LOJAS AMERICANAS S.A. January 2008

1. Company Overview

“We Always Want More” The Company  R$ billion of Consolidated Gross Revenue until September 2007  Market Cap of R$ 10.2 billion – Jan. 18, 2008  Consolidated EBITDA Margin until September 2007: 10.5% of NR  Consolidated Net Income until September 2007: R$ 27.8 million  Brazilian leader in sales of CDs, DVDs and toys (*)  Prominent position in Brazil’s retail sector  Leading position in LATAM Internet (B2W – Companhia Global do Varejo) (**)  Personal loans and consumer credit offering (Financeira Americanas Itaú)  Awards:  Revista Exame - “Melhores e Maiores” (2005, 2006 and 2007)  Agência Estado Destaque Empresas 2005 (The Best performance for the shareholders)  Folha de São Paulo “Top of Mind 2005”  Forbes Brasil - “Platinum List 200” (*) Source: Nielsen (**) Source: Reuters

“We Always Want More” 1929’82’98 ’99’40 78 years old ’052001’03’06’07 Lojas Americanas Timeline Lojas Americanas Foundation Lojas Americanas goes public (IPO) Garantia’s Bank partners Focus in the core business (IT/Logistics) Lojas Americanas Turnaround Americanas.com Creation Americanas Express Project Record Organic Growth 50 new stores Acquisition of BWU and License Agreement to use BLOCKBUSTER® trademark in Brazil (Addition of 127 new stores) 37 new stores Shoptime Acquisition Americanas Taií Creation 45 new stores B2W Creation (Americanas.com + Submarino)

“We Always Want More” Fronts of Growth Bricks-and-Mortar Multi-channel Retailer Financial ProductsEcommerce, TV, Telephone Sales and Catalogues Publicly Listed Company Market Cap. R$10.2 billion Publicly Listed Company Market Cap. R$7.6 billion 53.73% 50.00% (*) Market Capitalization as of January 18, 2008

2. Multi-Channel Retailer

“We Always Want More” Southeast 284 CD PE CD RJ CD SP North 3 Mid West 34 South 45 Northeast 47 Multi-Channel Retailer Retail : – 413 stores* 211 Traditional – 1,500 m² 22 Traditional BLOCKBUSTER® 38 Express – 400 m² 124 Express BLOCKBUSTER® 18 BLOCKBUSTER® – Movie Rental Average Ticket: R$ 26.9 Customer Profile ** : – +1.8 MM customers/day in events – 77% women – Middle Class (**) Source: Company data Multi-Channel Retailer (*) As of January 28, 2008 eCommerce: – Ecommerce websites, telephone sales, Catalogues and TV channel (reaches 14MM homes) – LATAM - 1 st in on-line sales* – Complementary Assortment – Exclusive and differentiated products (travel agency and online tickets) CD SP 7 MILLION CLIENTS countries in the world North 3 Midwest 26 Sutheast 174 South 34 Northeast 41 Financial Products: – Joint-venture w/ Banco Itaú – 278 stores* – Products : Personal Loans Private Label cards (Consumer credit) Co-branded cards (national and international) (*) Source: Reuters (*) As of January 28, 2008

“We Always Want More” Traditional Model Express Model Bricks-and-Mortar  Sales Area: approximately 1,500 m 2  Location (target): – Shopping Centers / Places with high circulation  Headcount: employees/store  Logistics: daily reposition  Assortment: average of 60,000 items  Sales Area: approximately 400 m 2  Location (target): “Neighborhood Stores” – High Traffic / premium locations  Headcount: 10 employees/store - low costs  Logistics: “Just-in-Time”  Assortment: approximately 15,000 items Stores’ Layout - The World’s Concept LeisureBeautyHouseholdChildrenClothing Food (convenience)

“We Always Want More” Fast expansion of the chain of stores (127 stores/32 thousand m 2 in sales area) Stores located in busy areas with access to the A-B income groups More assortment in the new stores Operational synergies (buying, logistics, systems) 330 thousand active clients Opportunities for professional development The transaction Acquisition of BWU for R$ million paid on April 17, 2007 License agreement with Blockbuster International Inc. to use the BLOCKBUSTER® trademark, for a term of 20 years Value Creation for the Company Acquisition of BWU Bricks-and-Mortar

