Notice to the Market: Update on Investigation into Cnova Brazil Inventory Management

NOTICE TO THE MARKET

UPDATE ON INVESTIGATION INTO CNOVA BRAZIL INVENTORY MANAGEMENT AND OTHER TOPICS

São Paulo, January 12^th, 2016 – Companhia Brasileira de Distribuição (“CBD”) hereby discloses the press release issued by Cnova N.V. (“Cnova”) in complement to the notice to the market released on December 18th, 2015 on the review of issues related to inventory management of its Brazilian subsidiary Cnova Comércio Eletrônico S.A.

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