5 p.p.

Adjusted EBITDA 461.5 587.8 -21.5%Adjusted EBITDA Margin (%NR) 8.8% 14.5% -5.7 p.p.

Net Income (163.0) (49.2) 231.3%Net Margin (%NR) -3.1% -1.2% -1.9 p.p.


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CEO’S MESSAGE

In 2021 we continue to focus on prioritizing the health of our associates and customers, while maintaining “normal” operations across our platforms. At the beginning of the pandemic, we commented that many changes were coming, several of which would be definitive, and we would need to make adjustments in order to find new ways to achieve our dreams of growth. At no time did it occur to us, throughout the scenario, that we would have the same pandemic present in our daily lives a year later. During this period, we have reinvented our business, identified new paths of growth, and strengthened ourselves as individuals and as a unified Team. We faithfully pursued our strategy to “be even more relevant in the daily lives of customers”. We were able to demonstrate the strength, flexibility, and resiliency of our Universe beyond our own expectations In 1Q21, with our physical and digital platforms working together, we were able to serve our customers with a broad product assortment, reinforcing the offer of essential items and offering Easter products. We are proud of been able to be present and assist Brazilian families at this time of social distancing, providing a safe environment for everyone. The results obtained demonstrate the accuracy of the decision, in addition to fulfilling our strategy to BE EVEN MORE RELEVANT IN THE CUSTOMERS 'DAY-TO-DAY delivering EVERYTHING, ANYTIME, ANYWHERE. The Americanas Universe continues to evolve every day and, in 1Q21, GMV reached R$ 11.1 billion, an increase of 52.8%, driven by the growth of the digital platform. We announced the expansion of the Americanas Mais loyalty program, which is now free for our entire customer base, offering free shipping on millions of products, fast delivery within 24 hours, and other benefits. The program also covers 100% of Brazil’s territory. We are seeing a strong growth acceleration in the digital platform, growing 90% in 1Q21 versus 38% in 4Q20. In the quarter, our active customer base reached 48 million, an increase of 8 million. At the same time, the marketplace reached a total base of 94,300 sellers through the addition of 9,100 new sellers, and the number of items offered reached 99 million, an increase of 212%. The number of transactions carried out on our platforms reached 104 million in 1Q21, an increase of 37.4%. In this new dynamic that we are experiencing, our physical structures have proven to be an important element of our platform, acting as advanced centers of purchase, experimentation and distribution, bringing us closer and closer to the customer. We continue to advance in the O2O fronts, reaching R$ 1.0 billion in sales in 1Q21, an increase of 90.2%. In the quarter, we delivered more than 2.1 million orders from our stores to end customers. Meanwhile, Ame continued to develop rapidly and reached 19 million downloads, 3 million connected establishments, and now includes more than 70 features to further simplify customers' lives. During the quarter, Ame recorded TPV of R$ 5.1 billion, an increase of 350% over last year, enhancing its position as a relevant mobile platform for business, services and loyalty, helping and engaging millions of customers. Ame also continues to expand its operations in banking solutions. After the acquisitions of Bit Capital (Core Banking) and Parati (Banking as a Service), Ame announced in May the acquisition2 of Nexoos (Credit as a Service), a fintech that connects small and medium-sized companies (SMEs) with investors In line with the strategy of being increasingly present throughout the consumer journey, we recently acquired¹ Grupo Uni.co. This was another step towards the creation of the Americanas Universe franchise platform, which started with the announcement of the joint venture¹ with BR Distribuidora to integrate the Local and BR Mania stores. Grupo Uni.co is a leader in the “fun design” segment and owner of the Imaginarium, Pucket, MinD and Lovebrands brands, recognized for their innovative appeal in fashion, accessories, gifts and design. Grupo Uni.co also brings expertise in the development of new products and contributes to the strengthening of our own brands. With these initiatives, we have entered the admirable 2The conclusions of the acquisitions of Nexoos, of Grupo Uni.co and the partnership with BR Distribuidora are subject to approval by regulators.


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and challenging worlds of franchising and convenience, where millions of customers carry out small-value transactions daily. Thus, we are creating a new platform where we will manage a high flow of customers, offering innovative products and a high level of service, with low capital investment. The conclusion of the acquisition of Grupo Uni.co and the partnership with BR Distribuidora are subject to the approval of regulators. Maintaning our commitment to the social, in March, Americanas Universe, together with the a coalition of companies, donated 6 oxygen plants to Manaus through the “Juntos pelo Amazonas” initiative. Americanas, through the Package for Good of the Union BR campaign, donated 30 thousand surgical masks to Amazonas, 40 thousand N95 masks to Pernambuco and 40 thousand N95 masks to Alagoas, in addition to providing the logistics for 2 tons of alcohol gel for Pará and 1 ton of alcohol gel for Amazonas. On April 28, 2021, the respective Boards of Directors approved the proposed combination of the Americanas and B2W businesses, to be submitted to the Extraordinary Meetings convened for June 10, 2021. As of that date, our companies will reinvent themselves again. The combination of operations is a unique opportunity to accelerate the evolution of our business, maximizing the customer experience. The world, the customer and the role of companies have changed. Transformations that would before have taken decades, took place in just one year. Customers have always been at the center of our strategy and it is for them that we are constantly evolving. From now on, we will strive to expand our efforts through differentiated expertise to be able to deliver everything the customer expects from us and more. We will be more agile and increasingly relevant in people's daily lives. Americanas Universe is in a silent and profound revolution, which will take us to historical new heights. We remain confident in our long-term strategy, proud of our role in the society, enthusiastic about the opportunities and aware of the challenges, but, above all, determined to meet customer demand. We believe that together, as a society, we will emerge stronger from this pandemic. Finally, we would like to give a special thanks to the Team - associates and advisers -, to shareholders, suppliers, sellers, merchants, customers and society in general, who support and inspire us to continue to follow our value generating trajectory. Regards, Miguel Gutierrez CEO, Americanas Universe


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OPERATIONAL HIGHLIGHTS

52.8% of GMV growth

Total GMV grew 52.8%, reaching R$ 11.1 billion in 1Q21, supported by the high penetration of online sales. Online GMV represented 75.7% of the total GMV in the Americanas Universe. During the quarter, 27% of the sales area3 was closed due to the Covid-19 pandemic in Brazil. 96,300 total sellers

During the quarter, another 9,100 new sellers were connected to our platform, reaching a total base of 96,300. 3P sales grew 105.1%, representing 64.4% of online GMV. The increase in the number of sellers is in line with the acceleration of B2W Marketplace and the connection of specialist sellers in long tail categories. 99.0 million items offered, an increase of 212%

As a result of the addition of new sellers and their operational evolution, the assortment reached 99 million items offered to customers, an increase of 212% compared to 1Q20, with robust growth in the long tail categories (especially high frequency categories such as grocery and convenience) and Cross Border (Americanas Mundo). 48 million active customers, an increase of 8 million

Americanas Universe has 48 million active customers, with at least one purchase in the last twelve months. This represented an increase of 8 million customers compared to 1Q20. In addition, the overlap between the customer base of the digital and physical platforms increased by 71%, from 7 million in March 2020 to 12 million in December 2020, as a result of the evolution of the O2O and Ame initiatives. Acceleration of Local with strategic events and partnerships

Throughout the first quarter of 2021, Local focused on strengthening the promotional calendar and increasing demand and Delivery capacity. We implemented two recurring weekly events: Sextou com Cerveja, on Fridays, and Ame Vinhos, every Thursday. Both events are based on a progressive discount with payment via Ame, boosting the growth in the beverage category. We expanded delivery further with the inclusion of a partnership with Kibon to deliver ice cream and popsicles through Ame Flash, Ifood, and Uber Eats platforms. We also continue to expand demand and capacity in Americanas, Supermercado Now, WhatsApp and Zé Delivery channels. Success of Our Private Label Brands during Easter

D'elicce - Americanas private label brand in the candy and food segments - was the leading sales brand for Easter in the physical and online platforms, with licensed products aimed at children. The highlight of the quarter was the robust growth in online sales of Easter 2021 products, especially from the O2O initiatives. In addition, Brink + launched licensed Easter books with Disney characters, plush Easter themed accessories that are always a hit with kids. Same-store sales grew 6.8% for our street store concept (% GR)

Same-store sales at street stores continue to show strong growth, reaching +6.8% in 1Q21. At the beginning of the quarter, sales showed a negative trend until March due to the strong pre-COVID-19 comps. As of March, with an easier comparison to the year-ago March, sales resumed a strong positive trend. Total same-store sales in the quarter decreased by -0.8%.

¹ In the quarter, the number of stores closed and with restricted hours fluctuated considerably. To measure the productivity of the store, the useful sales area was calculated with an algorithm that considers the percentage of temporary closings and daily opening hours restrictions. With this reasoning, an average of 27% of the installed area was idle throughout the quarter.


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O2O initiatives accounted for 16.8% of physical platform sales

O2O initiatives grew strongly during the quarter. The combined O2O sales, including Get in Store Today, Ship From Store and WhatsApp “Na sua Casa”, grew 14.4 pp, from 2.4% in 1Q20 to 16.8% of sales at our physical platform in 1Q21. From our stores, we delivered more than 2.1 million orders to end customers in the quarter. Altogether, GMV from O2O initiatives in the Americanas Universe, including b2W and the physical platform, reached R $ 1.0 billion in 1Q21, an increase of 90.2%. Americanas Mercado keeps rapidly expanding

With the rapid integration of Supermercado Now at Americanas.com, Americanas Mercado continues to expand rapidly. The category reached, for the first time, more than half of the items sold by B2W Digital in 1Q21, with a share of 52.8% in the total and continues to grow rapidly. 14% of deliveries completed within 3 hours

In the quarter, 14% of deliveries from Americanas Universe were completed within 3 hours. The great capillarity of the physical platform, the opening of more fulfillment centers, and the expansion of O2O initiatives, contributed to the advancement of our delivery in a few hours strategy. In addition, 44% of orders from the digital platform (1P and 3P) were delivered in less than 24 hours (Same Day). R$ 398.1 million invested

In 1Q21, investments in the consolidated and in the parent company totaled R$ 398.1 million and R$ 187.7 million, respectively. They were allocated according to the table below:

During the quarter, new store openings were postponed due to the pandemic, driving the reduction in investments in Openings / Improvements. The increase in investments in technology is related to the acceleration of O2O initiatives and the development of the Ame Digital roadmap.

1,707 stores in 765 cities across Brazil

As of March 31, 2021, the physical platform had 21,871 associates and 1,707 stores in 765 cities, of which 948 were traditional, 703 express, 53 in convenience format (Local), 2 digital stores and 2 Ame Go, with a sales area of 1.2 million square meters. The total store base is distributed as follows: 49.7% in the Southeast, 23.2% in the Northeast, 10.3% in the South, 9.4% in the Midwest and 7.4% in the North.

Investimentos 1T21 1T20 ∆ % 1T21 1T20 ∆ %

Inaugurações / Obras de Melhoria 137.3 167.3 -17.9% 137.3 167.3 -17.9%

Tecnologia 47.7 49.7 -4.1% 239.0 199.3 19.9%

Operações e outros 2.8 3.1 -10.5% 21.8 9.8 122.9%

Total 187.7 220.1 -14.7% 398.1 376.4 5.8%

Controladora Consolidado


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IF HIGHLIGHTS - INNOVATION AND FUTURE IF, Innovation and Future, is the innovation engine of the Americanas Universe, responsible for building disruptive businesses and leveraging several initiatives within Americanas and B2W. The main verticals of IF's operations are: accelerating existing initiatives, incubating new businesses, investing in startups (venture capital), developing technologies for retail and prospecting for new opportunities, including M&A operations.

AME DIGITAL

Ame, the fintech and the mobile business platform of Americanas Universe, continues to develop rapidly, reaching more than 19 million downloads and more than 3 million connected establishments (off-us).

1Q21 TPV reached R$ 5.1 billion, + 350% vs. 1Q20.

Ame continues to expand its operations in banking solutions, highlighted by the announced acquisition of Nexoos.

Ame has more than 70 functionalities to further simplify customers' lives. In 1Q21, we continued with the launch of new features, such as: (i) Ifood card; (ii) insurance hub, adding mobile insurance to the portfolio (in addition to the existing home and health insurance options); (iii) credit for companies; (iv) Americanas Mercado mini app; (v) Tinder integration; and (vi) Telemedicine.

Ame is Pix native and has been developing technologies to implement this new payment method in the physical and digital worlds. Americanas.com is a pioneer in the use of Pix in e-commerce.

The partnership with BR Distribuidora reaches 5,000 registered service stations, contributing to the increase in the frequency of use and new customer base, generating additional sales for the American Universe and reinforcing the awareness of the Ame brand throughout the country.

Ame continues to accelerate credit card offers in partnership with Bank of Brazil. The card is digital-first and can be issued in up to 9 minutes, through the Ame app and in Americanas stores. The product has unique benefits, can be exempt from annual fees and has automatic approval.

Ame launched its first trainee program (“Traineenja”), with the objective of attracting new talents with UX skills, data, technology and innovation.

Ame Flash, a crowdshipping platform that connects independent couriers (motorcycles, bicycles and other modes), ended 1Q21 with presence in more than 700 cities and more than 25,000 connected couriers.

O2O (ONLINE TO OFFLINE)

Following the concept of “Everything. Anytime. Anywhere. ”, the O2O initiatives of the Americanas Universe are improving the customers' shopping experience and growing at an accelerated pace. In 1Q21, these combined initiatives recorded a GMV of R$ 1.0 billion (vs. R$ 533 million in 1Q20), an increase of 90.2%.

LASA Seller: In 2021, seeking to increase the customer base and be even more relevant in its day-to-day activities, we will expand the operation of LASA Seller to another distribution center in Pernambuco. In the first quarter, most of the sales were concentrated in the categories of electronics, TVs and cell phones, but the biggest percentage increases are in the food, hygiene and beauty categories.

Click and Collect Now: Available in 100% of Americanas stores, the fast delivery method continues to grow rapidly in 1Q21. With growth of 363% against the previous year, it reached 1.4 million orders in the period, with 55% contribution from Easter.

Ship from Store: Online purchase of products from the nearest store with delivery within 3 hours at the desired address. The service is available at 1,707 Americanas stores, was expanded to B2W Marketplace sellers' stores, allowing same-day deliveries from 5,500 stores. The modality is capable of delivering large items, such as TVs and Microwaves, increasing the assortment offered. The SFS is operated by Ame Flash, a proprietary crowdshipping platform that connects independent couriers (motorcycles, bicycles and other modes).


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Click and Collect: Customer buys online and withdraws at the physical store. Since 2019, we have the largest network of pick-up points in Brazil. Currently, we have 12,279 connected points (Americanas, partners and lockers) in more than 5.3 thousand municipalities in Brazil, offering access to 99% of the Brazilian population.

Infinite Shelf: Americanas assisted sales operation for products offered on the digital platform (1P and 3P). In 1Q21, the operation had an average ticket 25x higher than that of physical stores and sales growth of 17.4% compared to 1Q20.

WhatsApp “Na Sua Casa”: The sales channel continues to gain strength across the customer base and has proven to be a powerful sales generation tool for the physical platform. In 1Q21, the initiative reached 765 thousand orders. Now, the customer can also start a conversation using Facebook Messenger and Instagram Direct chat tools. A complete sales operation was also started with the virtual assistant, with the possibility of setting up the shopping cart and closing the payment for the purchase at the americanas.com checkout, without the need for human assistance.

FINANCIAL HIGHLIGHTS GROSS MERCHANDISE VOLUME (GMV) & REVENUES

In 1Q21, total GMV of the Americanas Universe was R$ 11.1 billion and online sales represented 75.7% of total GMV vs. 62.1% in 1Q20. Consolidated gross revenue grew 30.4% in 1Q21, reaching R$ 6.3 billion. During the quarter, 27% of the stores' sales area was closed due to the pandemic restrictions (15% in Jan/21, 27% in Feb/21 and 43% in Mar/21). GROSS PROFIT

In 1Q21, consolidated gross profit reached R$ 1,631.4 million, increasing 19.3%. The consolidated gross margin reached 31.2% of net revenue. The gross margin was impacted by the higher penetration of online sales and the adjustment of assortment, prioritizing essential items in the sales mix. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

1Q21 1Q20 ∆ 1Q21 1Q20 ∆

Gross Merchandise Volume - - - 11,061.1 7,237.7 52.8%

Digital Platform (%GMV) - - - 75.7% 62.1% 13.6 pp\O2O (%GMV) - - - 9.2% 7.4% 1.8 pp

Gross Revenue 2,781.3 2,777.4 0.1% 6,323.6 4,850.0 30.4%

Digital Platform (%GR) - - - 57.7% 43.4% 14.3 pp\O2O (%GR) 16.8% 2.4% 14.4 pp - - -

Same Stores Sales (%GR) -0.8% 1.7% - - - -

Street Facing Stores 6.8% 6.5% - - - -

Shopping Mall Stores -13.4% -4.2% - - - -

Net Revenue 2,404.2 2,400.4 0.2% 5,232.6 4,057.2 29.0%

Digital Platform (% of Total) - - - 56.2% 41.8% 14.4 pp

Same Stores Sales (%NR) -0.9% 2.0% - - - -

Revenues (R$ MM)Parent Company Consolidated

1Q21 1Q20 ∆ % 1Q21 1Q20 ∆ %3Q1

SG&A (385.7) (414.1) -6.9% (1,169.9) (779.8) 50.0%0 0 0 0 0 0

Selling Expenses (357.6) (385.5) -7.3% (1,092.7) (696.1) 57.0%% Net Revenue 14.9% 16.1% -1.2 p.p. 20.9% 17.2% +3.7 p.p.General & Administrative Expenses (28.1) (28.6) -1.6% (77.2) (83.7) -7.8%% Net Revenue 1.2% 1.2% - 1.5% 2.1% -0.6 p.p.

Operational Expenses (R$ MM)Parent Company Consolidated


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Consolidated, selling, general and administrative expenses increased 50.0% in 1Q21. This is due to the increase in sales and marketing expenses of the digital platform, related to the growth of online, partially offset by the savings in the physical platform with rental renegotiations and other expense optimizations. ADJUSTED EBITDA

In 1Q21, consolidated EBITDA reached R$ 461.5 million, with an EBITDA Margin of 8.8%, down 5.7 pp compared to 1Q20, due to the higher penetration of online sales (75.7% of GMV in 1Q21 vs 62.1% in 1Q20) and the growth of Ame operations. The table below shows the reconciliation between adjusted EBITDA and EBITDA CVM 527/12:

NET FINANCIAL RESULT

In 1Q21, consolidated net financial result changed -5.7%, driven by the reduction of the CDI and the optimization of the Company's capital structure. NET INCOME

The following table shows the main variations in Adjusted EBITDA for net income:

1Q21 1Q20 ∆ % 1Q21 1Q20 ∆ %

(=) Adjusted EBITDA 499.1 498.3 0.2% 461.5 587.8 -21.5%

(+) Other operating income (expenses)* (14.4) (32.1) -55.1% (34.0) (46.5) -26.9%(+) Equity accounting (169.2) (78.7) 114.9% - - -(+) Minority participation - - - 61.4 41.7 47.5%

(=) EBITDA (CVM 527/12) 315.5 387.4 -18.6% 489.0 583.0 -16.1%

Parent Company ConsolidatedEBITDA Reconciliation - R$ MM

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

Net Financial Result 4Q20 4Q19 ∆ % 4Q20 4Q19 ∆ %

Cash and Cash Equivalents Profitability 42.3 31.3 35.2% 92.2 88.8 3.9%

Other Financial Income 0.4 0.8 -42.8% 14.3 7.7 85.6%

Total Financial Income 42.7 32.0 33.4% 106.5 96.5 10.4%

Cost of Debt and Discounted Receivables (126.0) (132.4) -4.8% (270.7) (294.4) -8.0%

Monetary Variation of Tax Liability (3.1) (3.3) -5.9% (3.1) (3.3) -5.9%

Other Financial Expenses (39.2) (36.3) 7.8% (60.4) (44.6) 35.3%

Total Financial Expenses (168.3) (172.1) -2.2% (334.2) (342.3) -2.4%

Adjust. to present value of suppliers and accounts receivable (27.5) (36.1) -23.7% (35.9) (25.2) 42.2%

Interest Relating to Lease Agreements (29.2) (39.0) -25.1% (34.1) (44.5) -23.5%

Net Financial Result (182.3) (215.1) -15.2% (297.7) (315.6) -5.7%


Reconciliation of the Net income - R$ MM 1Q21 1Q20 ∆ R$ 1Q21 1Q20 ∆ R$

Adjusted EBITDA 499.1 498.3 0.8 461.5 587.8 -126.3

(+) Depreciation / Amortization (288.5) (202.8) (85.8) (454.7) (355.7) (99.0)

(+) Net Financial Result (182.3) (215.1) 32.8 (297.7) (315.6) 17.9

(+) Equity Accounting (169.2) (78.7) (90.5) - - -

(+) Other Operat. Income (Expenses)* (14.4) (32.1) 17.7 (34.0) (46.5) 12.5

(+) Minority Interest - - - 61.4 41.7 19.8

(+) Income Tax and Social Contribution (7.7) (18.8) 11.1 100.4 39.1 61.3

(=) Net Income (163.0) (49.2) -113.8 (163.0) (49.2) -113.8


* In the old accounting rules, considered as "non-operating income", including expenditure on action plan.


