CORPORATE PRESENTATION

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1 CORPORATE PRESENTATION Grupo Pão de Açúcar and Globex Utilidades November, 2011

2 ABOUT GRUPO PÃO DE AÇÚCAR > Key figures > R$ 50+ bi Sales 1 > #1 Retailer in Brazil > Growth higher than the 2nd player s 2 > 160k employees > Operational > 1.8k points of sales, located in 19 States and the Federal District > Multi-format distribution > 600 million tickets per year > 2.8 million m² of sales area Estimated 2 In the past 13 quarters, according to Brazilian Supermarket Association (ABRAS) 2

3 NEW MANAGEMENT MODEL ADJUSTED IN 2011 CEO Corporate Relations Market Strategy Management Control Retail Cash & Carry Specialized Electronics Nova PontoCom Commercial/ Supply Chain and IT Metric Corporate Services / Finance Metric People Metric Metric Metric Metric Metric Metric Metrics: 1. Net Income 2. Valuation/EVA 3. ROCE 4. Growth/Expansion 5. Customer satisfaction 6. Our people satisfaction 3

4 MAIN INDICATORS ECONOMIC-FINANCIAL (1) (R$ million) Gross Sales 16, , , , ,144.4 Same-store growth -0.1% 2.8% 8.5% 9.6% 12.1% EBITDA , , ,068.1 EBITDA margin 6.4% 6.7% 7.3% 6.5% 6.4% Net income Gross margin 28.2% 28.0% 26.4% 24.8% 24.5% Net margin 0.6% 1.3% 1.4% 2.8% 2.3% Net debt/ebitda 0.7x 1.3x 0.6x 0.4x 0.6x EPS (R$/thousand shares) OPERATIONAL Total stores (number) ,080 1,647 Selling area (m 2 ) 1,217,984 1,338,329 1,360,706 1,744,653 2,811,103 Area increase 1.0% 9.9% 1.7% 28.2% 61.1% Number of employees 63,607 66,165 70,656 85, ,914 1 Nova Casas Bahia consolidation as of Nov, Annualized gross sales of R$44 billion. 4

COMPANY CHANGES AS THE ENVIRONMENT MOVES

A/B 26,4MM 42,2MM C C 62,7MM 101,7MM D/E

5 COMPANY CHANGES AS THE ENVIRONMENT MOVES E-COMMERCE FOOD CASH & CARRY A/B A/B 26,4MM 42,2MM C C 62,7MM 101,7MM D/E D/E 92,9MM 47,9MM Brazil 2005 GPA: limited offering (only Food, 556 stores) Brazil mn emerged only in 2010 GPA: multiformat business for both Food and Electro, 1,646 stores Population in each social class (in million) 5

6 MACROECONOMIC ENVIRONMENT PROSPECTS UNTIL 2014 Growth Stability Inflation & Interest Income Distribution Rates GNP Growth Evolution of Total Income (% Actual Growth) Inflation (IPCA) Projection Nominal Interest Rate (Selic) 7.5% Projection 16% 15,2% Projection 15,9% 15,1% 15,4% 16,2% 17,0% 4.0% 6.1% 5.2% 5.5% 5.5% 5.0% 4.5% 14% 12% 10% 8% 6% 4% 12.0% 12,4% 3.1% 4,5% 5,9% 10.0% 9.8% 4,3% 5,9% 13,1% 12,0% 5,9% 4,8% 11,7% 5,0% 10,5% 4,9% 29,3% 29,2% 31,4% 30,3% 31,7% 31,0% 32,4% 30,8% 32,8% 30,8% 2% 25,6% 23,1% 21,9% 20,7% 19,4% % % Class A 2012 Class C 2014 Class B Class D / E Highlights Brazilian economy is going through a unique moment of stable growth and income distribution; It is expected that growth will continue despite recent uncertainty in the global market place; Interest and inflation should fall in the long term after monetary tightening of 2011; Continuity of income distribution with a significant migration of families to the higher-income groups; Social Class A B C D E Income (monthy) Above R$9,050 From R$6,941 to R$9,050 From R$1,610 to R$6,941 From R$1,008 to R$1,610 Below R$1,008 Source: IBGE / Forecast of Treasury Department of Brazil SPE Márcio Holland (Julho 2011), Tendências Consultoria, Exame Magazine (June 29, 2011) and GPA Strategic Planning Analysis

