Material Fact - Evaluation of strategic alternatives involving the investmetment in Via Varejo S.A

NOTICE OF MATERIAL FACT

São Paulo, November 3^rd, 2016 – Companhia Brasileira de Distribuição (“CBD” or “Company”) hereby informs its shareholders and the market in general that in a meeting held today, its Board of Directors authorized the management of the Company to start a process to evaluate potential strategic alternatives
involving its investment in Via Varejo S.A.

This initiative is aligned with the strategy of the Company’s management to continue prioritizing the development of the food business, CBD’s main activity.

CBD has not set a timetable for the completion of this process and will not make further comments unless there is a new resolution on this matter by the relevant corporate bodies of the Company.

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