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INDEBTEDNESS

On March 31, theAmericanas Universe had a net cash position of R $ 4.8 billion compared to a net debt of R$ 3.5 billion in the same period of the previous year, an improvement of 2.5x EBITDA. The reduction in consolidated net debt reflects the impacts of the plan to optimize the capital structure of Americanas and B2W. The optimization was accomplished through the following transactions: (1) follow-on operation of Americanas, (2) subsequent capital increase at B2W, and (3) issuance of Bonds in the international market. The average term of outstanding debt ended the quarter above 65 months. In the parent company's view, the physical platform had a net cash position of R$ 95.2 million compared to a net debt of R $ 4.0 billion in the same period last year, an improvement of +1.4x EBITDA. The average term of debt outstanding ended the quarter above 55 months. Accounts receivable considers credit and debit card receivables, net of the prepaid amount, which have immediate liquidity and are considered as cash. The composition of accounts receivable is shown in the table below:

R$ million

Indebtedness 03/31/2021 03/31/2020 03/31/2021 03/31/2020

Short Term Debt 1,016.7 772.7 2,112.8 2,060.7Short Term Debentures 288.7 233.0 64.3 233.0

Short Term Indebtedness 1,305.4 1,005.8 2,177.1 2,293.7Long Term Debt 2,774.0 3,557.2 9,902.0 8,951.0Long Term Debentures 6,227.2 5,106.0 4,023.4 5,106.0Cash Flow Hedge Account¹ (5.5) - (591.8) -

Long Term Indebtedness 8,995.6 8,663.2 13,333.7 14,057.0

Total Debt (1) 10,301.0 9,668.9 15,510.8 16,350.7

Cash and banks 6,864.4 3,346.8 11,207.9 7,031.5Money market investments 2,310.3 1,152.2 6,068.3 4,477.2Money market investments (BWU) ² 60.7 266.5 - -

Accounts receivable from credit / debit cards 1,160.8 929.4 3,035.2 1,331.1

Total Cash (2) 10,396.2 5,695.0 20,311.4 12,839.8

Net Cash (Debt) (2) - (1) 95.2 (3,973.9) 4,800.6 (3,510.9)

Net Debt / Adjusted EBITDA (LTM) (0.0) 1.4 (1.5) 1.0

Average Maturity of Debt (in days) 1,662 1,160 1,965 1,131

2 BWU financial applications [EN 13 (b)(i)]


1 The Company opted to adopt the Cash Flow Hedge Account methodology in the 5th debenture issue (bond issue). In accordance with the accounting principles of

this methodology, the object of the hedge is marked to market in debt at amortized cost, with a corresponding entry in Shareholders' Equity. For better comparability

between periods, adjusted net debt should be considered excluding this effect.

R$ million

Accounts Receivable Conciliation - R$ MM 03/31/2021 03/31/2020 03/31/2021 03/31/2020

Gross credit-cards receivable 1,211.7 1,382.9 8,339.3 6,173.2

Receivable discounts (433.1) (1,025.7) (5,910.5) (5,774.4)Electronic debits and checks receivables 27.8 5.3 27.8 5.3

Receivables Fund (FIDC) 354.4 566.8 578.6 927.0

Accounts Receivable from credit / debit cards 1,160.8 929.4 3,035.2 1,331.1

Present-value adjustment (5.6) (4.1) (18.2) (10.2)

Provision for doubtful accounts (2.9) (2.2) (38.7) (52.5)Other accounts receivable 20.9 4.7 191.4 94.1

Consolidated Net Accounts Receivable 1,173.2 927.9 3,169.8 1,362.5



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ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)

We reiterate our commitment to sustainable growth. Since 2015, our sustainability strategy has been aligned with the 2030 Agenda of the United Nations (UN). As pillars of the ESG management of the Americanas Universe, we prioritize the following 5 Sustainable Development Goals (SDGs): (4) Quality Education; (5) Gender Equality; (8) Decent Work and Economic Growth; (10) Reduction of Inequalities; and (13) Action against Global Climate Change. Combating Covid-19 in the North In order to serve the population of Manaus, indigenous and riverside communities, the Americanas Universe provided the logistics of helping the City, in partnership with the Sustainable Amazon Foundation (FAS), Rede Brasil do Global Pacto, Unicef and artists, carrying out the donation and transport of 36 thousand units of triple TNT masks, the air and land transport of 190 oxygen concentrators, 1 mini plant, 590 oxygen cylinders, PPE, masks and BPAPS. Together with a coalition of companies, the Americanas Universe donated 6 oxygen plants to Manaus through the Juntos pelo Amazonas initiative, which seeks to raise funds to fight the pandemic. To support the Xingu region to fight the pandemic, we donated R$ 100,000 in inputs and logistics to the Association of Residents of the Iriri River Reserve (AMORERI). Positive Social Impact Americanas Universe, in partnership with UNICEF, carried out the back-to-school donation campaign for students in situations of social vulnerability through the website and app from americanas.com. The resources obtained, added to our contribution, made it possible to donate 700 Educational Kits containing smartphones and internet chips for children and adolescents, reducing school dropout and the difficulty of accessing information. Participatory Logistics in Favelas We have developed a partnership with the G10 Favelas - Block of Leaders and Social Impact Entrepreneurs of the Favelas - to deliver online shopping in Paraisópolis, the second largest favela in São Paulo, benefiting more than 100 thousand residents. Orders are stored in two containers in a community space and delivered via bicycle by residents registered with Favela Brasil Xpress, a local logistics startup. The project promotes income generation, inclusion and training of people. The initiative will be scaled to other favelas and territories in the country. Americanas Social Americanas Universe launched the “Americanas Social” project on the site of americanas.com, which aims to bring visibility to NGOs in the social marketplace, promoting the generation of income and employability in communities of social vulnerability. Customers will have access to sustainable products and 100% of the profits will be returned to the merchants. This partnership strengthens the Sustainable Development Goal (SDG) 10, Reducing Inequalities. Electric Fleet and Carbon Neutral Operation Americanas Universe is investing in an electric tuc-tuc fleet to deliver products in the capitals of the South, Southeast and Northeast of the country. The electric tuc-tucs will transport between 240 and 600 kilos of merchandise at a time. In addition to displacement efficiency, the new fleet avoids emissions of greenhouse gases. The expectation is that with the electric tuc-tucs, B2W's fleet will stop emitting about 3 tons of carbon dioxide per month into the atmosphere. The initiative is part of the company's ESG strategy to adapt to the Sustainable Development Goals of the UN Agenda 2030, and achieving "carbon neutral operations" for the second consecutive year. Indexes For the 7th consecutive year, we won the ISE (Corporate Sustainability Index) portfolio from B3 (Brazil, Bolsa e Balcão), which assesses companies' performance in terms of corporate sustainability and recognizes those that promote best practices. We were also selected to be included in B3's ICO2 (Carbon Efficient Index) portfolio, an index that we have participated in annually since its inception in 2010, confirming our commitment to the transparency of our emissions.


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NCOME STATEMENT

Adjusted EBITDA - Operating income before interest, taxes, depreciation and amortization, other operating income / expenses, equity income, minority interest.

Lojas Americanas S.A.

Income Statement

(in million of Brazilian reais) 1Q21 1Q20 Variation 1Q21 1Q20 Variation

Gross Merchandise Volume (GMV) - - - 11.061,1 7.237,7 52,8%

Gross Sales and Services Revenue 2.781,3 2.777,4 0,1% 6.323,6 4.850,0 30,4%

Taxes on sales and services (377,1) (377,0) 0,0% (1.090,9) (792,8) 37,6%

Net Sales and Services Revenue 2.404,2 2.400,4 0,2% 5.232,6 4.057,2 29,0%

Cost of goods and services sold (1.519,4) (1.488,0) 2,1% (3.601,2) (2.689,6) 33,9%

Gross Profit 884,8 912,4 -3,0% 1.631,4 1.367,6 19,3%

Gross Margin (% NR) 36,8% 38,0% -1,2 p.p. 31,2% 33,7% -2,5 p.p.

Operating Expenses (674,2) (616,9) 9,3% (1.624,6) (1.135,5) 43,1%

Selling expenses (357,6) (385,5) -7,3% (1.092,7) (696,1) 57,0%

General and administrative expenses (28,1) (28,6) -1,6% (77,2) (83,7) -7,8%

Depreciation and amortization (288,5) (202,8) 42,3% (454,7) (355,7) 27,8%

Operating Income before Net Financial Result210,6 295,5 -28,7% 6,9 232,2 -97,0%

Net Financial Result (182,3) (215,1) -15,2% (297,7) (315,6) -5,7%

Equity accounting (169,2) (78,7) 114,9% - - -

Other operating income (expenses)* (14,4) (32,1) -55,1% (34,0) (46,5) -26,9%

Minority/statutory interest - - - 61,4 41,7 47,5%

Income tax and social contribution (7,7) (18,8) -59,1% 100,4 39,1 156,7%

Net Income of the Period (163,0) (49,2) 231,3% (163,0) (49,2) 231,3%

Net Margin (% NR) -6,8% -2,0% -4,8 p.p. -3,1% -1,2% -1,9 p.p.

Adjusted EBITDA 499,1 498,3 0,2% 461,5 587,8 -21,5%

Adjusted EBITDA Margin (% NR) 20,8% 20,8% - 8,8% 14,5% -5,7 p.p.*Under the old accounting norm, called "non-operational result"

Parent CompanyQuarters ended in March 31

ConsolidatedQuarters ended in March 31


21

BALANCE SHEET

Lojas Americanas S.A.Balance Sheet

(In Million Reais) 03/31/2020 12/31/2019 03/31/2020 12/31/2019

ASSETS

CURRENT ASSETS

Cash and cash equivalents 6.864,4 7.354,5 11.207,9 14.009,2

Marketable securities and other financial assets 2.251,8 2.393,1 6.027,7 7.622,1

Clients accounts receivable 1.173,2 1.408,0 3.169,8 3.365,3

Inventories 2.801,2 2.420,8 4.813,5 4.122,5

Recoverable taxes 654,2 544,0 1.449,9 1.240,1

Prepaid expenses 168,8 189,6 - -

Related parts accounts receivable 38,9 18,5 87,9 65,2

Other accounts receivable 463,5 634,0 1.011,7 1.143,6

Total Current Assets 14.416,1 14.962,4 27.768,4 31.567,9

NON-CURRENT ASSETS

Marketable securities and other financial assets 58,5 58,5 40,6 47,2

Loans e advances to subsidiaries companies 2,2 2,1 - -

Receivables from stockholders - Stock Option Plan 41,8 41,4 41,8 41,4

Deferred income tax and social contribution 48,0 8,9 1.793,9 1.630,8

Escrow deposits 273,2 275,8 432,6 414,6

Recoverable taxes 929,8 1.054,9 2.255,5 2.348,6

Other non-Current - - 68,3 68,3

Investments 6.673,9 6.716,5 - -

Property, plant and equipment 3.618,6 3.622,3 4.026,3 4.028,3

Intangible assets 876,1 869,9 4.808,7 4.730,3

Right of real estate use 2.565,5 2.585,5 2.828,2 2.832,1

Total Non-Current Assets 15.087,6 15.235,9 16.295,9 16.141,6

TOTAL ASSETS 29.503,7 30.198,4 44.064,2 47.709,5

LIABILITIES AND SHAREHOLDER´S EQUITY

CURRENT LIABILITIES

Suppliers 3.077,7 3.004,6 7.130,0 7.093,8

Leasing to pay 501,1 436,8 603,6 527,2

Loans and financing 1.016,7 908,0 2.112,8 1.832,9

Debentures 288,7 507,1 64,3 415,8

Payroll and related charges 97,4 103,4 195,5 190,2

Taxes payable 55,4 131,8 157,1 241,5

Income tax and currents social contribution - 87,0 1,4 91,3

Dividends and participations proposed 23,6 371,0 23,6 371,0

Provisions for court proceedings and contingencies 34,7 35,2 34,7 35,2

Accounts payable - business combination - - 3,5 5,6

Advances received from customers - - 326,7 498,0

Accounts payable related parties 89,9 112,0 - -

Other current liabilities 310,4 428,5 689,8 785,5

Total Current Liabilities 5.495,8 6.125,3 11.343,1 12.088,1

NON-CURRENT LIABILITIES

Long term liabilities:

Leasing to pay 2.240,4 2.266,2 2.437,6 2.461,3

Loans and financing 2.774,0 2.955,5 9.902,0 12.833,6

Debentures 6.227,2 6.143,7 4.023,4 3.938,0

Provisions for court proceedings and contingencies 117,9 120,3 291,4 295,3

Provisions for loss on investiments 254,3 276,0 - -

Accounts payable - business combination - - 135,4 135,0

Other non-current liabilities - - 71,0 87,6

Total Non-Current Liabilities 11.613,7 11.761,6 16.860,8 19.750,8

SHAREHOLDER'S EQUITY

Social capital 12.334,5 12.014,8 12.334,5 12.014,8

Capital reserves (101,3) 30,7 (101,3) 30,7

Goodwill on capital transactions (679,8) (737,8) (679,8) (737,8)

Profit reserves 1.048,3 1.048,3 1.048,3 1.048,3

Treasury shares (44,5) (44,5) (44,5) (44,5)

Profit/ loss for the period (163,0) - (163,0) -

Minority interest - - 3.466,1 3.559,2

Total Shareholders' Equity 12.394,2 12.311,4 15.860,4 15.870,6

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 29.503,7 30.198,4 44.064,2 47.709,5



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CASH FLOW

Lojas Americanas S.A.CASH FLOW STATEMENT - INDIRECT METHOD(In Million Reais) 01/31/2021 03/31/2020 01/31/2021 03/31/2020

Net income (loss) for the period (163.0) (49.2) (224.4) (90.8)

Adjustments to net income:

Depreciation and amortization 159.9 116.5 304.5 248.4

Depreciation right of real state 128.6 86.3 151.5 108.3

Residual and deferred value of fixed assets write-off 25.3 4.3 25.4 6.3

Equity accounting 169.2 78.7 - -

Income tax and social contribution current (2.2) - (1.7) 1.6

Income tax and social contribution deferred 9.8 18.8 (98.7) (40.7)

Interest on credits and debits 0.7 1.6 0.7 1.6

Interest and variations financing 144.8 156.2 223.9 233.2

Adjustment in provision for court proceedings and contingencies 4.3 - 4.3 3.1

Reversal of provision for court proceedings and contingencies (1.3) (3.1) (1.3) (5.7)

Stock option plan 8.7 9.5 17.8 14.7

Provision for estimated credit losses - credit cards 0.3 0.5 (8.6) (0.2)

Provision for losses in inventories (73.8) (14.7) (74.7) (13.1)

Others 4.4 20.7 89.4 28.1 -

Adjusted net income 415.7 426.1 408.1 494.6

Decrease (increase) in operating assets:

Clients accounts receivable 232.9 742.8 202.9 939.9

Inventories (302.1) (292.2) (620.0) (539.5)

Recoverable taxes 14.9 (50.9) (116.6) (156.6)

Prepaid expenses (17.4) (28.7) (19.7) (13.8)

Escrow deposits 2.6 18.2 (18.0) 6.3

Other accounts receivable 176.3 48.6 131.9 93.2

107.2 437.8 (439.5) 329.4

Increase (decrease) in operating liabilities:

Suppliers 62.8 (63.4) 38.2 (94.2)

Payroll and related charges (6.0) (8.1) 5.3 (2.4)

Taxes, fees and contributions (76.4) (91.1) (85.0) (138.0)

Contingencies payments (6.9) (5.9) (8.4) (5.9)

Related party transactions (1.5) (9.6) - -

Other accounts payable (49.7) (89.1) (323.0) (89.1)

(77.6) (267.1) (373.0) (329.7)

Interest paid on loans and debentures (36.0) (57.7) (88.8) (160.0)

Interest Paid on Leases (29.2) (39.0) (34.1) (44.5)

Income Tax and Social Contribuition paid (74.5) (76.6) (77.9) (79.6)

Net cash provided by operating activities 305.7 423.5 (605.2) 210.2

Cash Flow from Investing Activities

Marketable securities 141.3 (260.9) 1,600.9 31.1

Investiments on subsidiaries (138.1) - - -

Plant, property and equipment (131.0) (195.3) (150.0) (202.0)

Intangible (56.7) (24.8) (248.1) (174.4)

Net cash used by investment activities (184.6) (481.1) 1,202.8 (345.3)

Cash Flow from Financing Activities

Loans e financing (current and non-current):

Borrowings - 853.6 117.1 1,135.4

Liquidations (78.8) (60.1) (2,963.5) (95.5)

(78.8) 793.5 (2,846.4) 1,039.9

Debentures (current and non-current)

Liquidations (352.6) - (352.7) -

(352.6) - (352.7) -

Leasing right to use real state (148.8) (138.5) (172.2) (161.7)

Receivables from Stock Option Plan - 0.6 - 0.6

Goodwill on transactions of subsidiary shares (1.4) - (1.4) -

Capital Increase 208.5 183.8 208.5 183.8

Non-controlling resources (238.1) (187.7) (238.1) (187.7)

Interest on equity and dividends paid - - - -

Net cash provided by financing activities (611.1) 651.7 (3,398.8) 875.0

Net increase (decrease) in cash and cash equivalents (490.0) 594.2 (2,801.2) 739.8

Cash at the begining of the period 7,354.5 2,752.6 14,009.2 6,291.7

Cash at the end of the period 6,864.4 3,346.8 11,207.9 7,031.5

Net increase (decrease) in cash and cash equivalents (490.0) 594.2 (2,801.2) 739.8



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EARNINGS SCHEDULE

Considerations regarding the business outlook, estimates of operating and financial results, and the growth prospects of Loja s Americanas, possibly expressed in this report, are only projections and, as such, are based exclusively on the expectations of the management of Lojas Americanas in terms of regarding the future of the business and its continuous access to capital to finance the Company's business plan. Such considerations depend, substantially, on changes in market conditions, government rules, competitive pressures, the performance of the sector and the Brazilian economy, among other factors and are , therefore, subject to change without prior notice.


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GENERAL CONSIDERATIONS

ABOUT LOJAS AMERICANAS S.A.

Lojas Americanas has developed, over time, different business fronts that have become powerful platforms, designed in a unique approach in order to better serve customers. Combined, the physical, digital and the innovation engine platforms, make up the Americanas Universe.