7 MACROECONOMIC ENVIRONMENT EMPLOYMENT AND INCOME 12% 10% 8% 6% 4% 2% 10,0% 9,3% Employment 7,9% Unemployment rate (IBGE %) 8,1% 6,7% 6,4% Projection 6,2% 5,7% 5,1% 0% Highlights Analysts expect an unemployment level of around 5% for 2014; Income and total payroll continue to follow an expansion path, but at a more modest pace than in 2010; Real Income Growth Year Base 2009 Value (R$ Bn) CAGR = 5.5% Projection CAGR = 5.6% Increase in the minimum wage in 2012, estimated at 14%, will boost total income growth; Source: Tendências Consultoria and GPA Strategic Planning analysis 7

8 GPA CONSOLIDATED 9M11 HIGHLIGHTS: GROSS SALES AT R$ 37.5 BILLION > GROSS SALES: R$ 37.5 billion +59.5% vs. 9M10 Same store GPA Food 1 : 7.7% Growth Globex: 10.2% and inclusion of Casas Bahia in comparison base 2 > GROSS PROFIT: R$ 8.9 billion +76.4% vs. 9M10 Margins GPA Food 1 : 25.7% Globex: 28.2% > EBITDA: R$ 1,946.0 million +49.2% vs. 9M10 Margins GPA Food 1 : 7.1% Globex: 4.4% The figures presented in this document already reflect the IFRS change in 2010 and 2011 and it changes Company s already published figures. Globex s numbers are not comparable between 2Q11 and 2Q10 due to the consolidation of Casas Bahia as of November, Refers to GPA consolidated without Globex 2 As from 3Q11, Casas Bahia operations have become part of the same-store sales base. Globex signed a association agreement with Casas Bahia in July

9 GROWTH HIGHER THAN THE 2 ND PLAYER Same Store Sales 15.0% 13.2% 12.5% 8.5% 7.1% 8.6% 4.3% 10.3% 10.4% 8.4% 7.8% 4.6% 2.3% 7.2% 10,6% 9.7% 4.8% 3.9% 8.7% 9.9% 2.9% 11.5% 6.8% 5.2% 5.6% 5.0% 10.1% 7.1% 9.5% 5.7% 2 nd player 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 13 Quarters 9

CHANGE IN STORES FORMAT WITH IMPROVED ASSORTMENT OF HIGHER VALUE-ADDED PRODUCTS Frozen Conversion Bakery Protein Frozen Fish Dairy Jun/10: conversion process begins 221 stores Fish Protein Dairy

10 CHANGE IN STORES FORMAT WITH IMPROVED ASSORTMENT OF HIGHER VALUE-ADDED PRODUCTS Frozen Conversion Bakery Protein Frozen Fish Dairy Jun/10: conversion process begins 221 stores Fish Protein Dairy Fruits Veg. Groceries Aug/11 Increased exposure of higher value-added products 93 converted stores in July-August Fruits Veg. Groceries Bakery SSS >15% since 4Q10 Coffee Checkouts Checkouts New layout favors categories with higher value-added Perishables Merchandise 10

11 ELECTRO BRICKS AND MORTAR OPERATION GUIDANCE FOR NEW GLOBEX 2011E Year Model GROSS SALES (R$) Above R$ 20 billion Growth (SSS) above the market GROSS MARGIN (1) Higher than 25.5% Higher than 26.5% EBITDA MARGIN (1) (2) 4.0 to 5.5% Higher than 7.0% FINANCIAL RESULT (1) 3.5 to 4.5% Up to 4.0% CAPEX R$ 270 (3) (1) of net sales. Projections include estimated synergies. (2) The guidance for EBITDA margin was adjusted due to reclassification of profit sharing expenses in the 2Q11. Under the previous accounting criterion, the guidance for 2011 would be between 4.5% and 6.0%, and for year model it would be 7.5%, as disclosed in 2H10. (3) Capex for bricks and mortar and e-commerce operations. Includes the additional investment of R$97.5 million for the year, approved by the The Board of Directors, that adds to R$ 170 million previously disclosed. 11

0% (R$ 255-340 mn) 3 Management of financial and capital structure 0.5% - 1.0% (R$ 85-170 mn) Total 3.

