EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS HELD ON JANUARY 26TH, 2016

1. DATE, TIME AND PLACE: On January 26th, 2016, at 03:00 p.m., at the head offices of Companhia Brasileira de Distribuição ('Company'), at Avenida Brigadeiro Luís Antônio, No. 3.142, City and State of São Paulo.

2. CONDUCTION OF THE MEETING: Chairman: Mr. Arnaud Strasser; Secretary: Mrs. Ana Paula Tarossi Silva.

3. CALL TO ORDER AND ATTENDANCE: The call to order was waived pursuant to paragraphs first and second of article 15 of the Company's Bylaws and articles 7 and 8 of the Internal Regulation of the Company's Board of Directors. The majority of the members of the Company's Board of Directors attended the meeting, namely, Messrs. Arnaud Strasser, Carlos Mario Giraldo Moreno, Eleazar de Carvalho Filho, Filipe da Silva Nogueira, Jose Gabriel Loaiza Herrera, Luiz Aranha Corrêa do Lago, Luiz Augusto de Castro Neves, Maria Helena dos Santos Fernandes Santana and Yves Desjacques. Were absent for a justified reason Messrs. Jean-Charles Henri Naouri and Roberto Oliveira de Lima.

4. AGENDA: Analysis and deliberation of the election of Mr. Luis Emilio Moreno Sanchez to the position of Vice-Chairman Officer of MutilRetail Business.

5. RESOLUTIONS: As the meeting was commenced, Messrs. Members Board of Directors examined the items comprised in the Agenda and decided as following, unanimously and without reservations:

5.1. Analysis and deliberation of the election of Mr. Luis Emilio Moreno Sanchez to the position of Vice-Chairman Officer of MultiRetail Business: after discussions, and according to the favorable recommendation of the Human Resources and Compensation Committee of the Company, Messrs. Members of the Board of Directors decided to approve, unanimously and without reservations, the election of Mr. Luis Emilio Moreno Sanchez, Spanish, widower, business administrator, holder of the Passaport No. XDC112700, resident and domiciled in the City of São Paulo, State of São Paulo, with commercial address at Avenida Brigadeiro Luis Antônio, nº 3172, Bairro Jardim Paulista, at the City of São Paulo, State of São Paulo, for the position of Vice-Chairman Officer of MultiRetail Business, with term of office until April 24th, 2016.

5.1.1. Mr. Luis Emilio Moreno Sanchez, hereby elected, declared, under the penalties of the law, that he was not incurred in any of the crimes set forth in laws that restrict him from exercising commercial activities, being aware of the provision in article 147 of the Brazilian Corporations Law. Mr. Luis Emilio Moreno Sanchez will take office upon signature of the term of investiture recorded in the appropriate corporate books and only after the analysis of the concomitant process that will be submitted to the Ministry of Labor in order to include in his permanent visa the function to which his was elected.

5.1.2. Due to the resolution above, the Members of the Board of Directors hereby ratified and consolidated the arrangement of the Company's Executive Officers, all with term of office until April 24th, 2016, namely: (i) Chief Executive Officer: Ronaldo Iabrudi dos Santos Pereira; (ii) Chief Financial Officer: Christophe José Hidalgo; (iii) Vice-Chairman of Human Resources: Antonio Sergio Salvador dos Santos; (iv) Vice-Chairman of Operations: Líbano Miranda Barroso; (v) Vice-Chairman Officer of MultiRetail Business: Luis Emilio Moreno Sanchez; (vi) Investor Relations Officer: Daniela Sabbag Papa; and (vii) Wholesale Business Officer: Belmiro de Figueiredo Gomes. After the deliberation, Mr. Chairman thanked the presentation made.

6. APPROVAL AND SIGNATURE OF THESE MINUTES: As there were no further matters to be addressed, the meeting was adjourned so that these minutes were drawn up. Then the meeting was resumed and these minutes were read and agreed to, having been undersigned by all attending persons. São Paulo, January 26th, 2016. Signatures: Chairman: Mr. Arnaud Strasser; Secretary: Mrs. Ana Paula Tarossi Silva. Attending Members of the Board of Directors: Messrs. Arnaud Strasser, Carlos Mario Giraldo Moreno, Eleazar de Carvalho Filho, Filipe da Silva Nogueira, Jose Gabriel Loaiza Herrera, Luiz Aranha Corrêa do Lago, Luiz Augusto de Castro Neves, Maria Helena dos Santos Fernandes Santana and Yves Desjacques.

I certify, for due purposes, that this is an extract of the minutes registered with the relevant book, in accordance with section 130, paragraph 3 of Law No. 6.404/76 as amended.

Ana Paula Tarossi Silva
Secretary

CBD - Companhia Brasileira de Distribuição issued this content on 26 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 27 January 2016 12:36:24 UTC

Original Document: http://www.gpari.com.br/conteudo_en.asp?idioma=1&tipo=30414&conta=44&id=221628