The physical platform has five store formats: (i) Traditional, with an average sales area of 1,000 m² automatic inventory replenishment and assortment of up to 60,000 items; (ii) Express, with an average sales area of 400 m², just-in-time logistics and assortment of up to 15,000 items; (iii) Convenience (Local), with an average sales area of 100 m², daily replenishment of inventory and 80% of the product mix aimed at food convenience and assortment of up to 3,000 items; (iv) Ame Go, with an average sales area of 50 m² and an assortment related to convenience, developed with exclusive technology in Brazil that combines artificial intelligence and sensors, enabling autonomous purchase; and (v) Digital, with an average sales area of 70 m², about 70% of the product mix composed of electronics, with a focus on service offering and O2O. Americanas assortment is continuously evolving with the objective of meeting customer needs, exceeding their expectations.

The digital platform was created with the inception of B2W Digital, which is a market leader in e-commerce in Latin America and aims to connect people, businesses, products and services. It has the largest and most beloved brands on the internet, a fast-growing marketplace operation, in addition to offering technology, logistics, distribution, customer service and payments services. Americanas is the controlling shareholder of B2W Digital, with a 62.50% interest currently. The Company's shares are traded under the BTOW3 code on B3, in the Novo Mercado segment, which has the highest Corporate Governance index in Brazil.

The innovation engine of Americanas Universe, IF - Inovação e Futuro, was created in 2018 under the context of accelerated transformation of the physical and digital worlds, with the objective of capturing the opportunities generated by this new business environment, outside the operations of Americanas and B2W. IF was born with the mission of building disruptive businesses and leveraging various initiatives within the Companies. The main verticals of IF's operations are: incubate new businesses, accelerate existing initiatives, invest in startups (venture capital), lead the O2O fronts and prospect new opportunities, including M&A operations.

Ame Digital, fintech and mobile business platform, is one of the first initiatives of IF - Inovação e Futuro. Operating initially at Americanas physical stores and B2W websites (Americanas, Submarino, Shoptime and Sou Barato), Ame has been gaining traction also in the off-us environment, and already has more than 19 million downloads. Ame has a key feature (cashback) that makes customers buy more often and have larger tickets, generating greater spending. Ame's corporate structure is made up of 56.92% for Americanas and 43.08% for B2W.

LET´S – Logística e Distribuição is a shared management platform for the logistics and distribution assets of the Americanas Universe. LET´S optimizes the operations of the physical and digital platforms trough a flexible model, form order receipt to delivery, generating operational efficiencies, important synergies and optimizing the customer experience. LET’S operates 22 fulfillment centers serving the Americanas Universe located in the states: Bahia, Ceará, Espírito Santo, Federal District, Minas Gerais, Pará, Pernambuco, Paraná, Rio de Janeiro, Rio Grande do Sul, Santa Catarina and São Paulo.

CORPORATE GOVERNANCE

Lojas Americanas S.A. has been listed on the Brazilian Stock Exchange (B3) since 1940. The Company has a shareholder base composed of common shares (LAME3) and preferred shares (LAME4). In addition, since August 17, the Company has been part of Level 1, a special segment of B3 Corporate Governance. Since 2006, Lojas Americanas has maintained in its Bylaws the commitment to grant full tag along (100%) to the Company's common and preferred shares.


25

In July 2020, the risk rating agency Fitch Ratings, Inc, gave the Company a corporate rating of AAA (bra) on the Brazil National Scale, with a stable outlook. In September 2020, Moody’s assigned the Company a corporate rating of Ba1 and S&P and Fitch Ratings assigned BB, all on the International Scale.

“Everything. Anytime. Anywhere.”


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1- Operational context Lojas Americanas S.A. (“LASA” or the “Company”), having a principal place of business at Rua Sacadura Cabral 102, Saúde, Rio de Janeiro – RJ, CEP/Postal Code 20.081-902, is a publicly-held corporation with shares traded at B3 - Brazil Stock Exchange and Over-the-Counter Market under the codes LAME3 - ON and LAME4 - PN and engages in the retail trade of consumer products, through stores in the traditional models, Americanas Express and “Local” convenience stores, Americanas Digital and Ame Go, located in the main capitals and cities of Brazil, in addition to distribution centers. The Company, through its subsidiaries (jointly, “the Group”) also engages in e-commerce and marketplace through its subsidiary, B2W COMPANHIA DIGITAL (“B2W”), which brings together the brands Americanas.com, Submarino, Shoptime, Sou Barato and Supermercado Now, in addition to offering a complete platform of services in the technology verticals, storage, distribution, customer service and consumer financing. The Company also operates in the digital payment account sector through Ame, fintech and mobile business platform. Coronavirus Pandemic - COVID 19 Lojas Americanas sent notices to the market on April 6 and 14, 2020, while its subsidiary B2W sent a notice to the market on April 6, 2020, notifying that they created the “Crisis Committee - Universo Americanas” to: (i) Monitor the daily progress and impacts of the COVID 19 pandemic; (ii) Prioritize actions that preserve the health of our associates and customers; (iii) Address the necessary responses to the crisis; (iv) Ensure that Universo Americanas continues to fulfill its social role, providing products and services necessary to the population through the physical and digital platforms and adjusting our assortment to better face the current challenges; (v) Establish collaborative initiatives in order to offer relevant contributions to society in this difficult time that we are going through; and (vi) Ensure consistent and straightforward communication with key stakeholders, as well as establishing social impact partnerships with public and private entities. The Brazilian government has been taking action to contain the spread of the virus since the second half of March 2020. The recommended social isolation, the compulsory closure of stores and the subsequent reduced consumption in physical stores, occurred more strictly from April 2020. Americanas Universe consists of a physical platform (Americanas) and a digital platform (B2W Digital) which complement each other and allow to meet the needs of customers in different aspects. On the physical platform, 24% of the sales area remained closed during the trimester, following the instructions of the authorities of each municipality. The street stores, which remained open, reported a growth in sales under the “same stores” concept, despite several restrictions related to assortment and opening hours. An increase in the average ticket and the expansion of O2O (online to offline) initiatives contributed to this growth. Throughout the trimester, the digital platform was 100% available to serve the population across Brazil and performed very well. To increase the supply of items and support local commerce, new sellers were connected to the B2W market, further increasing the number of items offered. To ensure the safety of associates and customers, we kept operating the stores following all safety guidelines, distributing hand sanitizers and face masks to all units, controlled the flow of customers according to the capacity of each store, in addition to creating an internal medical communication network, “Juntos Somos Mais Saúde” (English: Together We Are More Health), to promote preventive measures and monitor possible cases. Even considering the scenario of uncertainties regarding the eradication of the pandemic outbreak for normal resumption of activities and its negative impact on Brazil’s economy, management evaluated the effects subsequent to the March 31st, 2021 quarterly information, including in its projections of income and generation of cash flow, applying its best estimate, and concluded that there is no need to account for provisions for losses on non-financial assets and that there are no material adverse effects on its operations impacting its ability to


27

continue as a going concern. The Group will continue to monitor the situation of the pandemic in order to keep their projections for generating income up-to-date and corresponding analyses of possible effects on their financial statements.

2 . Significant accounting policies

The significant accounting policies applied in the preparation of this quarterly report are defined below. Except as otherwise provided herein, these policies were applied consistently in the periods presented.

2.1 Basis of preparation The individual interim financial information was prepared in accordance with technical pronouncement CPC 21 (R1) - Interim Statement and the consolidated interim financial information in accordance with CPC 21 (R1) and IAS 34 - Interim Financial Reporting issued by IASB - International Accounting Standards Board and presented in a manner consistent with the rules issued by the Brazilian Securities and Exchange Commission, applicable to the preparation of quarterly reports - ITR.

In accordance with the rules above and in the Management's assessment of the relevant impacts of the information to be disclosed, the explanatory notes described below are not being presented. The others are being presented in order to allow a perfect understanding of this quarterly information if read in conjunction with the explanatory notes disclosed in the financial statements of December 31, 2020. Explanatory notes not presented:

Accounting practices and policies;

Critical accounting estimates and judgment;

Credit quality of financial assets;

Anticipated Revenue;

Insurance coverage; and

Other Information.

The issuance of these quarterly reports was authorized by the Executive Board on May 3rd, 2021. 2.2 Accounting practices and policies Accounting policies are being presented in a manner consistent with the accounting practices adopted in the individual and consolidated financial statements for the year ended December 31, 2020. Therefore, this quarterly report should be read in conjunction with the information disclosed in the financial statements of December 31, 2020.

2.3 Adjustment to present value

Term purchase transactions, basically suppliers of goods and services, were brought to their present value considering the terms of said transactions. The average rate of 2.19% p.a. was used on March 31, 2021 (2.73% p.a. on December 31, 2020), basis of funding for the respective base dates. The creation of the adjustment to present value of purchases is recorded in the line item “Suppliers” (note 17) against the line item “Inventories” (note 9) while its reversal is recorded under the line item “Financial expenses” (note 27), by fruition of term, in the event of suppliers, and for the realization of inventories in relation to the amounts recorded therein in the line item “Cost of goods sold and of services rendered”. Credit sales transactions, with the same cash sales amount, prefixed, represented mainly by credit card credit sales, were brought to their present value considering the terms of said transactions. The average rate of 3.05%


28

p.a. was used on March 31, 2021 (3.49% p.a. on December 31, 2020), basis of discounts on receivables on the respective base dates. On the identified adjustments, tax rates were applied on the respective base dates. The adjustment to present value of credit sales is matched against the line item “Trade receivables” (note 8) against the line item “Sales revenue” (note 25) and its realization is recorded under the line item “Financial income” (note 27) for the fruition of the term.

3. Accounting estimates and judgments Accounting estimates and judgments are evaluated on an ongoing basis and are based on historical experience and other factors, including expectations of future events considered reasonable under the circumstances. Until the quarter ended March 31, 2021, there were no changes in accounting estimates and judgments in relation to those disclosed in the financial statements of December 31, 2020.

4. Financial risk management 4.1. Financial risk factors In the regular course of its business, the Group is exposed to market risks related to fluctuations in interest rates, financial ratios and exchange rate changes, as well as credit risk in its credit sales and liquidity risk. The Group uses hedging instruments to minimize its exposure to these risks, based on its monitoring under the management of its officers supervised by the Board of Directors. This management determines which strategies are to be adopted and Management enters into hedging instruments appropriate to each circumstance and inherent risks. The Group does not have options, swaptions, swaps with the option of effective regret, flexible options, derivatives embedded in other products, structured transactions with derivatives and “exotic derivatives”. The Group does not operate with derivative financial instruments for speculation purposes, thus reaffirming its commitment to a conservative cash management policy, both in relation to its financial liabilities and to its cash position.

(a) Market risk

(i) Exchange risk The Group uses traditional swaps with the purpose of offsetting exchange losses resulting from sharp devaluations of the Real (R$) currency in view of these foreign currency fundraising. Traditional swaps (recorded in the loans and financing account)

The counterpart of these traditional swaps is the financial institution that provides loans in foreign currency (US dollars). These CDI and IPCA denominated swap operations aim to offset exchange rate risk by transforming the cost of debt (note 18) to local currency and local interest rates, varying from 119% to 122.6% of the CDI and IPCA + 7.40% to 7.5199 % p.a.. As of March 31, 2021, these contracts have a reference value of R$ 212,834 in the parent company and R$ 6,003,933 in the consolidated (R$ 212,834 and R$ 6,503,933 on December 31, 2020, respectively). These transactions are matched in terms of value, terms and interest rates. The Group intends to settle such contracts simultaneously with the respective loans. In this type of transaction, there are no contractual margin call clauses. As of March 31, 2021 and 2020, the position of these derivative financial instruments was as follows:


29


03/31/2021 12/31/2020 03/31/2021 12/31/2020

Creditor position (Dollar/Euro + Prefixed) 318,793 287,422 318,793 983,104 Swap liability position (% CDI) (210,996) (209,746) (210,996) (713,758)

Swap adjustment book balance (note 18 (a)) 107, 797 77,676

107,797 269,346


03/31/2021 12/31/2020 03/31/2021 12/31/2020

Amortized Cost 338,655 311,200 338,655 1,029,037 Hedged item (debt) Fair value 318,793 287,422 318,793 983,104

(19,862) (23,778) (19,862) (45,933) Swaps

Creditor position (Dollar/Euro +

Prefixed)

Amortized Cost (347,552) (318,530) (347,552) (1,038,733) Fair value (318,793) (287,422) (318,793) (983,104) (28,759) (31,108) (28,759) (55,629)

Debtor position (% CDI) Amortized Cost (219,893) (217,076) (219,893) (723,454) Fair value (210,996) (209,746) (210,996) (713,758)

8,897 7,330 8,897 9,696

(19,862) (23,778) (19,862) (45,933)

Hedge accounting - Swaps Bonds (recorded in the loans and financing account) - note 4.4: JSM Global


03/31/2021 12/31/2020 03/31/2021 12/31/2020

Creditor position (Dollar + Prefixed) - - 3,488,313 3,372,926 Swap liability position (% CDI) - - (3,768,829) (3,852,508)

Swap adjustment book balance (note 19 (a)) - -

(280,517) (479,582)


03/31/2021 12/31/2020 03/31/2021 12/31/2020

Amortized Cost - - 2,914,426 2,627,148 Hedged item (debt) Fair value - - 2,622,257 2,376,920

- - (292,170) (250,228) Swaps

Creditor position (Dollar + Prefixed) Amortized Cost - - (2,914,426) (2,627,148)

Fair value - - (3,488,313) (3,372,926) - - 573,887 745,778

Debtor position (% CDI) Amortized Cost - - (2,902,773) (2,856,502) Fair value - - (3,768,829) (3,852,508)

- - (866,056) (996,006)

- - (292,170) (250,228)

B2W Lux:


03/31/2021 12/31/2020 03/31/2021 12/31/2020

Creditor position (Dollar + Prefixed) - - 3,381,670 3,274,621 Swap liability position (% CDI) - - (3,524,358) (3,537,125)

Swap adjustment book balance (note 19 (a)) - -

(142,688) (262,504)


03/31/2021 12/31/2020 03/31/2021 12/31/2020


30

Amortized Cost - - 2,892,616 2,609,718 Hedged item (debt) Fair value - - 2,604,208 2,444,286

- - (288,408) (165,432)

- Swaps

Creditor position (Dollar + Prefixed) Amortized Cost - - (2,892,616) (2,609,718)

Fair value - - (3,381,670) (3,274,621)

- - (489,054) 664,903

Debtor position (% CDI) Amortized Cost - - (2,746,896) (2,706,790) Fair value - - (3,524,358) (3,537,125)

- - 777,462 (830,335) - - (288,408) (165,432)

Considering that the Group’s exposure to the risk of fluctuations in exchange rates is mitigated by traditional swap transactions, entered into for exchange hedging, and therefore, simultaneously with the respective foreign currency loans, the change of the Dollar and the Euro against the Real as a result of the current market condition has no material effect on the Group’s financial information. (ii) Risk of change in financial indexes

Hedge accounting - Swaps debentures (recorded in the bonds account) - note 4.4.

The other party to these traditional swaps is the financial institution providing loans. These CDI-referenced swap transactions aim to offset the inflationary risk, converting the cost of debt (note 19) into a more predictable reference. As of March 31, 2021, these contracts have a reference value of R$ 3,166,680 in the parent company and R$ 475,580 in the consolidated (R$ 3,166,680 and R$ 766,930 on December 31, 2020), respectively). These transactions are matched in terms of value, terms and interest rates. The Group intends to settle such contracts simultaneously with the respective loans. In this type of transaction, there are no contractual margin call clauses.

As of March 31, 2021 and December 31, 2020, the position of these derivative financial instruments was as follows:


03/31/2021

12/31/2020 03/31/2021

12/31/2020

Creditor Position (IPCA + Prefixed)

4,332,954 4,481,060 944,137 976.761

Swap liability position (CDI + Prefixed) (4.150.603) (4,242,750) (919,938) (930,483)

Swap adjustment book balance (note 19) 182.351 238,310 24,199 46,278


03/31/2021

12/31/2020 03/31/2021

12/31/2020

Hedged item (debt) Amortized Cost 3,384,867 3,245,809 746,377 716,606

Fair value 3,379,379 3,384,356 735,583 749,042

(5,488) 138,547 (10,793) 32,436

Swaps

Amortized Cost (3,384,867) (3,245,809) (746,377) (716,606)

Creditor Position (IPCA + Prefixed)

Fair value (4,332,955) (4,481,059) (944,137) (976,761)

948,088 1,235,250 197,760 260,155

Debtor position (CDI + Prefixed)

Amortized Cost (3,197,027) (3,146,047) (711,385) (702,764)

Fair value (4,150,603) (4,242,750) (919,938) (930,483)


31

(953,576) (1,096,703) (208,553) (227,719)

(5,488) 138,547

(10,793) 32,436

(iii) Interest rate risk The Group uses funds provided by operating activities to manage its operations as well as to guarantee its investments and growth. To supplement its need for cash for growth, as well as to sustain cash investments, where necessary, the Group takes out loans and financing from the main financial institutions in Brazil, which are substantially indexed to the CDI change (around 94%). The inherent risk arises from the possibility of relevant fluctuations in the CDI (sensitivity analysis in item (d) below). The policy of financial investments indexed to CDI partially mitigates this effect.

(b) Credit risk

Credit risk is managed corporately. Credit risk arises from cash and cash equivalents, derivative financial instruments, deposits with banks and other financial institutions, as well as credit exposures to customers. For banks and other financial institutions, the individual risk limits are determined based on internal or external ratings according to the limits determined by the Board of Directors. The use of credit limits is monitored on a regular basis. Sales to retail customers are settled in cash or through the main credit cards on the market. Credit risk is minimized because the Group’s receivables are essentially from the main credit card companies having excellent levels of risk rating. Approximately 70.2% (67.1% in Consolidated) of the Company’s sales are cash sales and the remainder occurs mainly through credit cards managed by third-parties.

(c) Liquidity risk

Management monitors the Company’s forecasts of liquidity requirements on an ongoing basis to ensure that it has sufficient cash to meet its operating needs. This forecast takes into account the Group’s debt financing plans, compliance with clauses, compliance with internal balance sheet ratio targets and, if applicable, external or legal regulatory requirements - for example, currency restrictions. Treasury invests excess cash in bank accounts with interest, time deposits, short-term deposits and marketable securities, choosing instruments with appropriate maturities or sufficient liquidity to provide sufficient margin as determined by the aforementioned forecasts. The table below reviews the Group’s non-derivative financial liabilities and the derivative financial liabilities that are settled on a net basis by the Group, by maturity, corresponding to the period remaining between the balance sheet date and the contractual maturity date. Derivative financial liabilities are included in the analysis if their contractual maturities are critical for an understanding of cash flows.