12 GLOBEX SYNERGIES Potential per year after total capture of synergies (1) 1 Commercial and operating management 1.0% - 2.0% (R$ mn) 2 Management of infrastructure and back-office 1.5% - 2.0% (R$ mn) 3 Management of financial and capital structure 0.5% - 1.0% (R$ mn) Total 3.0% - 5.0% (R$ mn) 1 Synergy calculated over the net sales. 2 Includes Electronics, Home Appliance and Furniture operations 12

13 OWNERSHIP STRUCTURE 34% Free Float Banco Itaú 50% 44% 66% Controlling Group FIC Financial JV 36% 14% 53% 47% Casas Bahia Founders Klein Family 100% Globex 50% 6% Management Nova Casas Bahia NovaPontoCom As of October 06,

14 OWNERSHIP STRUCTURE Shareholders ON % PN % Total % Abílio Diniz (1) Casino Group (2) (3) Board of Executives Officers and Board of Directors Shares held in Treasury Free Float Total (1) Abilio Diniz includes direct and indirect interest through Península Participações Ltda, Onyx 2006 Participações Ltda, Stanhore Trading International S.A., Rio Plate Empreendimentos e Participações Ltda and PAIC Participações Ltda. (2) Grupo Casino includes direct and indirect interest through Sudaco Participações Ltda, Segisor, Bengal Llc, Oregon Llc, King Llc, Lobo I Llc, Pincher Llc and Parker I Llc. (3) Does not include the 9,000,000 Call Options, acquired by Rallye (Casino controlling shareholder), which if exercised will increase the economic interest to 48.1%. As of October 06,

15 Formats

16 ELECTRONICS / HOME APPLIANCE GPA FOOD GPA STORES AND FORMATS Supermarkets # # Stores Stores 360 Cash & Carry Hypermarket Proximity Gas stations and Drugstores (former ) Specialized Stores 993 B2C B2B - - Stores as of 3Q11. 16

17 GPA FOOD GPA FOOD RETAIL STORES CHARACTERISTICS Public Stores 3Q11 Additions 3Q11 Conversions Avg Sales Area (m 2 ) ABCD classes ,000 AB classes ,500 BCD classes ,500 Transformers Food service ,000 (former ) ABCD classes

18 ELECTRONICS 1 GLOBEX STORES COUNT Public Stores 3Q11 Additions ABC classes CD classes Includes Electronics, Home Appliance and Furniture operations 18

1% Middle-West South-East Super: 13 Super: 314 Hyper: 11 Hyper: 99 Electro: 84 Electro: 762 Stores as of

19 REGIONAL PRESENCE (STORES) North Hyper: 1 Cash & Carry: 1 Total: 2 North-East Super: 50 Hyper: 17 Electro: 32 Cash & Carry: 6 GDP: 5.1% Total: 84 GDP: 13.1% Middle-West South-East Super: 13 Super: 314 Hyper: 11 Hyper: 99 Electro: 84 Electro: 762 Stores as of 3Q11 Cash & Carry: 3 Total:11117 GDP: 9.2% South Super: 4 Hyper: 2 Electro: 115 Total: 121 Cash & Carry: 49 Proximity: 67 Total: 1,291 GDP: 56.0% GDP: 16.6% 19

REGIONAL PRESENCE (DISTRIBUTION CENTERS) As of 3Q11 Distribution Centers - Total SP - São Paulo 18 RJ - Rio de Janeiro 5 DF - Distrito Federal 3 PR - Paraná 4 MG - Minas Gerais 3

20 REGIONAL PRESENCE (DISTRIBUTION CENTERS) As of 3Q11 Distribution Centers - Total SP - São Paulo 18 RJ - Rio de Janeiro 5 DF - Distrito Federal 3 PR - Paraná 4 MG - Minas Gerais 3 PE - Pernambuco 3 BA - Bahia 3 ES - Espírito Santo 2 GO - Goiás 2 MT - Mato Grosso 2 SC - Santa Catarina 2 CE - Ceará 1 MS - Mato Grosso do Sul 1 RS - Rio Grande do Sul 1 Total 50 20