“We Always Want More” Americanas Express/BLOCKBUSTER® Model Bricks-and-Mortar  Format created in 2003  Sales area of approximately 400 m 2 per store  Selected assortment (15 thousand sku’s)  bomboniére, cookies, toys, beauty, household, electronics, CDs/DVDs, among others.  Format created in 1995  Well located stores with access to A and B income groups  Stores with sales areas between m 2 (32 thousand m 2 )  DVDs/games rental and offer of entertainment products Adjustment of the new stores’ assortment Use of BLOCKBUSTER® trademark for movie rental Integrated Rental Service among stores

“We Always Want More” 108 Stores Refurbished Bricks-and-Mortar

“We Always Want More” SP (Metropolitan) 59 RJ (Metropolitan) 21 BH 6 Other cites 19 South-East +105 Fortaleza 4 North-East +4 Curitiba 6 Porto Alegre 3 Other cites 1 South +10 DC 6 Goiânia 2 Mid-West +8 Corporate Growth Number of Stores Sales Area (thousand m²) Total Growth53.6%8.6% As of January, 2007 Bricks-and-Mortar

“We Always Want More” Leading e-commerce Company in Brazil E-commerce Product Categories Brands Distribution Channels TV Kiosks Internet Catalogs Electronics Home appliances Cine & Photo Computers / IT CD / DVD / VHS Books Telecom Bed & Bath Sports & Leisure Tools Games Musical Instruments Toys Babies Jewelry Office Supplies Perfumes Wine Tennis Automotive Fashion Vitamins Fine Gifts Pet-shop Services Gift wrapping Wish List Personalization Same Day Delivery Photo Printing Ring Tones Online music Online Rental (coming soon) Online Tickets Flowers

“We Always Want More” Financial Products Co-Branded International Card (Visa/ MC) September, 2006 Co-Branded Card (Visa/ MC) September, 2006 Personal Loan Card May,2006 Private Label Card May,2006 Lojas Americanas (bricks)Consolidated Forms of Payment (9M07) 52% Cash 44% Credit Cards 1% Checks 3% Private-Label Cards 37% Cash 60% Credit Cards 1% Checks 2% Private-Label Cards Joint Venture LASA - BANCO ITAÚ –JV enables credit access for over 40 million Brazilians without bank accounts –Personal Loans, Private Label and Co-branded Cards –Over 1.5 million cards issued (January 2008) 905 thousand Private Label cards, 420 thousand Personal Loan cards and 206 thousand co-branded credit cards. Represents about 3% of total parent company sales –First private label card accepted on the Internet. Benefits –Selling Expenses reduction (fees) –Improvement in consolidated Working Capital –LASA´s Capital Gain: R$ 200 million (50% of JV)

3. Growth Potential

“We Always Want More” Brazil in Figures Population: over 191 million Number of mobile phones: over 100 million Credit cards: over 89 million Internet users: over 46 million Growth Potential Over 5,500 Brazilian cities * Sources: IBGE, Maxpress, Forrester Research and Folha de São Paulo

“We Always Want More” Source: Company data. Growth Potential Cities with opportunity of opening one store Cities with LASA stores OPTION VIA INTERNET, TELESALES, CATALOGS AND TV TO A POTENTIAL PUBLIC OF 43 MILION BRAZILIANS.

“We Always Want More” Bricks-and-Mortar Signed contracts Stores opened Under negotiation As of January 28, 2008 May change during the year Growth Potential Expansion Pillars Number of inhabitants Integration of locations and logistics Presence of other players Consumer Profile 24

“We Always Want More” Bricks-and-Mortar Organic Expansion 2007 Northeast Region – 6 Southeast Region – 35 South Region – 5 Growth Potential No. of stores FORMAT Midwest Region – 4 6Express 8Traditional Express BLOCKBUSTER®16 Traditional BLOCKBUSTER®20 TOTAL50

“We Always Want More” Teresópolis SHC - Teresópolis / RJ - March 2007 Plaza SHC – Osasco/SP - November 2006 SHC Cariri – Juazeiro do Norte/CE - November 2006 New Stores Marechal Floriano – Curitiba/PR - June 2006