Parent Company

Less

than one

year

Between one

and two

years

Between two

and five

years

Over

five

years

As of March 31, 2021

Suppliers 3,077,711 - - - Loans and financing and bonds 1,613,084 1,920,499 4,756,796 11,580,273 Leases payable 616,992 568,754 1,242,825 718,760

As of December 31, 2020 Suppliers 3,004,600 - - - Loans and financing and bonds 1,606,474 2,255,664 4,151,410 10,840,036 Leases payable 606,657 574,148 1,284,477 731,507


32

Consolidated

Less

than one

year

Between one

and two

years

Between two

and five

years

Over

five

years

As of March 31, 2021 Suppliers 7,836,036 - - - Loans and financing and bonds 1,447,069 2,453,988 5,633,002 26,110,259 Leases payable 733,438

. 669,315

1,344,915

732,323

As of December 31, 2020 Suppliers 7,093,847 - - - Loans and financing and bonds 1,381,496 2,738,112 8,406,121 19,697,299 Leases payable 705,645 645,387 1,421,175 771,719

(d) Additional sensitivity analysis

(i) Sensitivity analysis of swap transactions

The swap transactions recorded by the Group were entered into simultaneously with the transactions of loans in foreign currency, covering terms, rates and equivalent amounts, changing exchange exposure of loans for exposure to CDI. The Company’s gross debt in US$ / EUR was represented as follows:


03/31/2021

12/31/2020

03/31/2021

12/31/2020

Foreign currency loans – US$ (note 4.1 (a)) 318,793 287,423 6,125,835 5,524,289 EUR (note 4.1 (a)) - - - 695,682

US$ rate at closing date 5.6973 5.1967 5.6973 5.1967

EUR rate at closing date - - - 6.3779

Estimated final US$ rate, disclosed by Bacen 5.3500 5.0000 5.3500 5.0000 Estimated final EUR rate, disclosed by Bacen

- - - 6.5650

Scenarios I and II were estimated with a deterioration by 25% and 50% respectively, above the probable expectation, as shown in the table below:

Parent Company

Scenario I - Scenario II -

Probable Deterioration Deterioration Transaction Risk Scenario of 25% of 50%

Dollar

Exchange rate as of March 31, 2021

5.6973 5.6973 5.6973 Estimated exchange rate for the year 2021

2

0

1

5.3500 6.6875 8.0250

Foreign currency loans (US$ change) (19,433) 55,407 130,246 Swaps (Creditor in foreign currency) (US$ change) 19,433 (55,407) (130,246) Net effect Null Null Null

Consolidated


Probable Deterioration Deterioration Transaction Risk Scenario of 25% of 50%

Dollar

Exchange rate as of March 31, 2021

5.6973 5.6973 5.6973 Estimated exchange rate for the year 2021

5.3500 6.6875 8.0250


33

Foreign currency loans (US$ change) (373,423) 1,064,680 2,502,783 Swaps (Creditor in foreign currency) (US$ change) 373,423 (1,064,680) (2,502,783) Net effect

Null Null Null

(ii)Analysis of sensitivity to the CDI rate change

The Group maintains a large part of its debt, approximately 92%, and its cash and cash equivalents, indexed to the CDI change (considering the exchange of foreign currency debts for CDI change with traditional swaps). The net debt/availability was represented as follows:


03/31/2021

12/31/2020

03/31/2021

12/31/2020

Net debt:

- Cash and cash equivalents 6,864,446 7,354,474 11,207,912 14,009,152 - Bonds and securities 2,310,302 2,451,568 6,068,294 7,669,226 - Loans and financing (3,790,672) (3,863,508) (12,014,851) (14,666,498) - Bonds (6,515,832) (6,650,813) (4,087,697) (4,353,788)

(1,131,756) (708,279) 1,173,658 2,658,092

CDI rate at closing date 2.65% 1.90% 2.65% 1.90%

Estimated final CDI rate disclosed by Bacen 5.00% 3.00% 5.00% 3.00%

In addition, Management carried out sensitivity tests for adverse scenarios, deteriorating the CDI rate by 25% or 50% higher than the probable scenario (judged by Management), as shown in the table below:

Parent Company


Probable Deterioration Deterioration Transaction Scenario of 25% of 50%

Annual effective CDI rate as of March 31, 2021 2.65% 2.65% 2.65% Net debt (1,131,756) (1,131,756) (1,131,756) Estimated annual CDI rate in 2021 5.00% 6.25% 7.50% Annual effect on net debt: Increase - - - Decrease (26,596) (40,743) (54,890)

Consolidated


Probable Deterioration Deterioration

Transaction Scenario of 25% of 50%

Annual effective CDI rate as of March 31, 2021 2.65% 2.65% 2.65%

Net availability 1,173,658 1,173,658 1,173,658

Estimated annual CDI rate in 2021 5.00% 6.25% 7.50%

Annual effect on net availability

Increase 27,581 42,252 56,922

Decrease - - -

4.2 Capital management The Group’s objective when managing its capital is to ensure the continuity of its operations in order to offer return to shareholders and benefits to other interested parties, in addition to maintaining an ideal capital structure to minimize the costs associated with it. The Group monitors the levels of indebtedness through the Net Debt / Adjusted EBITDA index, which, in its understanding, most appropriately represents its debt metric, as it reflects the net consolidated financial obligations net of immediate cash for payments, considering their generation of operating cash.


34

4.3 Estimate of fair value

It is assumed that the balances of accounts receivable from customers and accounts payable to suppliers at book value, less impairment in the case of accounts receivable, are close to their fair values. The fair value of financial liabilities, for disclosure purposes, is estimated by discounting future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. The Group uses the market approach to estimate the fair value of its financial instruments. The Group applies CPC 46 / IFRS 13 for financial instruments measured in the balance sheet at fair value, which requires disclosure of fair value measurements at the level of the following hierarchy:

(Level 1) prices quoted (unadjusted) in active markets for identical assets or liabilities to which the entity may have access on the measurement date;

(Level 2) inputs other than prices traded in active markets included in Level 1 that are observable for the asset or liability, directly (as prices) or indirectly (derived from prices);

(Level 3) inputs for the asset or liability that are not based on observable market variables (unobservable inputs).

The following table shows the Group's assets and liabilities measured at fair value through profit or loss on March 31, 2021.

Consolidated

Level 1 Level 2 Level 3 Total Balance

Assets

Investment Fund (Fenícia e Faísca -FIDC) - 40,562 - 40,562 CDB - 15,135,704 - 15,135,704 Financial Letters, LAM’s and fixed income fund quotas - 1,686,601 - 1,686,601

Total of assets - 16,862,867 - 16,862,867

Liabilities

Loans and Financing (Foreign Currency) - 318,793 - 318,793

Hedge accounting derivatives - bond swap - 425,388 - 3,175,316

Hedge accounting derivatives - debentures swap - (24,199) - (24,199)

Derivatives used for hedge - swap - (107,797) - 461,481

Total Liabilities - 612,185 - 3,931,391

The following table shows the Group's assets and liabilities measured at fair value through profit or loss as of December 31, 2020.

Consolidated

Level 1 Level 2 Level 3 Total Balance

Assets

Investment Fund (Fenícia e Faísca -FIDC) - 47,162 - 47,162 CDB - 19,427,560 - 19,427,560 Financial Letters, LAM’s and fixed income fund quotas - 1,926,903 - 1,926,903

Total asset - 21,401,625 - 21,401,625

Liabilities

Loans and Financing (Foreign Currency) - 318,793 - 318,793

Hedge accounting derivatives - bond swap - 423,205 - 423,205

Hedge accounting derivatives - debentures swap - (24,199) - (24,199)

Derivatives used for hedge - swap - (107,797) - (107,797)


35

Total Liabilities - 610,002 - 610,002

There are no relevant financial assets and liabilities subject to an offsetting agreement.

4.4 Hedge accounting

The Company and its subsidiaries issued debt securities, Bonds abroad and debentures in the domestic market, which are exposed to risks related to foreign currency fluctuations and inflation rates. As a result of the operations, the Company and its subsidiaries used derivatives for the purpose of protecting their exposures to the risk of fluctuations in exchange rate variations and indexes linked to inflation using hedge accounting. After technical studies, based on CPC 48, the operations resulting from the application of hedge accounting were classified in the “cash flow” category. The effects of the appreciation or devaluation of the fair value of the instrument destined for protection are recorded against Other Comprehensive Income - Equity Valuation Adjustment, in shareholders' equity. If the hedge no longer meets the hedge accounting criteria or if the hedge instrument is discontinued, the hedge accounting will be settled prospectively. Below we present the effects, in net equity, of hedge accounting in the “cash flow” category constituted in the year: Below we present the effects, in equity, of hedge accounting in the “cash flow” category constituted up to March 31, 2021:

Company

Bond swap

issued

Other

comprehensive results

Deferred income tax and social

contribution

Net effect

JSM Bonds (287,085) 97,609 (189,476) LUX Bonds (235,920) 80,213 (155,707) Lojas Americanas Debentures (5,488) 1,866 (3,622) B2W Debentures (63,266) 21,511 (41,755)

Total (591,759) 201,199 (390,560)

Attributable to the Company's shareholders (316,420)

Participation of non-controlling shareholders

(74,140)

The hedge reserves disclosed above refer to the following hedging instruments:

Hedge reserve cost

Interest rate swaps

Total hedge reserve

Debentures

Opening balance on January 1, 2021 157,284 (65,843) 91,441

Turnover in the quarter (36,932) (58,131) (95,063)

Deferred coverage costs and recognized in OCI (55,958)

-

(55,958)

Reclassification of OCI to result -

(88,077)

(88,077)

Deferred Taxes 19,026

29,946

48,972

Balance on March 31, 2021 (Sutotal (1) - Debentures) 120,352

(123,974)

(3,622)

Bond’s

Opening balance on January 1, 2021 (459,227) 211,122 (248,105)

Turnover in the quarter 164,907 (106,278) (58,629)

Deferred coverage costs and recognized in OCI 249,858

-

249,858

Reclassification of OCI to result -

(161,027)

(161,027)

Deferred Taxes (84,951)

54,749

(30,202)


36

Balance on March 31, 2021 (Subtotal (2) - Bond’s) (294,320)

104,844

(189,476)

B2W controlled OCI reflex effect (89,403)

(108,859)

(197,462)

Balance on March 31, 2021 (263,371)

(127,189)

(390,560)

5. Financial instruments by category Values presented free of funding costs:

Consolidated

Amortized cost

Fair value through profit or loss

Fair value through comprehensive

income

Total

As of March 31, 2021 Assets Securities and other financial assets - 1,727,163 -

- -

1,727,163 CDB - 15,135,704 -

- -

15,135,704 Accounts receivable from customers and other accounts

- receivable, excluding prepayments 4,955,837 - - 4,955,837 Cash and cash equivalents 413,338 - - 413,338

5,369,175 16,862,867 - 22,232,042

Consolidated

Amortized cost

Fair value through

profit or loss

Fair value through comprehensive income

Total

As of March 31, 2021 Liabilities

Loans

National currency 5,647,383 - -

5,647,383

Derivative financial instruments - swap - 2,689 - 2,689

Foreign currency 5,730,578 318,793 - 6,049,371

Derivative financial instruments - swap - (107,797) 423,205 315,408 Suppliers and other obligations, excluding legal obligations

8,343,311 - - 8,343,311

Debentures 741,885 3,370,011 4,111,896

Derivative financial instruments - swap - - (24,199) (24,199)

20,463,157 3,583,696 399,006 24,445,859

Consolidated

Amortized cost Fair value through

profit or loss

Fair value through comprehensive

income

Total

As of December 31, 2020 Assets Securities and other financial assets - 1,974,065 -

- -

1,974,065 CDB - 19,427,560 -

- -

19,427,560 Accounts receivable from customers and other accounts

- receivable, excluding prepayments 4,557,174 - - 4,577,174 Cash and cash equivalents 276,753 - - 276,753

4,833,927 21,401,625 - 26,255,552

Consolidated

Amortized cost Fair value through

profit or loss Fair value through

comprehensive income

Total

As of December 31, 2020 Liabilities

Loans


37

National currency 8,062,763 - -

8,062,763

Derivative financial instruments - swap - (607) - (607)

Foreign currency 5,148,497 983,104 - 6,131,601

Derivative financial instruments - swap - (269,346) 742,086 472,740 Suppliers and other obligations, excluding legal obligations

8,605,570

-

- 8,605,570

Debentures 709,661 3,690,406 - 4,400,066

Derivative financial instruments - swap - - (46,278)

(46,278) 22,526,491 4,403,557 695,808 27,625,855

6. Cash and cash equivalents


03/31/2021

12/31/2020

03/31/2021

12/31/2020

Cash resources

129,379

170,418

129,379

170,418

Bank resources 55,192 80,166 283,959 106,335 Bank Deposit Certificates - CDB's (i) 6,679,875 7,103,890 10,794,574 13,732,399

6,864,446

7,354,474

11,207,912

14,009,152

(i) Remunerated at the rate of up to 110% of the CDI on 03/31/2021 (up to 110.0% of the CDI on 12/31/2020). CDB’s are classified as cash equivalents

and have immediate liquidity without risk of change in value in the event of early redemption.

7. Bonds, securities and other financial assets

Parent Company

Consolidated

03/31/2021

12/31/2020

03/31/2021

12/31/2020

Bank Deposit Certificates - CDBs (i)

2,226,625

2,367,964

4,341,131

5,695,161

Financial Letters (ii) - - 1,149,693 1,468,524

Subordinated quota (Fênix-FIDC) (a)

58,455

58,503

-

-

Senior quota (Fenícia - FIDC) (b) - - 19,334 31,054

Mezzanine quota (Faísca - FIDC) (c) - - 21,228 16,108

Fixed income funds (iii) 25,222 25,101 536,908 458,379

2,310,302

2,451,568

6,068,294

7,669,226

Current installment 2,251,847 2,393,065 6,027,738 7,622,064

Noncurrent installment 58,455 58,503 40,556 47,162

(i) Remunerated at the rate of up to 110% of the CDI on 03/31/2021 (up to 110.0% of the CDI on 12/31/2020). (ii) Financial Letters, wholly from top-tier financial institutions, are remunerated at the rate of up to 107.0% of the CDI on 03/31/2021 (up to 107.0% on 12/31/2020). There is no intention to sell these securities over a period of more than 1 year, which is why they are classified in current assets. (iii) Composed of 8,497,289.70 quotas and 59,990,432.96 on 03/31/2021 (8,497,289.70 quotas and 59,990,432.96 quotas on 12/31/2020), parent company and consolidated, respectively. Managed by a first-rate financial institution, which basically invests in federal government bonds, debentures and bank deposit certificates, and can be traded at any time.

(a) Credit Rights Investment Fund - Fênix FIDC do Varejo II

In October 2018, the Company's management approved the structuring of the Fênix Investment Fund in Credit Rights of Varejo II (“Fênix FIDC do Varejo II”), with a term of 20 (twenty) years, whose objective, defined in regulation, is the acquisition of credit rights owned by the Company, among others, originating by means of credit cards used in operations for the purchase and sale of products and services, whose electronic transactions are captured and processed by the merchant accreditors systems of commercial establishments. The “Fênix FIDC do Varejo II” started operations in February 2019 and issued 1,100,000 quotas with a par value of R$ 1 (one thousand reais), of which 1,017,500 are senior quotas with a target ceiling profitability corresponding to 106,50% of the DI variation and 82,500 subordinated quotas, 52,500 of which were subscribed by the Company and 30,000 subscribed by the subsidiary B2W, totaling the senior and subordinated quotas to a net equity of R$ 1,100,000 of the “Fênix FIDC do Varejo II”.


38

The total amount of the senior quotas corresponding to the principal invested will be amortized / redeemed on a single date, on the business day corresponding to the end of the period of 5 (five) years from the date of issue. The value of the senior quotas corresponding to the profitability added to the senior quotas after their date of issue will be amortized semiannually from the date of issue. The structure of the Fênix FIDC do Varejo II, as well as the remuneration of the quotas is represented as follows:

QUOTAS

Quantity

% 03/31/2021 12/31/2020

Benchmark – DI

Senior

1,017,500

91.7% 1,020,216 1,025,218

106.5% Subordinated

85,810

8.3% 91,858 91,933

-

100.0% 1,112,074 1,117,151

Balance Sheets at:

03/31/2021 12/31/2020 Asset Cash and cash equivalents 1 4,723 Bonds and securities 533,601 455,188 Accounts receivable - Lojas Americanas 354,431 386,726 B2W 224,164

270,625 Others - 2 Total asset 1,112,197 1,117,264

Liability Accounts payable (Current) 123 113 Financing (Non-current) 1,020,216 1,025,218 Equity 91,858 91,933 Total liabilities and net equity 1,112,197 1,117,264

Statements of results for the trimesters ended on: 03/31/2021 03/31/2020

970

(215)

755

Financial Revenues 866 1,623 Financial Expenses (941) (763) Profit (loss) for the trimester (75) 860

(b) Fenícia Credit Rights Investment Fund - Subsidiary B2W

The subsidiary B2W holds 19,391 quotas of the Fenícia Fund (31,509 quotas on December 31, 2020), whose purpose is to raise funds for application mainly in Credit Rights of third parties, in accordance with the investment policy, composition and diversification of the Fund's portfolio. It is constituted in the form of an open condominium, so that its Quotas may be redeemed during the duration of the Fund, in accordance with the provisions of these Regulations. The Fund will have an indefinite term and may be settled by resolution of the General Meeting in accordance with the Fund's Rules of Procedure. (c) Faísca - Non-Standardized Credit Rights Investment Fund - Subsidiary B2W The subsidiary B2W holds 22,922 quotas of Fundo Faísca (18,012 quotas on December 31, 2020), which aims to provide quotaholders with the appreciation of their shares, through the application of the Fund's resources mainly in the acquisition of Credit Rights from third parties, and the others in Financial Assets. It is constituted in the form of a closed condominium, so that its Quotas will only be redeemed at the end of the term, in accordance with the provisions of the regulation or due to its liquidation. The Fund will have an indefinite term and may be settled by resolution of the General Meeting in accordance with the Fund's regulations.


39

8 Accounts receivable from customers

Parent Company

Consolidated

03/31/2021 12/31/2020

03/31/2021 12/31/2020

Credit cards (i)

770,877

954,450

2,428,801

2,594,514

Accounts receivable registered with the Credit Rights Investment Fund (FIDC) (note 7a)

354,431 386,726

578,596 657,351

Digital portfolio (ii) (Note 12)

7,716

34,831

-

-

Electronic debits and checks

27,781

19,077

27,781

19,077

Other accounts receivable (iii)

20,938

19,549

191,448

158,598

1,181,743

1,414,633

3,226,626

3,429,540

Adjustment to present value (note 2.3) (iv)

(5,620)

(3,963)

(18,155)

(17,039)

Provision for estimated credit loss

(2,926)

(2,647)

(38,670)

(47,221)

1,173,197

1,408,023

3,169,801

3,365,280

(i) Credit card transactions can be paid in installments, generally within up to twelve months. The Group's credit risk is minimized as the receivables portfolio is monitored by credit card operator companies. (ii) Outstanding balance on the AME Digital Platform.

(iii) Other accounts receivable mainly represent electronic debits, sales made to legal entities through corporate operations, by the subsidiary B2W, loyalty programs and other commercial relations.

(iv) The adjustment to the present value was calculated on accounts receivable net of FIDC prepayments.

The aging list of accounts receivable from customers is composed as follows:


03/31/2021 12/31/2020 03/31/2021 12/31/2020

Coming due

1,181,743 1,414,633 3,194,184 3,357,950

Overdue

Up to 30 days

- - 7,962 26,339 From 31 to 60 days

- - 4,932 24,051

From 61 to 90 days

- - 2,059 1,520 From 91 to 120 days

- - 914 2,529

From 121 to 180 days

- - 3,267 5,887 > 180 days - - 13,308 11,264

1,181,743 1,414,633 3,226,626 3,429,540

There are no overdue installments at the parent company, as credits receivable are maintained with credit card operators. In the consolidated, the amount of expected losses on doubtful debts is based on Management's analysis of expected losses on credits coming due and overdue.