21 Nova Pontocom

BRAZILIAN MARKET IN EXPANSION E-commerce

Pontocom annualized Nova Pontocom mkt share 1.

access C class 2010 2014 E 56% 44% 33% 67%

22 BRAZILIAN MARKET IN EXPANSION E-commerce revenue in R$ billion Brazilian e-commerce Nova Pontocom annualized Nova Pontocom mkt share E-bit estimate 16% 18% 19% Internet access C class E 56% 44% 33% 67% Access No Access Source: e-bit and Estado de SP July 31,

23 NOVA PONTOCOM CONSISTENT SALES GROWTH 23

24 NOVA PONTOCOM IMPROVEMENT IN OPERATING PROFITABILITY Gross Profit (R$ Mn) 18,6% 19,2% Gross margin has grown, despite VAT tax change ( Substituição Tributária ) Better negotiations / beginning of the expansion of the assortment Still little synergy from groups commercial conditions Operating Expenses (R$ Mn)* 17,6% 14,5% Expenses reduction of more than 3 p.p. in 2010 Strong fixed expenses dilution Greater variable expenses efficiency Synergies with the group * Amounts without Stock Option non-cash expenses. 24

25 NOVA PONTOCOM INCREASING EBITDA AND BREAK-EVEN IN NET INCOME EBITDA (R$ Mn)* Net income (R$ Mn)** 4,7% 1,0% 80 0,0% 0, ,3% EBITDA has approached 5% in 2010 with gains in both margin and expenses Operation in the break-even point of net income * Amounts without Stock Option non-cash expenses. ** Amounts without Stock Option non-cash expenses; 2009 pro-forma: adjusted amounts for the current deferral accounting practice. 25

26 NOVA PONTOCOM GUIDANCES 2011 Guidance GROSS SALES Annual growth between B2C Wholesale Grow at least 30% to 50% above market (e-bit) Grow above inflation EBITDA MARGIN WORKING CAPITAL 2011 Between 6.0% and 7.0%¹ 2013 Between 8.0% and 10.0%¹ Inventory financing Keep, at least, +20 days in inventory financing (suppliers - inventory) Receivables discount expense (100% of receivables) Between 3.5% and 4.5%¹ CAPEX Up to 2.0%² FOCUS ON CASH GENERATION ¹ % of net revenue ² % of net revenue; does not consider M&A transactions 26

27 3Q11 Results

GPA CONSOLIDATED 3Q11 HIGHLIGHTS: GROSS SALES AT R$ 12.6 BILLION >GROSS SALES: R$ 12.6 billion + 58.2% vs. 3Q10 Same store GPA Food 1 : 8.

4 p.p. vs. 3Q10 Globex: 29.6% +1.5 p.p. vs. 2Q11 >EBITDA: R$ 722 million +46.5% vs. 3Q10 Margins GPA Food 1 : 7.4%, stable from 3Q10 Globex: 5.4% +1.0 p.

Globex s numbers are not comparable between 2Q11 and 2Q10 due to the consolidation of Casas Bahia as of November, 2010.

28 GPA CONSOLIDATED 3Q11 HIGHLIGHTS: GROSS SALES AT R$ 12.6 BILLION >GROSS SALES: R$ 12.6 billion % vs. 3Q10 Same store GPA Food 1 : 8.5% Growth Globex: 10.7% and inclusion of Casas Bahia in comparison base 2 >GROSS PROFIT: R$ 3.1 billion +76.1% vs. 3Q10 Margins GPA Food 1 : 26.4% +0.4 p.p. vs. 3Q10 Globex: 29.6% +1.5 p.p. vs. 2Q11 >EBITDA: R$ 722 million +46.5% vs. 3Q10 Margins GPA Food 1 : 7.4%, stable from 3Q10 Globex: 5.4% +1.0 p.p. vs. 2Q11 The figures presented in this document already reflect the IFRS change in 2010 and 2011 and it changes Company s already published figures. Globex s numbers are not comparable between 2Q11 and 2Q10 due to the consolidation of Casas Bahia as of November, Refers to GPA consolidated without Globex 2 As from 3Q11, Casas Bahia operations have become part of the same-store sales base. Globex signed a association agreement with Casas Bahia in July

29 GPA FOOD 3Q11 GPA FOOD RESULTS Supermarkets Cash & Carry Hypermarket Proximity (former ) Gas stations and Drugstores 29

GPA FOOD GROSS SALES OF R$ 6.8 BILLION, SAME-STORE SALES UP 8.

