3Q05 RESULTS

1. 3Q05RESULTS

2. Operating Highlights Profitability • Consolidated EBITDA grew 17.9% over 3Q04 • Stable EBITDA margin (10.2%) vs. 3Q04 (10.3%) • Net Income - up 73% vs. 3T04 Greater Operating Efficiency • Operating expenses fell 70 basis points compared to 3Q04 • Gross revenues per associate went up 7.3% Expansion • 8 store openings in 3Q05 and 3 more since then • Scheduled openings: +18 stores before November 30 • Total number of stores by 2005 year-end: 193 (+ 37 stores vs. 2004)

3. 3Q05 Gross Revenue • Same stores sales: - 2.9% (up to June/05 = -4.2%) • Store Openings: + 42 stores (8 in 3Q05) • Americanas.com/Shoptime Growth: + 87,4% • Total Gross Revenue Growth: + 19.0% Sales Area x Number of Stores 311 Sales Area 3Q05 x 3Q04:+16.9% 266 254 172 Stores 237 235 229 130 Stores 115 Stores 98 Stores 97 Stores 91 Stores 3Q00 3Q01 3Q02 3Q03 3Q04 3Q05 Sales Area (thousand m2) Stores

4. Operating Expenses Selling, General and administrative expenses • 70 basis points improvement = costs control SG&A Expenses (% of NR) 22.1 21.9 20.5 20.2 19.5 - 70basis points 3Q01 3Q02 3Q03 3Q04 3Q05

5. Operating Results • EBITDA Growth – 17.9% in 3Q05 • Stable EBITDA margin – just 10 basis points reduction in 3Q05 • Adjusted EBITDA :+29.9% / Adjusted EBITDA Margin:+100 basis points EBITDA (R$ million) Adjusted EBITDA Excluding Shoptime and Facilita (R$ million) 62.2 62.0 + 29.9% 52.6 47.9 42.9 28.8 10.6% 20.1 10.3% 10.2% 9.6% 9.6% 8.2% 6.1% 3Q04 3Q05 3Q01 3Q02 3Q03 3Q04 3Q05

6. Americanas.com / Shoptime • Accumulated consolidated gross revenue growth: +95% • Shoptime impact on 3Q05 results limited to one operating month (September 2005) = R$ 22.1 million • Opportunity: To capture operating and financial synergies Synergies • Operating • Financial NPV: R$ 49 million

7. Working Capital - Inventory x Suppliers • Improvement in 3Q05: R$ 19,4 million or 124% over 3Q04 • Reduction of 10 days of inventory in relation to 3Q04 Inventory Financing (R$ Million) Sept/05 Sept/04 Change + 48.0 Inventory 503.3 455.3 Suppliers 538.3 470.9 + 67.4 Funding 35.0 15.6 + 19.4

8. Net Debt* and Capex Net Debt (R$ million) R$ 43.7 MM R$ 96.3 MM Net debt reduction, despite of aggressive capex program: • New stores • Acquisition of Shoptime • Capex related to Americanas Taií 1,150.8 1,107.1 883.2 786.9 3Q04 3Q05 Gross Debt Cash * Considering Credit Cards Receivables

9. Changes in Net Income Quarterly Net Income (R$ Million) Accumulated Net Income (R$ Million) 127.9 13.0 7.5 18.6 3Q04 3Q05 9M04 9M05 “We Always Want More”

10. 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.