The movement in the estimated credit loss provision is shown below:

Parent Company

Consolidated

Balance on January 1, 2020

(1,697) (52,694)

(Additions) / Reversals

(454) 222 Balance on March 31, 2020

(2,151) (52,472)

(Additions) / Reversals (496) 5,251 Balance on December 31, 2020 (2,647) (47,221) (Additions) / Reversals

(279) 8,551

Balance on March 31, 2021 (2,926) (38,670)


40

9. Stocks

Parent Company

Consolidated

03/31/2021

12/31/2020

03/31/2021

12/31/2020

Goods:

In shops

2,136,126

1,868,048

2,136,126

1,868,048

In distribution centers

665,099

551,155

2,691,495

2,259,734 Adjustment to present value (note 2.3)

(25,771)

(22,283)

(46,400)

(34,657)

Supplies and packaging

25,756

23,878

32,259

29,331

2,801,210

2,420,798

4,813,480

4,122,456

The above balances are presented at the net values of the provision for losses due to inventory and obsolescence. The change in the provision for losses is shown below:

Parent Company

Consolidated

Balance on January 1, 2020

(49,797) (115,646)

Additions or Reversals

14,733 13,120 Balance on March 31, 2020

(35,064) (102,526)

Additions or Reversals

(70,648)

(62,579)

Balance on December 31, 2020 (105,712) (165,105) Additions or Reversals 73,825 74,743

Balance on March 31, 2021 (31,887) (90,362)

10. Taxes to be recovered Parent Company

Consolidated

03/31/2021

12/31/2020

03/31/2021

12/31/2020

Tax on Circulation of Goods and Services (ICMS):

Commercialization of goods 1,083,067 1,021,782 1,321,432 1,232,215 Fixed

24,301

26,167

24,301

26,167

1,107,368

1,047,949

1,345,733

1,258,382

Withholding income tax (IRRF)

65,510

59,755

182,911

135,421

Social Integration Program (PIS) and Contribution to the Financing of Social Security (COFINS)

405,228

485,292

1,970,534

1,977,924

Corporate Income Tax (IRPJ) and Social Contribution on Net Income (CSLL)

-

-

187,301

200,740

Others

5,908

5,904

18,860

16,313

1,584,014 1,598,900 3,705,339 3,588,780

Current installment 654,213

543,993

1,449,858

1,240,146

Noncurrent installment 929,801 1,054,907 2,255,482 2,348,634

1,083,067

1,021,782

1,321,432

1,232,215

Considering the current tax rules, the expectation of realization of the main taxes to be recovered follows:

Parent Company

Consolidated

In PIS and COFINS

Deferred income tax and social

contribution

ICMS PIS and COFINS

Deferred income tax and social contribution

ICMS

2021 376,504 56,141 142,201 779,056 234,597 380,566 2022

28,724 9,369 178,943 548,677 95,808 178,943

2023

- - 174,884 562,256 39,807 174,884 2024 to 2027

- - 611,340 80,545 - 611,340

405,228 65,510 1,107,368 1,970,534 370,212 1,345,733


41

- PIS and COFINS: The subsidiary B2W expects to recover R$ 355,901 in 2021 and R$ 1,188,357 in up to 3 years (2022 to 2024) through debits via calculation and offset against other federal taxes. - IRPJ and CSLL: The subsidiary B2W expects to recover R$ 280,679 in up to 3 years (2021 to 2023), through a refund and/or compensation request with other federal taxes. - ICMS: The Company's management, aiming at realizing the ICMS credit balance arising from the sale of goods, carried out technical studies based on the normal course of its commercial operations for the next fiscal years. This study was carried out based on current operations and future expectations, always supported by the Company's long-term strategic business plan. Thus, the Company expects to recover ICMS credits with its own operations in the amount of R$ 112,356 in 2021 and R$ 995,012 in up to 6 years (2022 to 2027). And the subsidiary B2W expects to recover ICMS credits with its own operations in the amount of R$ 228,960 in 2021.

The Company constantly evaluates the recovery of its tax credits and maintains the net balance of the expected recovery in the balance sheet.

11. Income tax and social contribution

(a) Composition of deferred income tax and social contribution

Parent Company

Consolidated

03/31/2021

12/31/2020

03/31/2021

12/31/2020

Tax Losses

54,521

21,350

1,008,657

886,794

Negative bases of social contribution

19,628

7,686

363,120

319,246 Tax credit of subsidiaries abroad 64,724 65,570 64,724 65,570 Temporary differences:

Contingencies

51,885 52,876

70,943

73,189 Unsettled swap operations

- -

2,942

2,942

Adjustment to present value credits

and obligations

2,074 1,118

36,161

37,487

Provision for inventory losses and estimated credit loss and other provisions

51,427 64,922

320,787

323,870

Leasing operations 72,367 79,201 84,909 92,356

Capitalization of interest - - 5,535 1,741

Cash Flow Hedge 1,866 - 201,198 229,784

Others

14,385 8,410

26,161

19,980

Asset

332,877 301,133

2,185,137

2,052,959

Temporary differences:

Review of the useful life of fixed

and intangible

217,528 210,909

212,458

206,903

Extemporaneous tax credits - - 37,789 37,789 Unsettled swap operations 67,350 34,254 98,894 36,991 Cash Flow Hedge - 47,106 - 98,754 Others

- -

42,119

41,757

Liability

284,878 292,269

391,260

422,194

Net balance

47,999 8,864

1,793,877

1,630,765

(b) Expected realization of deferred income tax and social contribution

The Group has a history of projected taxable profits, taking into account several financial and business assumptions considered in technical studies carried out at the end of the trimester ended on March 31, 2021. Regarding tax credits, it is estimated that they will be recoverable, as shown below:

In

Parent Company

Consolidated

2021

112,262 122,023

2022

30,609 40,370

2023

33,607 164,459

2024 31,962 232,318


42

2025

30,761 312,551

2026

27,859 478,961

2027 20,121 674,164

2028 to 2030 45,696 160,291

332,877 2,185,137

The realization of deferred taxes was determined based on the business plan approved by the Company's management and is reviewed at least every year.

The projections are made through operating cash flows started from the year 2021, in nominal terms, considering the inflation of the economy due to changes in financial market indexes using the maximum period of 10 years.

Management reiterates its confidence in its Business Plan, which has made the operational structure of business development platforms more robust and will continue to monitor its internal and external indicators as a way of ratifying its estimates.

(c) Reconciliation between nominal and effective rates

The reconciliation between income tax and social contribution at the nominal rate and the effective amounts in results is shown below:

Parent Company

Consolidated

03/31/2021 03/31/2020

03/31/2021 03/31/2020

Loss for the trimester before income tax, social contribution

(155,293)

(30,410)

(324,798)

(129,945)

Interest in subsidiaries 169,211

78,736 -

-

Profit (loss) for the trimester before income tax, social contribution and interest in subsidiaries

13,918 48,326 (324,798) (129,945)

Nominal rate

34% 34% 34% 34%

(4,732) (16,430) 110,431 44,181

Effect of (additions) or exclusions to accounting profit

Other permanent net additions

(2,950) (2,352) (10,039) (5,078)

Income tax and social contribution at the effective rate

(7,682) (18,782) 100,392 39,103

Current 2,155 - 1,696 (1,590) Deferred (9,837) (18,782) 98,696 40,693

Income tax and social contribution (7,682) (18,782) 100,392 39,103

Effective rate

55.2% 38.8% 30.9% 30.0%


12. Transactions with related parties

Transactions

Receivable (payable)

Revenue (Expenses)

03/31/2021

12/31/2020

03/31/2021

03/31/2020

a) Operations of the Parent Company with direct and indirect Subsidiaries:

B2W Companhia Digital (i)

162,204

186,714

(860) 10,374

- Headquarters rent, Distribution centers and miscellaneous

4,157

7,092

5,990 4,812 - Resale goods – sale

1,158

1,158

- 246

- Digital Services Platform and O2O operations

163,517

181,350

(6,814) 5,352 - Resale goods - purchase

(6,628)

(2,886)

(36) (36)

AME Digital (40,539) 779 (27,915) (13,981) - Digital Services Platform (ii) 7,716 34,831 (27,915) (13,981) - Technological services (48,255) (34,052) - - ST Importações Ltda. / QSM

(12,635)

(32,750)

(2,228) (6,361)

- Goods for resale

(12,635)

(32,750)

(2,228) (6,361)

Other operations with subsidiaries (20,169)

(40,227)

(19,699) (24,840)

- BWU Comércio e Entretenimento S.A.

905

905

- - - Louise Holdings Ltda.

- Checking Account

41

38

- - - Cheyney Financial S.A.

- Checking Account

764

697

- - - Auchal Investments S.A.

- Checking Account

269

245

- - - Direct

(22,396)

(42,357)

(19,699) (22,908)

- Bit Services

-

(3)

- (1,932)

- Freijó Administrações e Participações Ltda.

248

248

-

-

Total receivable from related parties 178,776 226,566 Reclassification to Accounts receivable from customers - Digital Portfolio (iii) (7,716) (34,831) Asset

171,060

191,735

Current 168,832 189,601 Non-current 2,228 2,134 Liability

89,913

112,049

Non-current 89,913 112,049

b) Direct subsidiary operations with B2W Companhia Digital

-

-

- 2,536

- Debentures (iii)

-

-

- 2,536

c) Operations with direct subsidiary JSM Global

- Debentures (note 19) (3,073,142) (2,946,889) - -

(i) Licensing of the use of the Americanas.com brand and similar brands - The subsidiary B2W entered into a license agreement for the use of the Company's brand, where the brand licensing will be free as long as the Company holds a relevant equity interest in the Subsidiary. (ii) Receivables through AME Digital are presented under the heading “Accounts receivable from customers”, as shown in Note 8 (ii) On August 24, 2020, B2W made the total early redemption of the simple debentures, privately issued, subscribed by BWU Comércio Entretenimento S.A., parent company


13. Investments - parent company

Parent Company

03/31/2021

12/31/2020

Interest in subsidiaries

6,299,279

6,341,932 Premium on the acquisition of BWU

173,160

173,160

Premium on the acquisition of B2W

201,432

201,432

6,673,871

6,716,524

(a) Changes in investments in subsidiaries

B2W Companhia

Digital(ii)

BWU Comércio e Entretenimento

S.A.(ii)

Ame Digital Brasil

Ame Pay Cayman (iii)

Freijó Administração

Participações Ltda.

JSM Global

Louise Holdings Ltd.

Klanil Services Ltd.

Total

On January 1, 2020

3,723,622

464,339

86,799

- 2,657

-

134,720

-

4,412,137 Profit sharing

(66,313)

1,950

(14,586)

-

(3)

-

1,426

(1,210)

(78,736)

Direct adjustments to shareholders' equity of subsidiaries

3,178

-

-

-

-

-

39,206

(4,635)

37,749 Transfer to the provision for investment losses (i)

-

-

-

-

-

-

-

5,845

5,845

Balances on March 31, 2020

3,660,487

466,289

72,213

-

2,654

-

175,352

-

4,376,995 Capital contribution

3,267,758

-

167,695

-

-

-

-

-

3,435,453

Hedge - Cash flow (61,034) - - (61,034) Premium on capital transactions

(695,588)

-

-

-

-

-

-

-

(695,588)

Increase / decrease in equity interest (11,988) 11,988 Transfer of investments - - (50,376) 50,376 - - - - - Profit sharing

(65,366)

2,623

(33,725)

(64,785)

(11)

327

4,926

(4,786)

(160,797)


21,719

-

-

-

-

(248,105)

(287)

233

(226,440) Transfer to the provision for investment losses (i)

-

-

-

2,421

-

247,778

-

4,553

254,752

Dividends

-

(206,817)

-

-

-

-

-

-

(206,817)

Balances on December 31, 2020

6,127,976

262,095

143,819

- 2,643

-

179,991

-

6,716,524 Advance for future capital increase

-

-

139,534

-

-

-

-

-

139,534

Hedge - Cash flow

(62,313)

-

-

-

-

58,630

-

-

(3,683) Premium on capital transactions (1,416) - - - - - - - (1,416) Profit sharing

(102,181)

404

(34,685)

(33,194)

(3)

361

1,644

(1,557)

(169,211)


4,743

(5,757)

-

-

-

-

17,377

(2,557)

13,806 Transfer to the provision for investment losses (i)

-

-

-

33,194

-

(58,991)

-

4,114

(21,683)

Balances on March 31, 2021

5,966,809

256,742

248,668

-

2,640

-

199,012

-

6,673,871

(i) - A provision for losses on participation in companies with an unsecured liability was recorded, classified in non-current liabilities. (ii) - The balances of investments in subsidiaries B2W and BWU, include goodwill calculated on the acquisition, in the amount of R$ 201,432 and R$ 173,160, respectively. (ii) - A corporate restructuring was carried out at AME Brasil, with the constitution of two new companies abroad as a holding and a sub holding, these being Ame Pay Cayman LTD, wholly owned by Ame Pay Delaware Holding LLC. As a result of this fact, the Company and its subsidiary B2W remained with 1 (one) share each,

giving Ame Pay Cayman LTD its remaining shares in AME Brasil, and then holding indirect control and coalition


(b) Subsidiaries

(i) BWU Comércio Entretenimento S.A.

On March 31, 2021, the subsidiary BWU has R$ 60,697 in cash and cash equivalents and securities and real estate (R$ 60,899 on December 31, 2020). On August 24, 2020, at a meeting of the subsidiary's management, the distribution of interim dividends, paid to the Company, was declared at the rate of R$ 0.115858144 per share, totaling R$ 205,679. Based on the profit for 2020, the subsidiary declared dividends in the amount of R$ 1,138, totaling dividends for 2020 in the amount of R$ 206,817.

(ii) B2W - Companhia digital

(a) Share Capital Increase

At a meeting of the Board of Directors of the subsidiary B2W held on July 21, 2020, the capital increase in the amount of R$ 4,000,000 was approved; through the private issue of 34,782,609 registered common shares at the price of R$ 115.00 per share. The capital increase was approved at a meeting of the subsidiary's Board of Directors, held on September 21, 2020. The Company subscribed for a total of 28,415,286 shares, 21,303,987 of which correspond to the interest held by the Company in the subsidiary's share capital, on the date of the notice of capital increase to shareholders, and 7,111,299 shares of non-controlling shareholders, who did not exercise the preemptive right within the legal term. With the subscription, the Company’s interest in the subsidiary’s share capital, on the date of approval, increased to 62.50%. The goodwill calculated on the transaction in the amount of R$ 695,843 was recorded in equity in the Goodwill account in capital transactions. At meetings of the Board of Directors of the subsidiary B2W, held on January 10, 2020, July 3, 2020 and September 21, 2020, the capital increases were approved; with the issuance of 98,189, 1,476,199 and 144,458 common shares, respectively, granted under the terms of the Share Plan approved by the General Meeting of August 31, 2011.

Below is the movement that occurred in the trimester:

Controllers

Non-controllers

Total

Balances as of December 31, 2020 - net of goodwill 5,926,544

3,559,162

9,485,706 Result for the quarter (102,181)

(61,430)

(163,611)

Share capital increase plan -

1,587

1,587 Premium capital transactions (1,416)

1,416

-

Cash flow hedge (62,313) (37,461) (99,774) Direct adjustments to shareholders' equity 4,743

2,851

7,594

Balances on March 31, 2021 - net of goodwill 5,765,377

3,466,125

9,231,502

Number of common shares 349,791,945

210,293,817

560,085,762

Participation % - As of March 31, 2021 62,4533 %

37,5467 %

100,0000 %

In 2021 and 2020, the Company did not acquire shares of the subsidiary B2W on the market.

(b) Issuance of Representative Debt Securities (Bonds) - Indirect subsidiary B2W LUX S. à. r. l.

At a meeting of the Board of Directors (RCA) held on November 14, 2020, complemented by the RCA held on November 18,

2020, the issue was approved, through the Company's wholly-owned subsidiary, B2W Digital Lux S. à. r. l., headquartered in Luxembourg, of debt securities (Bonds), issued on the United States market. The amount issued in the total amount of US$ 500,000 (five hundred million American dollars), has a maturity on December 15, 2030, that is, 10 years and an annual remuneration of 4.375%. The net amount of funding costs received, in November


2020, by the subsidiary amounted to US$ 498,980. As of March 31, 2021, the total liability of the Bonds was R$ 3,035,304 (R$ 2,872,222 as of December 31, 2020), recognized in the consolidated balance sheet. Financial charges recognized by the subsidiary in the trimester amount to R$ 55,796 recorded in the Company's consolidated income statement.

(iii) JSM Global S. à. r. l.

(a) Issuance of debt securities - (Bonds)

At a meeting of the Board of Directors (RCA) held on September 21, 2020, complemented by the RCA held on September 29, 2020, the issue was approved, through the Company's wholly-owned subsidiary, JSM Global S. à. r. l., headquartered in Luxembourg, of debt securities (Bonds), issued on the United States market. The amount issued in the total amount of US$ 500,000, has a maturity on October 20, 2030, that is, 10 years and an annual remuneration of 4.75%. The net amount of funding costs received, in October 2020, by the subsidiary amounted to US$ 494,990. As of March 31, 2021 the total Bond liability amounted to R$ 3,360,380 (R$ 3,323,090 as of December 31, 2020), recognized in the consolidated balance sheet. The accumulated financial charges, recognized since the beginning of the operation, by the subsidiary, are not R$ 258,645 and were recorded in the consolidated income statement of the Company. (iv) Financial investments in subsidiaries abroad

The subsidiaries Louise and Klanil have investments in bonds and securities abroad on March 31, 2021 in the amounts of R$ 22,013 and R$ 127,239 (R$ 20,068 and R$ 116,000 on December 31, 2020), respectively. These financial investments generated a remuneration of R$ 72 recognized as financial income in the consolidated result of the company.

(v) Ame digital AME Digital Brasil Ltda. “AME”, constituted on July 31, 2019, with share capital of R$ 97,124, represented by 97,124,100, quotas with a nominal value of R$ 1.00 each; 55,284,057 shares subscribed by Lojas Americanas and 41,840,043 shares subscribed by subsidiary B2W, a mobile business platform, developed jointly by the Company and its subsidiary B2W, whose corporate purpose is; basically, the provision of services with advanced technologies involving payment structures in physical and digital sales, including through partnerships with other companies, whether retail or not, with advantages for final consumers. A corporate restructuring was carried out at AME Brasil, with the constitution of two new companies abroad as a holding and a sub holding, these being Ame Pay Cayman LTD, wholly owned by Ame Pay Delaware Holding LLC. As a result of this fact, the Company and its subsidiary B2W remained with 1 (one) share each, giving Ame Pay Cayman LTD its remaining shares in AME Brasil, and then holding indirect control and coalition in the same previous proportion, that is, 56.92% and 43.08% respectively. (a) Eco Logística Ltda.

In December 3rd, 2019, AME completed the acquisition of the startups Pedala (Eco Logística Ltda.) Courri (Ecolivery Courrieros Ltda.) and Transportes (Courrieros Transportes Ltda.), specialized in fast and sustainable bicycle and scooter deliveries. The acquisition price was R$ 10,250, R$ 2,500 of which was paid in cash and the remainder divided into 5 annual installments. The Company conducted studies to determine the fair value of assets and liabilities for allocating the purchase price and, to date, the goodwill resulting from these initial studies amounts to R$ 15,071, as shown below.

Fair value of assets acquired and liabilities assumed (1)

(4,821)

Consideration (2)

10,250

Goodwill (2) - (1)

15,071


The goodwill calculated until December 31, 2020, of R$ 15,071, was paid mainly for the expectation of future profitability (Goodwill), aiming to accelerate the Ame Flash operation, making deliveries in large urban centers with different low-carbon modes, in addition to expanding the network of partner deliverers connected. (b) Bit Capital S.A. On December 5, 2020, AME acquired the company Bit Capital S.A., a fintech specialized in Core Banking solutions. The closing of the transaction occurred on December 18, 2020, after the fulfillment of certain precedent conditions, customary in operations of a similar nature. The acquisition price was R$ 178,176, R$ 60,112 of which was paid in cash and the remainder on the third anniversary of the closing date. The Company started studies to determine the fair value of assets and liabilities for allocating the purchase price and, to date, the goodwill resulting from these initial studies amounts to R$ 107,555, as shown below. The Company expects to complete the study by the end of the year 2021.