Globex) 18.856 20.402 7.7% 7.2% 7.2% 5.7% 9.1% 8.5% 7.9% 6.227 6.

shopping period for Easter took place in the 1Q10 and 2Q11.

5% in 3Q11, indicating faster pace as compared with previous periods Conversion of

30 GPA FOOD GROSS SALES OF R$ 6.8 BILLION, SAME-STORE SALES UP 8.5% IN 3Q11 Gross Sales (R$ mi) (without Globex) Same-store sales growth (without Globex) % 7.2% 7.2% 5.7% 9.1% 8.5% 7.9% Q10 4Q10 1Q11 2Q11 3Q11 Excluding Easter sales 3Q10 3Q11 9M10 9M11 The shopping period for Easter took place in the 1Q10 and 2Q11. > Same-store sales growth > 8.5% in 3Q11, indicating faster pace as compared with previous periods Conversion of 93 CompreBem and Sendas into Maturation of stores opened in 2010 and store format adaptation > Higher than the 2 nd player for the 13 th consecutive quarter Banners posted same-store sales growth above 15% 30

31 GPA FOOD GROSS PROFIT UP 11.9%, MARGIN UP 0.4 P.P. Gross Profit (R$ mi) (without Globex) 25.1% 25.7% > Gross margin increase due to improved sales mix 26.0% 26.4% > Change in Brazilians consumer habits leads to purchase of higher value-added products Q10 3Q11 9M10 9M11 > Despite higher participation of cash&carry in sales > Segment margin lower than that of retail 13.1% 16.2% Cash&carry participation % of net sales 1 Participation of the cash&carry operation in GPA Food s gross sales 31

32 GPA FOOD OPERATING EXPENSES OF R$ 1.2 BI IN 3Q11 Operating Expenses (R$ mi) (without Globex) 18.7% 18.3% % 18.5% Operating expenses of R$ 1,167 billion impacted by: Personnel expenses Marketing expenses IT expenses 3Q10 3Q11 9M10 9M11 % of net sales 32

33 GPA FOOD EBITDA MARGIN AT 7.4% IN 3Q11 EBITDA (R$ mi) (sem Globex) 7.4% 7.4% 6.8% % >Up 10.1% over 3Q10: > Margin stable at 7.4% despite higher participation of cash&carry in sales (13.1% in 3Q10 vs 16.2% in 3Q11) 415,9 3Q10 457,8 3Q11 9M10 9M11 >Gross margin growth coupled with improved sales mix, associated with strict control of expenses 13.1% 16.2% Cash&carry participation 1 % of net sales 1 Participation of cash&carry operation in GPA Food s gross sales 33

2 million > Discounted receivables cost of R$ 34.1 million > Other assets and liabilities restated by the CDI interbank rate totaling R$ 48.

34 GPA FOOD NET FINANCIAL EXPENSES STILL ACCOUNT FOR 2.7% OF NET SALES Net Financial Expenses (R$ mi) (Without Globex) 2.7% 2.7% 166,3 167,2 2Q11 3Q11 > The R$ million net financial expenses in 3Q11 were comprised of: > Interest on the net bank debt totaling R$ 84.2 million > Discounted receivables cost of R$ 34.1 million > Other assets and liabilities restated by the CDI interbank rate totaling R$ 48.9 million % of net sales Level of 2.7% of net revenue stable despite 14% increase in SELIC rate in the period 1 Effective SELIC rate in the period increased to 3.0% from 2.8% 1 End of period 34

35 ELECTRONICS / HOME APPLIANCE GLOBEX 3Q11 Specialized Stores B2C B2B Due to the consolidation of Casas Bahia s results as of November, 2010, we use the 2Q11 as a reference for better comparison. The profit sharing expense, which was previously after operating profit before income tax, is now included in general and administrative expenses, as part of the adjustment s to the new accounting standards (IFRS). 35

Conclusion of truck fleet renewal > 332 trucks were replaced in the quarter Expectations ahead of

