NOTICE TO THE MARKET

CNOVA N.V. INITIATES A REVIEW OF LNVENTORY IN BRAZIL

São Paulo, December 18^th, 2015 – Companhia Brasileira de Distribuição (“CBD”) hereby discloses the press release issued by Cnova N.V. (“Cnova”) on the review of issues related to inventory management of its Brazilian subsidiary Cnova Comércio Eletrônico S.A.

Additionally, we inform that CBD’s Board of Directors authorized CBD’s Audit Committee to support and assist as appropriate the Cnova’s Board of Directors and Audit Committee in the ongoing investigation about this matter.

To access the Notice to the Market in PDF format, click here.