Fair value of assets acquired and liabilities assumed (1)

70,621

Consideration (2)

178,176

Goodwill (2) - (1)

107,555

The goodwill calculated up to December 31, 2020, of R$ 107,555, was paid mainly for the expectation of future profitability (Goodwill), since Bit Capital is a modular Open Banking platform, based on Blockchain and Open APIs; which offers solutions for native integration into the financial ecosystem, in a simple and secure way and also has integration solutions with PIX, the Central Bank's instant payment system, which is in line with the business plan for AME; enabling the acceleration of its development and maximizing its business fronts.

In the fiscal year 2020, the Company and its subsidiary B2W contributed funds to AME in the amount of R$ 257,112, proportional to the participation of each in AME, being R$ 167,695 and R$ 89,417, respectively.


(c) Information on investments in subsidiaries

03/31/2021 Net

% Capital Net (loss)

Social share Profit Equity

Direct subsidiaries

BWU Comércio e Entretenimento S.A. 100,00 17,753 83,581 404

B2W - Companhia Digital 62,45 12,345,170 9,231,502 (163,611)

Freijó Administrações e Participações Ltda. 100,00 5 2,640 (3)

Louise Holdings Ltd. 100,00 744,308 199,012 1,644

Klanil Services Ltd. 100,00 96,043 (29,826) (1,557)

JSM Global 100,00 52 (189,553) 361

Ame Pay Cayman LTD. 56,92 198,614 374,298 (119,251)

Indirect subsidiaries

Submarino Finance Promotora de Crédito Ltda. 62,45 12,005 95,348 (715)

ST Importações Ltda. 62,45 4,050 95,571 1,354

BFF Logística e Distribuição Ltda. 62,45 163,198 182,840 (579)

Mesa Express Serv. de Informação da Internet S.A. 62,45 275 - -

QSM Distribuidora e Logística Ltda. 62,45 5,000 33,796 (95)

BIT Services Tecnologia e Inovação Ltda. 62,45 210,417 237,994 646

Digital Finance Promotora Ltda. 62,45 500 13,605 1,384

Click - Rodo Entregas Ltda. 62,45 44,928 11,817 (176)

Direct Express Logística Integrada S/A 62,45 237,755 82,254 (403)

B2W Rental S.A. 62,45 2 (23,305) 2

Ame Pay Delaware Holding LLC 83,85 198,614 374,298 (119,251)

Ame Digital Brasil Ltda. 83,85 198,614 374,298 (119,251)

SuperNow Portal e Serviços de Internet Ltda. 62,45 21,008 11,106 (7,409)

B2W Lux S.à.R.L 62,45 108 (155,144) (149)

Ecolivery Courrieros 56,92 40 (1,206) (86)

Courrieros Transportes 56,92 1 854 (64)

Eco Logística 56,92 40 88 7

BIT Capital 56,92 10,038 345 (4,190)


12/31/2020 Net

% Capital Net (loss)

Social share equity profit

Direct subsidiaries

BWU Comércio e Entretenimento S.A. 100 17,753 88,923 4,573

B2W - Companhia Digital 62.48 12,340,651 9,485,707 (210,758)

Freijó Administrações e Participações Ltda. 100 5 2,643 (14)

Louise Holdings Ltd. 100 678,909 179,991 6,352

Klanil Services Ltd. 100 87,604 (25,712) (5,996)

JSM Global 100 52 (247,821) 327

Ame Digital 56.92 198,614 248,415 (198,689)

Indirect subsidiaries

Submarino Finance Promotora de Crédito Ltda. 61.42 12,005 96,063 (1,376)

ST Importações Ltda. 61.42 4,050 94,217 5,571

BFF Logística e Distribuição Ltda. 61.42 163,198 183,419 1,939

Mesa Express Serv. de Informação da Internet S.A.

61.42 275 - -

QSM Distribuidora e Logística Ltda. 61.42 5,000 33,891 4,748

BIT Services Tecnologia e inovação Ltda. 61.42 210,417 237,347 10,588

Click - Rodo Entregas Ltda. 61.42 44,928 11,993 (212)

Direct Express Logística Integrada S/A 61.42 237,755 82,657 2,151

Digital Finance Promotora Ltda. 61.42 500 12,221 (970)

B2W Rental S.A. 61.40 2 (23,307) (8)

Ame Pay Delaware Holding LLC 56.92 198,614 248,414 (198,689)

Ame Digital Brasil Ltda. 56.92 198,614 248,414 (198,689)

SuperNow Portal e Serviços de Internet Ltda. 62.48 21,008 6,747 (15,155)

B2W Lux S.à.R.L 62.48 108 (197,234) -

Ecolivery Courrieros 56.92 40 (2,166) (72)

Courrieros Transportes 56.92 1 848 (134)

Eco Logística 56.92 40 (348) (258)

BIT Capital 56.92 10,038 995 (435)

(d) New business in progress

(i) Acquisition of Parati by subsidiary Ame Digital

The subsidiary AME Digital Brasil Ltda. on December 29, 2020, entered into a Purchase and Sale Agreement for Shares and Other Covenants with the purpose of acquiring 100% of the shares of Parati Crédito Financiamento e Investimento SA (“Parati”), a credit, financing and investment company ( SCFI) regulated by the Central Bank of Brazil (“Operation”). Parati has direct access to the Brazilian Payment System (SPB) and the Instant Payment System (SPI) and acts as Bank as a Service (BaaS) and Regtech, integrating fintechs into the banking system and distributing, through partners, payment solutions. credit, in which it issues a Bank Credit Note. The acquisition, for the total price of R$ 34,054, is in line with the business plan for AME, enabling the acceleration of its development and maximizing its business fronts.


The implementation of the transaction is subject to compliance with certain precedent conditions, which are common in transactions of a similar nature, including approval by the Central Bank of Brazil. (ii) BR Distribuidora

On February 25, 2021, the Company entered into a partnership with Petrobrás Distribuidora S.A, to operate the small retail store business, inside and outside gas stations, through the Local and BR Mania store chains. The partnership will be effected through the creation of a new company, the capital of which will be held by Americanas and BR Distribuidora, both with a 50% interest, which will have its own independent management and corporate governance. For the Partnership, it was considered a value (Enterprise Value) under the current conditions of up to R $ 995 million, which considers the contribution of the BR Mania Franchise Network and the Local stores. In addition, the transaction includes a disbursement by Americanas of up to R$ 305 million, in the form of an investment in the new company of approximately R$ 252 million and a payment of up to R$ 53 million in a variable installment to BR Distribuidora, based on performance goals. The formalization of the Partnership and the closing of the transaction depends on compliance with usual conditions for transactions of this nature, including obtaining authorization by the Administrative Council for Economic Defense - CADE


14. Property, plant and equipment

Parent Company

Consolidated

03/31/2021 12/31/2020 03/31/2021 12/31/2020

Cost

Accumulated

depreciation Profit Profit Cost

Accumulated

depreciation Profit Profit

Facilities and furniture and fixtures

1,284,992 (504,816) 780,176 804,249 1,415,491 (585,514) 829,977 853,325

Computer machines and equipment

1,660,366 (848,356) 812,010 832,622 2,319,305 (1,218,627) 1,100,678 1,121,226

Improvements in third parties real estates

3,081,473 (1,294,853) 1,786,620 1,772,016 3,175,234 (1,355,322) 1,819,912 1,784,187

Land and buildings

158,362 (45,166) 113,196 114,780 164,397 (45,166) 119,231 120,798

Others

160,914 (34,275) 126,639 98,676 225,417 (68,901) 156,516 148,777

6,346,107 (2,727,466) 3,618,641 3,622,343 7,299,844 (3,273,530) 4,026,314 4,028,313

Property, plant and equipment transaction in the trimesters:


03/31/2021

03/31/2020

03/31/2021

03/31/2020

Net balances at the beginning of the trimester

3,622,343

3,670,284

4,028,313

4,094,344

Additions (i)

130,963

195,344

150,003

202,031 Written off

(25,301)

(4,289)

(25,414)

(6,236)

Depreciation (ii)

(109,364)

(96,847)

(126,588)

(113,383)

Net balances at the end of the trimester

3,618,641

3,764,492

4,026,314

4,176,756

(i) The Company uses the weighted average rate on loans.

According to Technical Pronouncement CPC 01 (IAS 36), items of property, plant and equipment and intangible assets, which show signs that their recorded costs are higher than their recovery values reviewed annually to determine the need for a provision to reduce the book balance to its realizable value. The smallest cash-generating unit determined by the Group to assess the recovery of tangible and intangible assets corresponds to each of its stores. Management has not identified changes in circumstances or signs of technological obsolescence, as well as evidence that its assets used in its operations are not recoverable in view of its operational and financial performance and; concluded that, as of December 31, 2020, there was no need to record any provision for loss on its property, plant and equipment and intangible assets.

In Consolidated, likewise, the fixed and intangible assets of subsidiary B2W were analyzed in relation to their recovery values and it was not necessary to record a provision for losses (impairment).

As of March 31, 2021 and December 31, 2020, there are no assets pledged as collateral.


15. Intangible

Parent Company

Consolidated

03/31/2021 12/31/2020 03/31/2021 12/31/2020 Accumulated Accumulated

Cost amortization Profit

Profit Cost amortization Profit Profit

Goodwill on acquisition of investments

- - - - 1,172,178 (94,757) 1,077,421 1,077,421

Software Usage Right

1,393,055 (566,038) 827,017 830,814 1,840,376 (886,311) 954,065 976,956

Right to use mining

95,945 (59,214) 36,731 38,662 112,445 (69,774) 42,671 44,931

Websites and systems development

- - - - 4,860,928 (2,147,816) 2,713,112 2,618,398

Others

58,739 (46,363) 12,376 446 94,753 (73,340) 21,413 12,585

1,547,739 (671,615) 876,124 869,922 8,080,680 (3,271,998) 4,808,682 4,730,291

Intangible transaction in the trimesters:

Parent Company

Consolidated

03/31/2021

03/31/2020

03/31/2021

03/31/2020


869,922

520,317

4,730,291

3,972,720

Additions

56,748

24,788

247,809

174,357

Capitalization of interest (i) - - 8,194 7,119

Written off - - - (76)

Fair value adjustment of acquired assets 274

Premium on the acquisition of companies - - - 30,269

Amortization

(50,546)

(19,657)

(177,886)

(134,967)


876,124

525,448

4,808,682

4,049,422

(i) The weighted average CDI rate on loans raised by subsidiary B2W in the year ended March 31, 2021 and March 31, 2020 was xxxx% and 115.0%, respectively.

a) Goodwill on investment acquisitions

The Group evaluates goodwill annually to verify probable losses (impairment), the last assessment being made in the year ended December 31, 2020. This goodwill is determined on acquisitions of investments and mergers, arising from the expectation of future profitability, based on projections of future results for a period of 10 years using the nominal IPCA rate plus 2% p.a. and 1% growth rate for perpetuity. The discount rate for future cash flows was estimated at 10.3% p.a. The need for a provision for impairment of these assets was not identified. The business model adopted by the Group corresponds to a vertical structure, thus, the consolidated balances more adequately represent the only cash-generating unit (CGU), which is considered for the impairment test. As of March 31, 2021 and December 31, 2020, the premium from investment acquisitions was represented as


follows:

Parent Company

Consolidated

03/31/2021

12/31/2020 03/31/2021

12/31/2020

Cost

Accumulated Profit

Profit

Cost

Accumulated Profit

Profit

amortization

amortization

B2W

233,369

(31,937)

201,432

201,432

233,369

(31,937)

201,432

201,432

BWU

173,160

-

173,160

173,160

173,160

-

173,160

173,160

TV Sky Shop

-

-

-

-

135,305

(53,866)

81,439

81,439

SuperNow

-

-

-

-

28,060

-

28,060

28,060

BIT Services

-

-

-

-

264,881

(8,647)

256,234

256,234

Click Rodo

-

-

-

-

19,426

-

19,426

19,426

Direct

-

-

-

-

195,038

-

195,038

195,038

Ecolivery Courrieros - - - - 9,858 - 9,858 9,858

Eco Logística - - - - 5,213 - 5,213 5,213

BIT Capital - - - - 107,555 - 107,555 107,555

Others

310

(307)

3

3

620 (614) 6 6

406,839

(32,244)

374,595

374,595

1,172,485

(95,064)

1,077,421

1,077,421

16. Lease assets and liabilities

The Group has contracts classified as lease for its commercial, logistics and administrative units. The measurement of the cost of the right to use real estate assets corresponds to the net value of the lease liability, calculated on the minimum rent provided in the agreements, discounted at present value by the projected rates and lease terms, this being the non-cancellable and covered period by option to extend the lease, if the Company is reasonably certain to exercise such option. The monthly depreciation of the right to use real estate assets is calculated, on a straight-line basis, over the term provided in the agreement, regardless of the renewal clause in accordance with the Group’s internal policies. Below we present the assets for the right to use the properties and the corresponding obligations:

a) Right to use real estate - Commercial Lease

Parent Company

Consolidated

03/31/2021 12/31/2020 03/31/2021 12/31/2020 Accumulated Accumulated

Cost depreciation Profit

Profit Cost depreciation Profit Profit

Right to use real estate investment

4,280,119 (1,714,625)

2,565,494 2,585,462 4,715,081 (1,886,848) 2,828,233 2,832,095

4,280,119 (1,714,625) 2,565,494 2,585,462 4,715,081 (1,886,848) 2,828,233 2,832,095

Changes in the right to use real estate for leases during the trimester:


03/31/2021

03/31/2020

03/31/2021

03/31/2020


2,585,462

1,968,976

2,832,095

2,221,134

Additions/Write-offs

4,027

76,251

42,966

108,131

Contract renewals and updates 104,637 - 104,637 -

Depreciation

(128,632)

(86,276)

(151,465)

(108,275)



2,565,494

1,958,951

2,828,233

2,220,990

b) Leases payable

Parent Company

Consolidated

03/31/2021 12/31/2020

03/31/2021 12/31/2020

Leases payable

3,117,162

3,107,744

3,449,933

3,431,270

Appropriate interest (375,613) (404,797) (408,754) (442,811)

2,741,549

2,702,947

3,041,179

2,988,459

Current installment

501,126

436,763 603,618

527,197

Noncurrent installment

2,240,423

2,266,184

2,437,561

2,461,262

Movement of leases during the trimester:


03/31/2021

03/31/2020

03/31/2021

03/31/2020


2,702,947

2,263,973

2,988,459

2,553,369

Additions by new contracts

4,027

76,251

41,467

106,857

Contract renewals and updates 104,637 - 104,637 -

Reversal due to contract renegotiation - 2020 89,045 - 89,045 -

Reversal due to contract renegotiation (i) (10,343) - (10,343) -

Payments (177,947) (177,477) (206,005) (204,920)

Appropriate interest

29,184

38,950

33,919

44,514


2,741,550

2,201,697

3,041,179

2,499,820

(i) - The Company, in accordance with the Technical Pronouncements Review No. 16/2020, issued by the Accounting Pronouncements Committee, which authorizes exceptionally, changes as a result of benefits obtained in lease agreements related to Covid -19; recognized in the income for the trimester the amount of R$ 10,343 (R$ 10,343 consolidated), originating from the fixed installments of the contracts negotiated with the lessee.

c) Commitments assumed - Lease agreements

(c.1) Parent company As of March 31, 2021, the Company has 1,721 lease agreements (1,721 lease agreements as of December 31, 2019) for its commercial, logistics and administrative units. These lease agreements, for the most part, provide for variable rent payments, levied on sales, or minimum value. The Company's monthly obligation is to pay the highest amount between them, with semiannual or annual calculation. The lease installments defined as minimum rent were classified as lease liabilities, in accordance with CPC 06 (R2) / IFRS 16. The portions defined as variables continue to be recognized, on an accrual basis, as occupancy expense. The minimum values of the contracts are readjusted annually, according to the variation of the main inflation indexes. The rental contracts in the logistics and administrative areas have amounts fixed in the contract, with annual adjustments, according to the variation of the main inflation indexes, which are classified as Liabilities for lease (see (b)). In the trimester ended March 31, 2021, variable rental, condominium and related expenses totaled R$ 11,143 at the parent company (R$ 20,260 on March 31, 2020). Variable future commitments, based on existing stores on March 31, 2021, with a 4.92% increase (IPCA projected for 2021) arising from these lease agreements, without the effect of contract renegotiations are distributed as follows:

2021 2022 2023 2024 2025 onwards

174,624 183,216 192,230 201,688 211,611


(c.2) Subsidiary B2W

B2W and its subsidiaries maintain a Private Instrument of Commercial Property Lease Agreement and Other Covenants for all of its properties, with short and long term maturities, whose rent is updated annually based mainly on the IGP-M and IPCA indexes.

The lease amounts provided for in the contracts for more than 12 months were classified as lease liabilities, in accordance with CPC 06 (R2) / IFRS 16. The rent corresponding to short-term contracts continues to be recognized, on an accrual basis, as an occupancy expense.

In the trimester ended March 31, 2021, the Group incurred rental expenses on short-term contracts and other related to real estate in the amount of R$ 1,996 (R$ 2,033 on March 31, 2020). And future commitments related to these contracts total R$ 5,654 (R$ 6,262 on December 31, 2020).

17. Suppliers

Parent Company

Consolidated

03/31/2021

12/31/2020

03/31/2021

12/31/2020

Suppliers of goods, supplies and others

4,346,272

4,364,744

8,692,738

8,726,179 Commercial agreements

(1,244,329)

(1,333,620)

(1,497,316)

(1,576,926)

Adjustment to present value (note 2.3)

(24,232)

(26,524)

(65,431)

(55,406)

3,077,711

3,004,600

7,129,991

7,093,847

Commercial agreements are receivable, defined in partnership agreements signed with suppliers. In financial operations, when provided for in a commercial agreement, settlements are made when invoices are paid, to suppliers, for the net amount.


18. Loans and financing (a) Composition

Parent Company

Consolidated

Annual charges

Due Date

03/31/2021

12/31/2020

03/31/2021

12/31/2020

In national currency

BNDES (i)

TLP and TJLP + up to 3.68% p.a.

06.15.2026

478,349

509,303

868,114 918,831

BNDES (i) Interest up to 6.0% p.a. 07.17.2023 6,815 7,835 6,880 7,932 BNDES (i) Selic + up to 3.68% p.a. 06.15.2026 209,466 227,126 247,440 268,289 FINEP TJLP + up to 4.0% p.a. 08.15.2028 123,964 130,714 123,964 174,771 Working capital

109% to 136% of CDI

12.20.2027

908,290

908,316

1,270,557 3,586,879

Working capital CDI + up to 4.3% and ICPA + 2.57% p.a. 05.15.2023 150,115 152,225 812,410 805,518

Swap transactions 119.8% CDI 03.28.2022 2,689 (607) 2,689 (607)

Commercial Promissory Notes (iv) 112.0% to 115.3% of CDI + 2.3% p.a. 06.28.2022 1,385,001 1,376,100 1,385,001 1,376,100 FIDC Quotas (v)

Interest of 106.5% of CDI

02.14.2024

354,431

386,726

1,020,216 1,025,218

In foreign currency (ii)

JSM Bonds US$ + 4.75% p.a. 10.15.2030 - - 2,914,426 2,627,148 Swap transactions - - 280,517 479,582

B2W Lux Bonds US$ + 4.375% p.a 12/15/2030 - - 2,892,616 2,609,718

Swap transactions - - 142,688 262,504 Working capital (iii)

US$ + Interest up to 5.879% p.a.

11.03.2023

318,793

287,422

318,793 287,422

Swap transactions Interest of 118.9% to 131.0% of CDI 11.03.2023 (107,797) (77,676) (107,797) (77,676)

Working capital (iii)

€ + 2.1% to 2,3% p.a.

