Message from the Chief Executive Officer

On behalf of Pão de Açúcar Group and of its more than 60 thousand associates, I reaffirm the company’s commitment to the Global Agreement of the United
Nations and I am glad to inform our progress in the implementation of its ten principles.

There are several ways to measure the importance we give to the social matters in the daily exercise of our business activities. And, along a nearly 60-year
history, counted from its foundation, we have been in evidence within the Brazilian retail scenario, for our pioneering implemented along this path, with
actions always dotted in long-term strategies and commitment to sustainable development.

Such recognition is the result of our commitment to ethics, respect and constant dialogue with the different publics with which we maintain a relationship:
employees, shareholders, investors, customers, suppliers, public sector, unions, non-profit organizations and civil companies, and also our management based
on the team-spirit between such different sectors of society. To illustrate that, we have partnerships settled with hundreds of Social Institutions present in the
surroundings of our shops by means of which we contribute to the strengthening of the communities in which we are inserted.

Our ongoing goal is the economic, environmental and social development of the places where we act. And, although the challenges are increasing and
continuous, we keep our firm purpose of leading businesses by means of a see-through management, which is more and more concerned with respect for the
environment, with the development of our associates and with the promotion of life-quality improvement of everybody who is directly or indirectly involved in
our business.

Internally, by means of investment in management and training of our professionals, Pão de Açúcar Group has been contributing strongly to the process
improvement of the entire retail chain. Our business plan follows very strict corporate governing controls and principles, the Sarbanes-Oxley Act, and, at the
same time, we aim for the continuous improvement of the social-environmental conditions, decreasing to a minimum the possible impacts resulting from our
business.

In human resources, in addition to the trainings and to the technical capacities, we prioritize the promotion of diversity, ethics and transparence in the work
relations, investing and prioritizing actions which make possible an effective communication in units located throughout Brazil, respecting the regional
differences and overcoming the difficulties in acting within a country which is as big as a continent.

We believe we can and we should influence our value chain towards safeguarding human rights, rejecting slavery and/or similar labor, as well as child labor and
make our outlets available to trading of products, by means of the Caras do Brasil Program (Brazilian Faces Program), which values biodiversity, Brazilian
culture and generates income and social inclusion to thousands of communities distributed throughout Brazil, therefore stimulating the so-called Solidarity
Trade. Also, we contribute so that our suppliers in the meat productive chains adopt management practices based on the principles of social-environmental
responsibility.

Being aware of our influencing role in the mobilization of society towards environment preservation, we invest in monitoring programs for the environmental
impact of our gas stations, in the operation of an energy committee, impact-reduction in the construction of new outlets, as well as social-environmental
campaigns and responsible consumption encouraging recycling, having our shops as centers of promotion and awareness for this matter, also working as
collection points for materials, as well as promoting alternative measures for the use of plastic packaging.

Sport is in our DNA. We stimulate and promote sports activities for all our public, including the promotion of walks, bike rides and race circuits, such as the
relay marathon, which every year sets a new record in number of participants who, by being invited by the company’s actions, start to adopt healthier life
habits.

Our strategies have proved to be winners and, as an innovative company within our segment, we will carry on working in releasing new proposals to meet the
assumptions of triple bottom line, aiming at competitiveness, profitability, as well as contributing to the improvement of the retail chain processes, and
taking responsibility for the social and environmental matters inherent to our business, therefore evidencing our commitment to the sustainable development
of Brazil.

Cláudio Galeazzi
Chief Executive Officer
Pão de Açúcar Group