“We Always Want More” eCommerce B2W – Growth Opportunities POSITIVE FACTORS*: Brazil has approximately 46 million Internet users. In 2010 there will be more than 67 million users. Brazil has 6 million broad band users – CAGR of 54% since 2004 Increase in the number of Internet shoppers MERGER BENEFITS**: More than R$2.3 billion in gross revenue Structure and scale capable of competing with Brazilian traditional retail companies Biggest retail company listed in Novo Mercado (Bovespa) Infra-structure ready to support the demand Increase in the product offer Know-how in traditional retail and eCommerce * Source: IBGE, Forrester Research, and IDC Brasil ** Company data

4. Lojas Americanas in Figures

“We Always Want More” Better Operating Efficiency ( 9M07 vs. 9M06) Consolidated Gross Revenue of R$ 5.1 billion - an increase of 61%; – “Same Store Sales” growth of +13.1%; Gross Margin of 31.6% of NR basis points higher; Consolidated Operating Income of R$ million – up 56.6%; Consolidated EBITDA of R$ million – up 61.7%; – Consolidated EBITDA margin of 10.5% of NR - 20 basis points higher; OPERATING HIGHLIGHTS – 9M07

“We Always Want More” Operating Highlights R$MM GROSS REVENUE - CONSOLIDATED ACCUMULATED GROSS REVENUE - CONSOLIDATED R$MM GROSS REVENUE - PARENT COMPANY ACCUMULATED GROSS REVENUE - PARENT COMPANY CAGR 32.5% 18.6% CAGR R$MM CAGR 23.3% 15.2% CAGR

“We Always Want More” %NR GROSS MARGIN - CONSOLIDATED ACCUMULATED GROSS MARGIN - CONSOLIDATED %NR GROSS MARGIN - PARENT COMPANY ACCUMULATED GROSS MARGIN - PARENT COMPANY %NR Operating Highlights

“We Always Want More” EBITDA - CONSOLIDATED R$MM EBITDA - PARENT COMPANY R$MM ACCUMULATED EBITDA - CONSOLIDATED ACCUMULATED EBITDA - PARENT COMPANY Operating Highlights CAGR 37.8% 22.6% R$MM CAGR 7.6% NR 9.5% NR 7.9% NR 10.5% NR CAGR 96.1% 0.6%NR 12.0%NR 3.8%NR 11.6%NR CAGR 34.8%

“We Always Want More” R$MM NET INCOME R$MM ACCUMULATED NET INCOME Operating Highlights

“We Always Want More” Performance (1) Pro-forma (Submarino and Americanas.com) B2W – Highlights EBITDA (R$ million) Growth GROSS REVENUE (R$ million) p.p. 45% 12.0% NR 13.7% NR 9M069M07 9M069M07

“We Always Want More” Performance (1) Pro-forma (Submarino and Americanas.com) B2W – Highlights EBITDA (R$ million) Growth GROSS REVENUE (R$ million) Q06 3Q p.p. 3Q063Q07 37% 12.6% NR 14.6% NR

“We Always Want More” Dividends Payment and Share Buy-back Program (R$ million) Share buy-back Dividend payment Store Opening Evolution * 2005 – Shoptime acquisition R$ 117 million Total : R$ MM 38% EBITDA CAPEX   Expansion Program and Investments  Technology and Operations  Store openings and remodeling  People - capacitating the associates   Share Buy-Back and Dividends Program  Oriented by the EVA ® methodology

“We Always Want More” This presentation contains forward-looking statements. Such statements are not statements of historical fact, and reflect the beliefs and expectations of the Lojas Americanas’ management. The words "anticipates", “wishes”, “expects”, "estimates", “intends", "forecasts", "plans", "predicts", "projects", "targets" and similar words are intended to identify these statements, which necessarily involve known and unknown risks and uncertainties. Known risks and uncertainties include, but are not limited to, the impact of competitive products and pricing, market acceptance of products, regulatory environment, currency fluctuations, supply difficulties, changes in product sales mix, and other risks. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments. “WE ALWAYS WANT MORE” “We will continue to pursue our learning path and to overcome obstacles, and this makes us enthusiastic since it will enable us to achieve new levels of results, always seeking to better meet our customer’s needs”.