01.18.2023

-

-

- 695,682 Swap transactions

121.95% CDI to 122.6% CDI

01.18.2023

-

-

- (191,670)

Cost of funding (IOF and others)

(39,444)

(43,976)

(163,663) (189,143)

3,790,672 3,863,508 12,014,851 14,666,498

Current installment

1,016,717

907,987

2,112,830 1,832,909

Noncurrent installment

2,773,955

2,955,521

9,902,021 12,833,589

(i) BNDES financing related to the FINEM program (opening and renovation of stores, logistics and technology), FINAME (acquisition of machinery and equipment) and PEC (Working Capital). (ii) Foreign currency transactions are protected against exchange rate fluctuations, through swap derivative financial instruments (note 4.1). (iii) Funding pursuant to Resolution No. 2,770 of the Central Bank of Brazil (BACEN). (iv) (a) - Commercial Promissory Notes with the issuance of 40 credit titles on 04/03/2020, nominal value of R$ 25,000, being 1 Credit Title of the first series and 39 Credit Titles of the second series, remunerated at the rate 100% p.a. of the rate of DI, based on 252 working days plus a spread equivalent to 2.30% p.a., based on 252 working days, payment of compensatory interests on the final maturity of the respective series. The 1st Series Credit Title matured on 10/05/2020 and the 2nd Series Credit Titles will have final maturity on 04/05/2021; (b) - Commercial Promissory Notes with the issuance of 1,800 Credit Titles on 06/29/2017, nominal value of R$ 500, maturing on 06/28/2022 and remunerated at the rate of 115.3% p.a. of the DI rate, based on 252 days useful, with the payment of interest on the final maturity; (v)) In the Parent Company represents the balance of the prepayment of receivables by Fênix - FIDC. In the consolidated, it represents the balance of senior shares of Fundo Fênix - FIDC (Note 7 (a)).


(b) Movement


03/31/2021

03/31/2020

03/31/2021

03/31/2020

Balances at the beginning of the trimester

3,863,508

3,511,118

4,263,682

14,666,498

9,970,355

Funding

-

853,605 853,605622

78,755

1,135,447

Amortization of principal

(78,819)

(60,066) (1,120,271)

(2,971,431)

(95,517)

Amortization of interest (32,977) (25,810) (85,792) (128,079)

Financial charges

-

-

8,194

7,119

Derivative market-to-market 38,960 51,070 153,952 122,433

Balances at the end of the trimester

-

-

164,675

-

(c) Non-current loans and financing by maturity year

Parent Company

Consolidated

03/31/2021

12/31/2020 03/31/2021

12/31/2020

2022 1,243,033 1,426,017 1,670,098

1,872,799 2023

345,049 347,421 759,483 1,264,833 2024 364,318 360,806 447,959 2,739,241 2025 153,638 153,449 237,279 238,387 2026 87,424 87,369 146,764 147,692 2027 onwards 580,493 580,459 6,640,438 6,570,637

2,773,955

2,955,521 9,902,021 12,833,589

The Group is subject to certain debt restrictive clauses (Debt Covenants and Cross Default) contained in some loan and financing agreements. These clauses include, among others, the maintenance of certain financial ratios, calculated based on the financial statements disclosed by Management. As of March 31, 2021 and December 31, 2020, all indices were met.

(d) Guarantees

Parent Company

Consolidated

03/31/2021

12/31/2020

03/31/2021

12/31/2020

Letters of guarantee 684,698 722,745 1,112,508 1,230,275 Insurance guarantee 51,527 52,685 51,527 52,685

736,225 775,430 1,164,035 1,282,960

(e) Available credit lines As of March 31, 2021 and December 31, 2020, the Group had credit lines with several institutions in order to use them at the times necessary to drive the Group's organic growth. (f) Issuance of debt securities - Bond’s

JSM Global B2W Digital Lux

Funding

2,814,650

2,691,100

Charges

258,645

55,796

Hedge – Cash Flow 287,085 288,408


Balances at the end of the quarter

3,360,380

3,035,304

On March 31, 2021 and December 31, 2020, JSM Global, a direct subsidiary of the Company, and B2W Digital Lux, a direct subsidiary of B2W, issued in the fourth quarter of 2020 debt securities - Bond’s. After technical studies, in accordance with CPC 48 B6 3.5, and due to the funds raised being also linked to the issuance of debentures in Brazil, by their direct controllers, they decided to classify the operation in the “Cash Flow Hedge” category. In 31st March, 2021, this classification generated a net impact of taxes, debit, on the Company's shareholders' equity of R $ 248,105 (R $ 446,052 in the consolidated). The purpose of the decision is to minimize possible financial risks as a result of the operations having floating rates at all ends.


19. Debentures

(a) Composition


Date of issuance

Due Date Type of issuance

Outstanding

securities

Nominal value at issuance

Nominal value

in 2021

Annual financial charges

03/31/2021

12/31/2020

03/31/2021

12/31/2020

4th Issuance - Lame 14 09/05/2011 06/25/2024 Public 50,000 500,000 450,000 117.5% of CDI 452,672 450,117 452,672 450,117

7th Issuance - Lame 27 12/21/2012 12/21/2022 Public - 350,000 - 114.50% CDI - 350,209 - 350,209

8th Issuance - Lame 38 07/15/2013 07/15/2021 Public 20,000 200,000 66,680 IPCA + 6.9% 67,827 67,427 67,827 67,427

9th Issuance - Lame 19 06/25/2014 06/25/2024 Public 65,853 700,000 658,530 117.5% of CDI 662,440 658,701 662,440 658,701

9th Issuance - Lame 29 06/25/2014 06/25/2021 Public 23,032 250,000 57,580 113% of CDI 58,557 58,594 58,557 58,594

11th Issuance - Lame A1 04/15/2017 04/15/2022 Public 74,433 1,263,350 744,330 115% of CDI 751,764 753,301 751,764 753,301

11th Issuance - Lame B1 04/15/2017 04/15/2024 Public - 236,650 - IPCA +7.0972% - 163 - 163

12th Issuance – Lame A2 04/20/2018 04/20/2023 Public 18,683 1,000,000 186,830 116% of CDI 188,606 188,248 188,606 188,248

13th Issuance - Lame A3 01/10/2019 01/10/2026 Public 20,895 1,000,000 208,950 116.7% of CDI 209,994

212,909 209,994 212,909 14th Issuance - Lame A4 05/18/2020 05/18/2023 Public 50,000 500,000 500,000 100% of CDI + 3% 508,945 502,888 508,945 502,888 15th Issuance - Lame A5 06/02/2020 06/02/2023 Public 50,000 500,000 500,000 100% of CDI + 3% 507,970 501,924 507,970 501,924

16th Issuance - Lame A6 - JSM Global (i) 09/15/2020 10/15/2030 Public 2,814,509 2,814,509 2,814,509 IPCA + 7.4% 3,073,142 2,946,889 - -

16th Issuance - Lame A6 - Third Parties (i) 09/15/2020 10/15/2030 Public 285,491 285,491 285,491 IPCA + 7.4% 311,725 298,920 311,725 298,920

Swap transactions - 16th Issuance (182,430) (238,310) (16,969) (22,233) 5th Issuance by the B2W subsidiary 11/15/2020 12/15/2030 Public 408,900 408,900 408,900 IPCA + 6.957% - - 435,139 417,686

Swap transactions - B2W subsidiary - - (7,230) (24,045)

6,611,212 6,751,980 4,131,440 4,414,809

Cost of funding (95,380) (101,167) (43,743) (61,021)

6,515,832 6,650,813 4,087,697 4,353,788

Current installment 288,672 507,136 64,262 415,786

Noncurrent installment 6,227,160 6,143,677 4,023,435 3,938,002

(i) - In a meeting of the Board of Directors (RCA) held on September 30, 2020, the 16th Debentures Issuance (Lame A6) was approved by the Company, in a total of 3,100,000 securities. Of the amount of debentures issued, in October 2020, 2,814,509 securities were acquired by the wholly-owned subsidiary of Companhia JMS Global S. à. r. l and the remaining 285,491 securities by other investors in the market. The principal amount and corresponding charges on the securities acquired by the wholly-owned subsidiary JMS, were eliminated in the consolidation of the Company's financial statements. After technical studies, in accordance with CPC 48 B6 3.5 as a result of the funds raised being linked to the IPCA variation plus interest of 7.4% p.a., in addition to the majority of the securities having been acquired by the subsidiary JSM, the Company decided to classify the transaction in the “Cash Flow Hedge” category. This classification had a net impact of tax, on credit, on the Company's shareholders' equity of R$ 138,547. The purpose of the decision is to minimize possible financial risks as a result of the matched transactions having floating rates at all ends.


(b) Movement

Parent Company

Consolidated

On January 1, 2020 5,304,683 5,304,683 Amortization of interest (29,794) (29,794) Financial charges 64,100 64,100

As of March 31, 2020 5,338,989 5,338,989 Fundings - 14th, 15th and 16th issuances 4,100,000 1,694,391 Amortization of principal

(2,566,299)

(2,554,058)

Amortization of interest (227,086) (227,086)

Derivative market-to-market (138,547) (30,418)

Financial charges 143,756

131,970

As of December 31, 2020 6,650,813

4,353,788 Amortization of principal

(352,578)

(340,604)

Amortization of interest (3,055)

(3,055)

Derivative market-to-market 144,034

41,700

Financial charges 76,618

35,868

As of March 31, 2021 6,515,832

4,087,697

(c) Issuance of debentures by subsidiary B2W - Companhia Digital

The following are the descriptions of the debentures issued by the subsidiary B2W, which are in effect on March 31, 2021:

Nature 5th public issuance

Date of issuance 11/15/2020

Maturity 12/15/2030

Amount issued 3,100,000

Unit value R$ 1,000

Annual financial charges IPCA + 6.957%

Convertibility Simple, non-convertible into shares

Type and form Registered and book entry

Amortization of the principal amount Full on the due date

Payment of compensatory interests June 15 and December 15 of each year (2021 to 2030) Type Unsecured

Renegotiation There will be no renegotiation of the Debentures


20. Taxes to be collected

Parent Company

Consolidated

03/31/2021

12/31/2020 03/31/2021

12/31/2020

Tax on Circulation of Goods and

Services (ICMS) 39,329

97,978

103,070

163,169 Withholding Income Tax - (IRRF)

- - 1,388 2,526

Social Integration Program (PIS) / Contribution for Social Security Financing (COFINS)

-

20,489

22,143

47,416

Service Tax (ISS) 4,450

6,037

13,223

15,427 Industrialized Products Tax (IPI) 4,550

-

4,850

-

Others 7,102

7,306

12,390

12,972

55,431

131,810

157,064

241,510

21. Provision for lawsuits and contingencies (a) Provisions set up

Parent Company

Consolidated

03/31/2021

12/31/2020

03/31/2021

12/31/2020

Fiscal 75,980

77,545

112,221

113,545

Labor 64,714

66,153

161,476

160,487

Civil 11,797

11,709

52,284

56,406

Others 111

111

111

111

152,602

155,518

326,092

330,549

Current installment 34,698

35,208

34,698

35,208

Noncurrent installment 117,904

120,310

291,394

295,341

Fiscal

The main tax processes of the Group, in the amount of R$ 112,221, are represented by processes included by the Company in the Special Installment of Federal Debts (PAES), instituted by Law No. 10,684/2003; that were improperly excluded by the Federal Revenue on the grounds of non-compliance with the rule that determined the inclusion of all federal liabilities in installments, which generated assessments of the full amount of the debts without reducing the charges provided for by the program. Labor The Group is also a party to labor lawsuits. None of these actions refer to individually significant amounts and the discussions mainly involve overtime complaints, among others. Civil


The Company is a party, together with its subsidiaries, in civil lawsuits arising from the ordinary course of its operations, which, on March 31, 2021, represented the amount indicated as a contingent liability related to these matters. There are no individual actions of significant value.

(b) Contingent liabilities not provisioned

As of March 31, 2021, the Group has administrative and judicial demands of fiscal, civil and labor nature in the approximate amount of R$ 4,109,404 (R$ 3,452,471 as of December 31, 2020) in the parent company and R$ 5,415,563 in the consolidated (R$ 4,708,583 as of December 31, 2020), classified by its legal advisors as “possible losses” and, for this reason, no provision was recorded. The main variations that occurred in the quarter in the parent company are substantially due to the addition of infraction notices drawn up for the application of a substitution fine of forfeiture, a name assignment fine and taxes, on the grounds that the real importer of the goods was hidden in the Import Declaration and monetary restatement.

22. Accounts Payable - Business Combination

In order to expand its business and in accordance with the strategic plan, B2W acquired SuperNow Portal e Serviços de Internet Ltda, on January 13, 2020. As of March 31, 2021, the balance payable for the acquisition of this company was 13,440 (consolidated). “AME” acquired the totality of the shares of the share capital of the companies Pedala (Eco Logística Ltda.) Courri (Ecolivery Courrieros Ltda.) And Transportes (Courrieros Transportes Ltda.), Specialized in fast and sustainable bicycle deliveries. The acquisitions aim to accelerate the Ame Flash operation, making deliveries in large urban centers with different low-carbon modes, in addition to expanding the network of partner deliverers connected. The acquisition price was R$ 10,000, R$ 2,250 of which was paid in cash and the remainder divided into 5 annual installments. As of March 31, 2021, the balance payable for the acquisitions of these companies was R$ 7,395. On December 5, 2020, AME acquired the company Bit Capital S.A., a fintech specialized in Core Banking solutions. The closing of the transaction occurred on December 18, 2020, after the fulfillment of certain precedent conditions, customary in operations of a similar nature. The acquisition price was R$ 178,176, R$ 60,112 of which was paid in cash and the remainder on the third anniversary of the closing date. As of March 31, 2021, the balance payable for the acquisition of this company was R$ 118,064.

Consolidated

Current Non Current

03/31/2021

12/31/2020 03/31/2021 12/31/2020

Ecolivery Courrieros 627 1,479 3,051 2,981

Courrieros Transportes xxx

89 87 356 348

Eco Logística 802 783 2,470 2,414

Bit Capital 2,025 2,025 116,039 116,039

SuperNow - 1,234 13,440 13,210

3,543

5,608 135,356 134,992


23. Net Equity

(a) Share capital

The share capital may be increased by the Board of Directors, regardless of statutory reform, up to the limit of 2,000,000,000 common and/or preferred shares. There is no preemptive right to subscribe for shares. The shareholding structure of the Company's capital on March 31, 2021 and December 31, 2020 is as follows:

03/31/2021 12/31/2020

ON PN Total ON PN Total

Carlos Alberto da Veiga Sicupira - 3.96% 2.57% - 3.96% 2.57%

Administrators 1.92% 4.89% 3.85% 1.92% 4.88% 3.84%

Cathos Holding LLC - 2.13% 1.39% - 2.13% 1.39%

S-Velame Adm. de Recursos e Participações S.A. 55.16% - 19.31% 55.14% - 19.31%

CEDAR TRADE LLC - 0.44% 0.29% - 0.44% 0.29%

LTS TRADING COMPANY LLC 0.02% 0.01% 0.01% 0.02% 0.01% 0.01%

BRC S.à r.l. 5.66% 19.60% 14.72% 5.66% 19.58% 14.71%

Total Controllers 62.76% 31.03% 42.14% 62.74% 31.00% 42.12%

Invesco LTD. 0.01% 13.23% 8.60% 0.01% 13.48% 8.76%

Others 37.23% 55.74% 49.26% 37.25% 55.52% 49.12%

Total FreeFloat 37.24% 68.97% 57.86% 37.26% 69.00% 57.88%

Total without treasury 100% 100% 100% 100.00% 100.00% 100.00%

(b) Changes in capital shares Number of book-entry shares, without par value.

Ordinary

Preferred

Balance

nominative

nominative

Total

in Reais

On January 1, 2020 539,943,630

1,065,434,334

1,605,377,964

4,102,801

Capital increase homologation - RCA 17.02.2020 5,211,026 10,260,362 15,471,388 228,920

As of March 31, 2020 545,154,656

1,075,694,696

1,620,849,352

4,331,721

Capital increase - Stock Option plan - capitalization of reserves -

2,802,965

2,802,965

36,663

Capital increase - Stock Option plan - financial resources - 883,399 883,399 23,931

Capital increase homologation - Public offer - RCA 14.07.2020

108,000,000

135,000,000

243,000,000

7,873,740

As of December 31, 2020 653,154,656

1,214,381,060

1,867,535,716

12,266,055

Capital increase - Stock Option plan - capitalization of reserves -

154,040 154,040 2,015

Capital increase homologation - RCA 01.03.2021 6,156,269 11,424,388 17,580,657 317,750

As of March 31, 2021 659,310,925 1,225,959,488 1,885,270,413 12,585,820

Costs attributable to the public offering -

-

-

(251,276)

On March 31, 2021 - net of cost 659,310,925

1,225,959,488

1,885,270,413

12,334,544


Capital increase - Private subscription At a meeting of the Board of Directors "RCA" held on December 18, 2020, the capital increase was approved, paid within 30 days, from January 5, 2021 and ratified in the "RCA" held on March 1, 2021; through private subscription, in the amount of R$ 317,750, with the issuance of 6,156,269 common shares and 11,424,388 preferred shares, for the issuance price of R$ 15.65 per common share and R$ 19.38 per preferred share. The payment, at the discretion of the shareholder, could be made using the credit of interest on own capital, net of income tax declared in the aforementioned “RCA” of December 18, 2020 or in national currency, on the date of subscription .

Capital increase - Public offering At a meeting of the Board of Directors held on July 6, 2020, a public offering was authorized, in Brazil and abroad, for the primary distribution of 80,000,000 common shares and 100,000,000 preferred shares, all nominative, book-entry and without nominal value. It was also established, respecting the proportion between common shares and preferred shares, at the Company's discretion, that the public offering be increased by 35%, that is, an additional 28,000,000 common shares and 35,000,000 preferred shares. Continuing the process of primary distribution of the Company's shares on the market, the Board of Directors held a meeting on July 14, 2020; approving the subscription price of the shares, R$ 29.78 for common shares and R$ 34.50 for preferred shares. In a continuous act, after a favorable opinion from the Fiscal Council, it was found that 108,000,000 common shares and 135,000,000 preferred shares were subscribed, with a total payment of R$ 7,873,740. As a result of the subscription of Common and Preferred shares, the capital stock, ratified by the Board of Directors, increased to R$ 12,240,916 divided into 653,154,656 Common shares and 1,213,406,137 Preferred shares. Capital increase - Private subscription At a meeting of the Board of Directors "RCA" held on December 2, 2019, the capital increase was approved, paid in February 2020 and ratified in the "RCA" held on February 17, 2020; through private subscription, in the amount of R$ 228,920, with the issue of 5,211,026 common shares and 10,260,362 preferred shares, for the issue price of R$ 12.19 per common share and R$ 16.12 per preferred share. The payment, at the discretion of the shareholder, could be made using the credit of interest on own capital, net of income tax declared in the aforementioned “RCA” of December 2, 2019 or in national currency, on the date of subscription . Capital increase - Stock option plan

(i) Trimester ended on March 31, 2021

At a meeting of the Board of Directors "RCA" held on February 12, 2021, the capital increase was approved in the total amount of R$ 2,015, with the issuance of 154,040 preferred shares for the capitalization of reserves. The payment is due to the exercise of the purchase options granted under the terms of the Plan approved by the General Meeting of April 30, 2012.