36 3Q11 GLOBEX HIGHLIGHTS Resumption of synergy gain process > Creation of single operating platform > Improved inventory management, delivery schedule and realtime route tracking RAPHAEL KLEIN > Conclusion of truck fleet renewal > 332 trucks were replaced in the quarter Expectations ahead of Holiday season and 4Q11 > Maintaining growth despite the more challenging scenario > 15 new stores in 4Q11 36

3Q11 NOVA PONTOCOM HIGHLIGHTS Performance > Growth higher than the market with profitability > Focus on profitability and cash, even in fiercer comp

37 3Q11 NOVA PONTOCOM HIGHLIGHTS Performance > Growth higher than the market with profitability > Focus on profitability and cash, even in fiercer competition scenarios > Highlight on CasasBahia.com.br sales QUIROGA Operations > Nova Pontocom totally ready for Christmas season > Increase of logistics and customer service differential > 3 new distribution centers (DCs) (~160 thousand m 2 ) > Migration of Ponto Frio Wholesale DC to RJ > Stronger integration with carriers > Introduction of 7 new categories > Service quality and diamond category in e-bit award > Customer support centralized at CBCC 37

38 GLOBEX GROSS SALES OF R$ 5.7 BI IN 3Q11, SAME-STORE SALES UP 10.7% Gross Sales (R$ mi) Globex (incl.nova Pontocom) Gross Sales (R$ bi) Only stores Above > Same-store sales growth vs. 3Q10: > E-commerce up 31.4%, with site CasasBahia.com.br standing out Q11 3Q11 3Q11 gross same-store sales highlights (vs. 3T10) Stores: 9.5% E-commerce 2 : 31.4% 5,0 9,9 1Q11 1H11 9M11 Guidance 2011 > Sales growth even with impact from integration of operations: > Wholesale Ponto Frio distribution center migration > Ponto Frio front-office system replacement 1 As from 3Q11, Casas Bahia operations have become part of the same-store sales base. 2 Excludes the cash&carry operations 38

39 GLOBEX GROSS PROFIT OF R$ 1.5 BI IN 3Q11, MARGIN UP Gross Profit (R$ mi) Globex (incl.nova Pontocom) 29.6% 28.1% > 3Q11 margin up 1.5 percentage point over 2Q11 > Margin increases despite higher participation of e- commerce in sales mix Growth higher than revenues due to: 2Q11 % of net sales 3Q11 Product margin increase Higher penetration of services 39

40 GLOBEX OPERATING EXPENSES STABLE FROM 2Q11 > Maintenance of expense levels in absolute terms Operating Expenses (R$ mi) Globex (incl.nova Pontocom) 24.3% 23.7% General and Administrative Expenses down 10.2% over 2Q > Expense synergy gain process picks up in 4Q11 and 1H12 2Q11 % of net sales 3Q11 40

GLOBEX EBITDA TOTALS R$ 264 MI IN 3Q11, WITH INCREASE IN EBITDA MARGIN

increase due to improved gross margin in the period > Stable expenses

41 GLOBEX EBITDA TOTALS R$ 264 MI IN 3Q11, WITH INCREASE IN EBITDA MARGIN TO 5.4% EBITDA (R$ mi) Globex (incl.nova Pontocom) 5,4% 4,4% 3,3% 5.5% 4,4% 4.0% 646,9 > In 3Q11, 1.0 percentage-point increase in margin over previous quarter > Margin increase due to improved gross margin in the period > Stable expenses 264,2 222,1 160,7 1Q11 2Q11 3Q11 9M11 % of net sales Guidance M11 margin already within 2011 guidance bracket 41

42 GLOBEX FINANCIAL EXPENSES/NET SALES DECLINE, ADJUSTED NET PROFIT INCREASES Net Financial Expenses (R$ mi) Globex (incl.nova Pontocom) 5.9% Adjusted Net Profit (R$ mi) Globex (incl.nova Pontocom) 1,0% 4.9% 0,3% 48,8 89,6 221,4 3.4% 3.4% 3.3% 164,1 169,7 160,7 14,2 3Q10 4Q10 1Q11 2Q11 3Q11 % da venda líquida 2Q11 % of net sales 3Q11 Globex: guidance (3.5%-4.5%) will be beaten in 2011 > Net profit adjusted by expenses with integration increases to R$ 49 milion in 3Q11 > Margin at 1.0% 42