(ii) 2020 Fiscal year

At meetings of the “RCA” Board of Directors, in the fiscal year 2020, capital increases in the total amount of R$ 60,594 were approved, with the issue, in the year, of 3,686,364 preferred shares, with 2,802,965 shares paid in preferred shares by capitalization of reserves and 883,399 preferred shares with financial resources. The payments are due to


the exercise of the purchase options granted under the terms of the Plan approved by the General Meeting of April 30, 2012, as shown below:

(c) Shares in Treasury Changes in treasury shares

Nominative

common

Nominative Preferences

Total

Balance in Reais

On January 1, 2020

- 2,300,719 2,300,719 44,545

As of December 31, 2020 and March 31, 2021 - 2,300,719 2,300,719

44,545

Average acquisition cost on March 31, 2021 per share - R$

- 19.36

Market capitalization as of March 31, 2021 per share - R$

20.80 22.36

24. Payment based on shares

(a) Parent Company Subscription Plan (Lojas Americanas S.A.) In the trimester ended March 31, 2021, no new plans were offered. Executive compensation costs arising from plans for the trimester ended March 31, 2021 were R$8,658 in the Parent Company and R$ 17,836 in the consolidated recorded under other operating expenses; (R$ 9,508 in the parent company and R$ 14,681 in the consolidated as of March 31, 2020) and consideration recorded in capital reserve, in the consolidated. The remuneration costs of the programs to be recognized by the plans' vesting period, considering the assumptions used, total R$ 38,682 in the Parent Company and R$ 93,858 in the Consolidated (R$ 47,341 and R$ 76,058 on December 31, 2020, respectively).

(b) Subscription Plan for the subsidiary B2W Remuneration costs arising from the share-based payment plan for the trimester ended March 31, 2021 were R$ 7,594 (R$ 5,174 on March 31, 2020) recorded in other operating expenses and are recorded against the net equity in capital reserve. The remuneration costs of the Plan to be recognized by the Company for the remaining term (service rendering period to occur) based on the assumptions used total approximately R$ 55,176 on March 31, 2021 (R$ 60,463 on December 31, 2020) .

Paying-in Year 2020

Date RCA

Capitalization of

reserves

Financial

resources

Capital increase -

R$

06/30/2020 2,711,441 - 35,466

08/10/2020 40,624 513,019 14,429

10/13/2020 39,705 197,432 5,868

12/10/2020 11,195 172,948 4,831

Total 2,802,965 883,399 60,594


25. Revenue from sales and services

Parent Company

Consolidated

03/31/2021

03/31/2020

03/31/2021

03/31/2020

Gross sales and services revenue

2,781,299

2,777,368

6,323,549

4,850,014

Sales and service taxes

(375,514)

(374,970)

(1,089,319)

(790,760)

Others

(1,601)

(2,017)

(1,601)

(2,017)

2,404,184

2,400,381

5,232,629

4,057,237

26. Expenditure by nature The Group opted to present its income statements for the trimesters ended March 31, 2021 and 2020 by function and presents the breakdown by nature below:

Parent Company

Consolidated

03/31/2021 03/31/2020 03/31/2021 03/31/2020

Sales

Personnel (204,764) (210,298) (295,776) (279,354) Occupancy (77,872) (113,826) (83,118) (117,667) Supplies (7,465) (8,544) (20,517) (17,757) Fees and commissions (28,638) (29,127) (170,597) (93,517) Distribution (6,963) (7,383) (15,497) (13,754) Others (i) (31,858) (16,362) (507,195) (174,061)

Total Selling Expenses (357,560) (385,540) (1,092,700) (696,110)

General and Administrative Personnel (17,770) (18,110) (46,604) (41,975) Occupancy (676) (611) (4,658) (3,667) Fees (3,689) (3,786) (6,017) (6,172) Depreciation and amortization (288,542) (202,780) (454,680) (355,671) Others (ii) (5,970) (6,052) (19,899) (31,874)

Total General and Administrative Expenses (316,647) (231,339) (531,858) (439,359)

Other operating income (expenses) (iii) (14,419) (32,142) (33,975) (46,488)

(i) In the consolidated, the increase mainly refers to investment in online and offline media and outsourced customer service , related to the growth of the subsidiary B2W. (ii) Consolidated refer mainly to attorneys' fees, advisory and consultancy services and judicial indemnities. (iii) Refers to the Parent Company, basically, provisions and expenses related to COVID 19 R$ 17,767 (R $ 22,635 on March 31, 2020) and expenses with an stock option plan of R$ 8,659 (R$ 9,506 on March 31 2020).


27. Financial result


03/31/2021 03/31/2020 03/31/2021 03/31/2020

Interest and monetary variation on bonds and securities

42,268 31,253 92,232 88,769

Financial discounts obtained and monetary restatement

- - 59 4

Adjustment to present value of accounts receivable 8,589 17,850 43,895 58,995

Other financial revenues

440 769 14,206 7,681

155,449 Total financial income

51,297 49,872 150,392

Interest and monetary variation on financing and prepayment of receivables

(125,979) (132,384) (270,741) (294,371)

Monetary variation of tax liabilities

(3,130) (3,328) (3,130) (3,328) Bank charges, taxes on financial transactions and other financial expenses

(39,183) (36,349) (60,377) (44,637)

Adjustment to suppliers' present value

(36,088) (53,911) (79,774) (84,225)

Total financial expenses

(204,380) (225,972) (414,022) (426,561)

Lease charges (29,184) (38,950) (34,057) (44,514)

Financial result (182,267) (215,050) (297,687) (315,626)

28. Earnings per share

Basic earnings per share are computed by dividing net earnings by the weighted average number of common and preferred shares outstanding during the trimester. There is no difference between classes in the distribution of earnings per share. The calculation of basic and diluted earnings per share is disclosed below:

Parent Company

Consolidated

03/31/2021

03/31/2020

03/31/2021

03/31/2020

Numerator

Quarterly results

(162,975) (49,192) (224,406) (90,842)

Non-controllers

- - (61,431) (41,650) Result attributable to shareholders

(162,975) (49,192) (162,975) (49,192)

Basic denominator (in thousands of shares)

Weighted average number of shares outstanding

1,739,674 1,605,378 1,739,674 1,605,378

Basic earnings (losses) per share

Attributable to shareholders

(0,09368) (0,03064) (0,09368) (0,03064)

Earnings per share (ON and PN)

(0,09368) (0,03064) (0,09368) (0,03064)

Denominator (in thousands of shares) diluted

Weighted average number of shares outstanding

1,880,217 1,611,973 1,880,217 1,611,973 Diluted earnings (losses) per share Attributable to shareholders

(0,08668) (0,03052) (0,08668) (0,03052) Earnings per share (ON and PN)

(0,08668) (0,03052) (0,08668) 0,03052)


29. Segment information

The information related to each reported segment is described below. The net revenue of the segments is used to measure performance, as in the opinion of management this information is the most relevant in assessing the results of the respective segments. Foreign operations are not relevant.

03/31/2021

Physical commerce

Electronic commerce

Others

Total

Eliminations

Total

Net revenue of sales

2,404,184

2,942,150 108,782 5,455,116 (222,487) 5,232,629 Cost of goods sold and

of the services provided

(1,519,373) (2,101,985)

(6,570) (3,627,928) 26,721 (3,601,207)

Gross Profit

884,811 840,165 102,212 1,827,188 (195,766) 1,631,422

Depreciation and amortization

(288,542)

(156,365)

(9,773)

(454,680) - (454,680)

Selling, general and administrative expenses (385.665)

(710,775)

(269,204) (1,365,644) 195,766 (1,169,878)

Financial revenues (expenses)

(182,267) (115,158) (262) (297,687) - (297,687)


(169,211) (51,372) - (220,583) 220,583 - Other operational expenses

(14,419) (19,190) (366) (33,975) - (33,975)

Operating profit (loss)

(155,293) (212,695) (177,393) (545,381) 220,583 (324,798)

Income tax and social contribution

(7,682) 49,084 58,990 100,392 - 100,392

Net income (loss) for the trimester

(162,975) (163,611) (118,403)

(444,989) 220,583 (224,406)

Net income (loss) of the segment attributable to the Company's shareholders (162,975)

(163,611) (118,403) (444,989) 282,014 (162,975)

Non-controlling interests

- - - - (61,431) (61,431)

03/31/2021

Current assets

14,416,148 12,518,131 1,476,068 28,410,347 (641,996) 27,768,351

Non-current assets

15,087,585

7,412,780

7,412,780

7,412,780

7,104,719 3,660,055 25,852,359 (9,556,483) 16,295,876 Current Liability

5,495,771 5,265,479 1,084,659 11,845,909 (502,829) 11,343,080

Non-current liabilities

11,613,714 5,125,869 3,611,322 20,350,905 (3,490,130) 16,860,775 Equity

12,394,248 9,231,502 440,142 22,065,892 (6,205,520) 15,860,372

03/31/2021 Other Information:

Investments in fixed and/or intangible assets

187,711

165,316 45,059 398,086 ,

087,531

- 398,086


03/31/2020

Physical commerce

Electronic commerce

Others

Total

Eliminations

Total

Net revenue of sales

2,400,381 1,696,242 64,308 4,160,931 (103,694) 4,057,237

Cost of goods sold and

of the services provided

(1,487,984) (1,229,565) (2) (2,717,551) 27,952 (2,689,599)

Gross Profit

912,397 466,677 64,306 1,443,380 (75,742) 1,367,638

Depreciation and amortization

(202,780) )

(146,203) (6,688)

(355,671)

-

(355,671) Selling, general and administrative

expenses

(414,099) (339,082) (102,359) (855,540) 75,742 (779,798)

Financial revenues (expenses)

(215,050) (110,041) 9,465 (315,626) - (315,626)


(78,736) (11,039) - (89,775) 89,775 -

Other operational expenses

(32,142) (14,808) 462 (46,488) - (46,488)

Operating profit (loss)

(30,410) (154,496) (34,814) (219,720) 89,775 (129,945)

Income tax and social contribution

(18,782) 46,533 11,352 39,103 - 39,103

Net income (loss) for the trimester (49,192) (107,963) (23,462) (180,617) 89,775 (90,842)

Net income (loss) of the segment attributable to the Company's shareholders (49,192) (107,963) (23,462) (180,617) 131,425 (49,192)

Non-controlling interests

- - - - (41,650) (41,650)

12/31/2020

Current assets

14,962,448 15,779,801 1,828,536 32,570,785 (1,002,927) 31,567,858

Non-current assets

15,235,920 6,826,974 3,608,467 25,671,361 (9,529,758) 16,141,603

Current Liability

6,125,309 5,331,073 362,363 11,818,745 269,311 12,088,056

Non-current liabilities

11,761,646 7,789,996 4,736,283 24,287,925 (4,537,096) 19,750,829

Equity

12,311,413 9,485,706 338,357 22,135,476 (6,264,900) 15,870,576

03/31/2020

Other Information:

Investments in fixed and/or intangible assets

220,132 136,698 19,558 376,388 - 376,388


30 Compensation of employees and administrators

In the trimesters ended March 31, 2021 and 2020, the total remuneration (salaries and profit sharing) of the Company's directors, officers and main executives was R$ 9,338 e R$ 18,682, respectively; (R$ 9,066 and R$ 8,733 in the consolidated), remunerations are within the limits approved by the corresponding Shareholders' Meetings.

31. Subsequent events

a) Material Fact - Spin-off at Lojas Americanas with the collection transferred to B2W Lojas Americanas and its subsidiary B2W released a Material Fact to the market on April 28, 2021, continuing the study of the potential business combination initiated and disclosed to the market through a Material Fact published on February 19, 2021. Thus, through the Material Fact of April 28, 2021, they informed the market that on this date, the Protocol and Justification of the Partial Spin-Off of Lojas Americanas was signed, with Version of the Spun-off Collection for B2W, by its administrators, with a view to lay the general foundations for the operational combination of your businesses and maximize the customer experience in a new journey of value creation. After the Initial Material Fact, the Companies started to prepare the relevant materials and to negotiate between Lojas Americanas and the B2W Independent Committee to define the most suitable share replacement ratio for the implementation of the potential business combination, which resulted in the proposed proposal. of the Protocol and Justification of the Partial Spin-Off, entered into on the present date. It is intended, with the approval of the Partial Spin-Off, that all operational assets of Lojas Americanas and liabilities related to them are transferred to B2W at their respective book value recorded in the audited balance sheet of Lojas Americanas of December 31, 2020. The equity variations related to the elements that make up the Spun-off Collection, calculated from the same base date in Lojas Americanas, will also be appropriated by B2W. Thus, once the Partial Spin-Off has been approved, 100% of the Companies' operating activities will be developed directly by B2W, a context in which, it is further proposed that B2W will adopt the name Americanas S.A. (Americanas). The combination of the Lojas Americanas and B2W operations will allow the creation of an even more powerful platform, placing Americanas in a more favorable position to capture future opportunities. In addition, Americanas will maximize the customer experience (consumers, sellers, merchants, suppliers, partners and our team), becoming even more relevant in everyone's daily life, in line with the motto of offering: "Everything. Every time. Anywhere". In order to carry out the business combination between Lojas Americanas and B2W, the Management Proposal for the Extraordinary General Meetings of the Companies to be held on June 10, 2021 was presented to the shareholders, with the approval of the Protocol and Justification as the main subject. Partial Spin-off, which proposes that the Spent Collection of Lojas Americanas, in the amount of R$ 6,272,152, be incorporated by B2W, considering its respective book value recorded in the audited balance sheet of Lojas Americanas of December 31, 2020, supported by Report of Evaluation. On the one hand, the Partial Spin-Off will therefore result in a reduction of Lojas Americanas' capital by R $ 5,264,260, from R$ 12,586,408 to R$ 7,322,148, without the cancellation of shares, with the consequent change Article 5 of its bylaws. On the other hand, the Partial Spin-Off will be preceded, in


B2W, by the reduction of its share capital by R$ 2,804,397, to absorb accumulated losses, without the cancellation of shares, passing the share capital of B2W, as a result of the reduction, of R$ 12,345,170 to R$ 9,540,773. Then, the merger of the Spun-off Collection will result in an increase in B2W's shareholders' equity, in the amount of R$ 6,272,152. Of this amount, part will be allocated to B2W's capital, which will be increased, from R$ 9,540,773 to R$ 14,805,033. The balance, in the amount of R$ 1,007,892, will be allocated to the other B2W shareholders' equity accounts, as explained in the pro forma balance sheet with reasonable assurance disclosed together with the management proposal for the Partial Spin-Off. The Companies' Boards of Directors are of the opinion that the share exchange ratio negotiated and recommended by the B2W Independent Committee, and approved by them, is fair and disinterested. Therefore, they propose the consummation of the Partial Spin-Off so that the shareholder of Lojas Americanas, holder of 1 common share or 1 preferred share issued by the Company, receives, as a result of the incorporation of the Spun-off Collection by B2W, 0.18 common shares issued B2W. Therefore, in total, 339,355,391 common shares would be issued by B2W, in favor of the shareholders of Lojas Americanas. As B2W has its shares traded on the Novo Mercado, B3's highest level of governance, and therefore can only have common shares, shareholders holding common shares and preferred shares of Lojas Americanas will receive, in B2W, common shares, on an equal basis. conditions, in the proportion indicated above. The Replacement Ratio will be submitted to the approval of the Companies 'shareholders at the Extraordinary Shareholders' Meetings convened to resolve on the Partial Spin-Off. The Exchange Ratio will be adjusted if there is a change in the number of shares into which the share capital of Lojas Americanas or B2W is divided, due to stock splits, groupings or bonuses, or any other similar event. Any fractions of B2W shares resulting from the Partial Spin-off will be grouped in whole numbers to be subsequently sold at auction at B3, after the completion of the Partial Spin-off, under the terms of a notice to shareholders to be disclosed in due course. The amounts earned on such sale will be made available net of fees to the shareholders of Lojas Americanas holding the respective fractions, proportionally to their participation in each share sold. The effectiveness of the Partial Spin-Off will depend on the practice of the following acts to be approved at the Extraordinary General Meetings: (a) of Lojas Americanas (i) approve the Protocol and Justification of the Partial Spin-Off; (ii) approve the partial spin-off of the operational assets and liabilities of Lojas Americanas indicated in the Protocol and Justification of the Partial Spin-Off, with the consequent reduction in the Company's capital stock and amendment of Article 5 of its Bylaws; and (iii) authorize the subscription, by its administrators, in favor of the shareholders of Lojas Americanas, of the new shares to be issued by B2W. (b) B2W (i) approve the reduction of the company's capital stock to absorb accumulated losses, without the cancellation of shares; (ii) approve the Partial Spin-Off Protocol and Justification; (iii) ratify the hiring of XP, to carry out the appraisal and determine the book value of the spun-off assets to be transferred to B2W, at book value; (iv) approve the Appraisal Report; (v) approve the merger of the Spun-off Collection; (vi) to approve the capital increase to be subscribed and paid in by the administrators of Lojas Americanas, in favor of its shareholders, with a new amendment to Article 5 of B2W's bylaws; (vii) change the company's corporate name to "Americanas S.A."; (viii) detail the Company's corporate purpose; and (ix) increase the limit of authorized capital, with the consequent amendment of Paragraph 2 of Article 5 of the Company's bylaws. Without prejudice to the primary focus on the operational combination of the Companies' businesses, the management of Lojas Americanas informs that it is studying, with a view to raising Americanas to a global level and promoting the long-term engagement of shareholders, the constitution of a company headquartered abroad , in a jurisdiction to be defined, whose shares would be listed on the NYSE or NASDAQ. This corporate reorganization has as its final objective intended to enable the migration of the shareholding base of Lojas Americanas to this new company, which would hold direct interest in the capital of Americanas.


b) Acquisition of Nexoos Holding S.A. and subsidiaries

On May 3, 2021, the Company and its subsidiary B2W released a joint statement to the market informing that through the indirect subsidiary of Companhia AME, they acquired the controlling interest in Nexoos Holding S.A., a fintech that connects small and medium-sized companies with investors. Nexoos Holding SA owns 100% of the share capital of Nexoos Sociedade de Loan between People SA, an institution authorized by the Central Bank of Brazil to operate as a loan company between people, enabling a hybrid funding structure, through institutional investors and individual (P2P: Peer-to-Peer) and, from Nexoos Tecnologia, a complete digital credit platform, including different types of loans and CaaS (Credit as a Service). The acquisition is in line with AME's business plan, making it possible to accelerate its development and maximize its business fronts. It is still premature to estimate its effects on the results of the Company and its subsidiary B2W. The completion of the acquisition is subject to the fulfillment of certain precedent conditions, customary in operations of a similar nature, including approval by the Central Bank of Brazil. c) Contract for the acquisition of the company Shipp do Brasil Tecnologia Ltda.

Subsidiary B2W sent a notice to the market, released on April 7, 2021, informing that its subsidiary SuperNow Portal e Serviços de Internet Ltda. (“Supermercado Now”) signed a contract to acquire the company Shipp do Brasil Tecnologia Ltda. (“Shipp”), a mobile platform for food delivery and convenience. The intended acquisition is in line with the strategy of Universo Americanas to be more relevant in the daily lives of customers, offering: Everything. Anytime. Anywhere. The acquisition of Shipp will allow the Company to enter the Ultra Fast Delivery model (delivery in a few minutes). In addition, it enables the improvement of the consumer experience in the food delivery category, the expansion of the market category to new locations and the acceleration of O2O solutions (Online to Offline). The Company clarifies that the transaction is subject to prior approval by the antitrust authority (CADE - Administrative Council for Economic Defense). The transaction amount was not a significant investment for B2W.

d) Contract for the acquisition of Grupo Uni.co S.A. On April 20, 2021, the Company released a Notice to the Market that through the subsidiary IF Capital Ltda. it signed a contract to acquire 70% of the shares of Grupo Uni.co S.A. ("Grupo Uni.co" or "Uni.co"), active in specialized franchise retail in Brazil and owner of the Puket, Imaginarium, MinD and Lovebrands brands. The agreement also provides for the acquisition of the remainder of the shares (30%) in 3 years, within a pre-defined value range and according to the performance of the business plan. The acquisition of the Uni.co Group is yet another move by Universo Americanas in the expansion of its retail platform specializing in franchises and own brands. The Company clarifies that the transaction is subject to prior approval by the antitrust authority (CADE - Administrative Council for Economic Defense) and to possible corporate authorizations to be obtained in due course. The Company will keep its shareholders and the market in general informed on the matter.

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Lojas Americanas S.A. - Mziq

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