43 ELECTRONICS / HOME APPLIANCE GPA FOOD 3Q11 CONSOLIDATED RESULTS Supermarkets Cash & Carry Hypermarket Proximity (former ) Gas stations and Drugstores Specialized Stores B2C B2B 43

1 million clients > FIC result at same level as in 3Q10 > Financeira Itaú CBD was responsible for the means

44 GPA CONSOLIDATED EQUITY INCOME AND DEBT Equity Income (FIC) (R$ mi) Consolidated Net Debt (R$ bi) 11,3 11,3 2,0 2,3 2Q11 3Q11 3Q10 3Q x 0.84x Net debt/ebitda 1 > 8.1 million clients > FIC result at same level as in 3Q10 > Financeira Itaú CBD was responsible for the means of payment used in 8.9% of GPA s sales in 3Q11 > Net debt/ebitda declines to 0.84x > 3Q11 net debt at similar level as in 2Q11 1 EBITDA for the last 12 months 44

45 GPA CONSOLIDATED NET PROFIT AND EBITDA Adjusted Net Profit (R$ mi) EBITDA (R$ mi) ,8 154, Financial 327,9 187,7 Expenses 3Q10 3Q11 3Q10 3Q11 % of net sales > Adjusted net profit of R$ million in 3Q11 > Up 0.7% vs. 3Q10, despite increase in Selic (to 12.25% p.y. from 10.25% 1 ) > Growth despite increase in financial expenses 1 End of period. 45

46 ELECTRONICS GPA FOOD GRUPO PÃO DE AÇÚCAR 3Q11 INVESTMENTS New stores and lands Renovations and conversions Infrastructure and other AMOUNT INVESTED 3Q11 R$ 28.4 mn R$ mn R$ 95.4 mn 9M11 R$ mn R$ mn R$ mn Total R$ mn R$ mn STORES 3Q11: 93 conversions > 74 Extra Supermercado > 5 Pão de Açúcar > 14 Extra Hipermercado + 1 Pão de Açúcar + 1 Extra Hipermercado 9M11: +5 stores, 128 conversions New stores and lands R$ 17.3 mn R$ 43.5 mn Renovations and conversions Infrastructure > Fleet > Technology Other Total R$ 7.6 mn R$ 68.5 mn R$ 27.8 mn R$ mn R$ 36.1 mn R$ 55.5 mn R$ 32.4 mn R$ 65.1 mn R$ 14.5 mn R$ 33.9 mn R$ mn R$ mn 3Q11: 4 new Casas Bahia stores 9M11: +14 traditional stores 46

WHAT LIES AHEAD > A multibusiness company with sales over R$50 billion > Right people in the correct places with processes and systems > Integration with synergy s capture of Ponto Frio and Nova

47 WHAT LIES AHEAD > A multibusiness company with sales over R$50 billion > Right people in the correct places with processes and systems > Integration with synergy s capture of Ponto Frio and Nova Casas Bahia reaching guidance > Consolidation and expansion of cash-and-carry, supermarkets, hypermarkets, proximity stores, specialized businesses, electronics stores and e-commerce formats taking advantage of the Brazilian middle class growth 47

48 CONTACT INVESTOR RELATIONS Grupo Pão de Açúcar (GPA) Globex Utilidades S.A. Investor Relations Team Phone: +55 (11) Fax: +55 (11) > FORWARD LOOKING STATEMENTS The forward-looking statements contained herein are based on our management s current assumptions and estimates, which may result in material differences regarding future results, performance and events. Actual results, performance and events may differ substantially from those expressed or implied in these forward-looking statements due to a variety of factors, such as general economic conditions in Brazil and other countries, interest and exchange rate levels, legal and regulatory changes and general competitive factors (whether global, regional, or national). 48

CORPORATE PRESENTATION

CORPORATE PRESENTATION Grupo Pão de Açúcar and Globex Utilidades May, 2011 ABOUT GRUPO PÃO DE AÇÚCAR > Key figures > R$ 50+ bi Sales 1 > #1 Retailer in Brazil > Growth higher than the 2nd player s 2 >