CORPORATE PRESENTATION

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1 CORPORATE PRESENTATION Grupo Pão de Açúcar and Globex Utilidades May, 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 > 145,000+ 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 11 quarters, according to ABRAS Brazilian Supermarket Association 2

3 MARKET LEADER IN THE COMPANY S MAIN BUSINESSES Brazilian Retail (Abras) Market share 13.8% 13.2% 14.8% 17.9% 14.1% 14.2% 14.5% 14.4% 11.0% 10.7% 11.1% 11.1% 61.1% 61.9% 59.6% 56.6% Source: Abras Brazilian Supermarket Association Others 3

4 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 4

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

5 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 5

COMPANY CHANGES AS THE ENVIRONMENT MOVES

6 COMPANY CHANGES AS THE ENVIRONMENT MOVES E-commerce Food Compl. Foodervice & institutional C A/B C A/B 92.9 C D/E 47.9 D/E Brazil 2005 GPA: limited offering (only Food, 556 stores) Brazil mn ascended only in 2010 GPA: multiformat business for both Food and Electro, 1,646 stores Population in each social class (in million) 6

7 COMPANY CHANGES AS THE ENVIRONMENT MOVES Unemployment rate Avaliable income 1 10,1% 10,3% 9,6% 8,0% 8,4% 6,7% ,2% Real income growth 4,0% 3,2% 3,4% 3,2% 3,5% Credit avaliabe to population (As % of GDP) 8,8% 9,7% 11,2% 12,8% 15,0% 15,7% Social Class % Change A/B R$ 680 R$ % C R$ 204 R$ % D/E R$ 61 R$ % Total R$ 230 R$ % Buying intention (% Δ ) Based on yearly survey of buying intention for the year per category. Product A/B C D/E Furniture Home Appliances Mobile Phone TV/Video Source: IBGE, BACEN, O observador Brasil 2011, Estado de SP, 23/03/ Total income less all family expenses 7

8 R$36.1 BN OF GROSS SALES IN 2010 Gross Sales 4Q10: R$12.6 bn Same-store sales increased by 11.5% 2010: R$ 36.1 bn Same-store sales moved up by 12.1% Nova Casas Bahia consolidation as of Nov, 2010 Gross Margin 4Q10: 25.4% GPA Food 1 : 26.0% Globex 2 : 24.5% 2010: 24.5% 1 Refers to GPA consolidated excluding Globex 2 Includes Nova Casas Bahia as of November,

EBITDA OF R$2.1 BN IN 2010 4Q10: R$769.3 mn 54.9% (margin of 7.0%) GPA Food 1 :R$567.1 mn (margin of 8.

5% (margin of 6.4%) 4Q10: R$447.0 mn (margin of 4.0%) Net Income 2010: R$722.4 mn (margin of 2.

9 EBITDA OF R$2.1 BN IN Q10: R$769.3 mn 54.9% (margin of 7.0%) GPA Food 1 :R$567.1 mn (margin of 8.7%, the EBITDA highest of the last 15 years) Globex 2 : R$202.2 mn (margin of 4.5%) 2010: R$2.1 bn 37.5% (margin of 6.4%) 4Q10: R$447.0 mn (margin of 4.0%) Net Income 2010: R$722.4 mn (margin of 2.3%) Dividends of R$171.6 mi, R$0.69 per preferred share 1 Refers to GPA consolidated excluding Globex 2 Nova Casas Bahia is included as of November,

10 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) 4.5 to 6.0% Higher than 7.5% FINANCIAL RESULT (1) -3.5 to -4.5% Up to -4.0% CAPEX R$ 100 mn to R$ 120 mn 1 of net sales. Projections include estimated synergies. 2 Includes Electronics, Home Appliance and Furniture operations 10

ELECTRO 1 MAIN SYNERGIES 1 Commercial and operating management Integrate the Ponto Frio operating management to Casas Bahia model with margin and sales gains

operational processes; Take advantage of other synergies with GPA (logistics, IT etc); 3 Management of financial and capital structure Manage the cash / Working

11 ELECTRO 1 MAIN SYNERGIES 1 Commercial and operating management Integrate the Ponto Frio operating management to Casas Bahia model with margin and sales gains Centralization of purchase management with margin gains; Improvement of sales and pricing mix; Increase the penetration of services sales; Repositioning of Ponto Frio brand and maintaining strong the Casas Bahia brand 2 Management of infrastructure and back-office Centralization of the companies inventories and stock ups; Utilization of GPA s back-office platform with Shared Services Center and total integration among Casas Bahia, Ponto Frio and the other areas; Refine the operational processes; Take advantage of other synergies with GPA (logistics, IT etc); 3 Management of financial and capital structure Manage the cash / Working Capital inside GPA platform; Reduction in funding costs / negotiation of financing instruments and lines at GPA cost; 1 Includes Electronics, Home Appliance and Furniture operations 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 Formats

14 ELECTRONICS / HOME APPLIANCE GPA FOOD GPA STORES AND FORMATS Supermarkets # Stores 375 Cash & Carry 59 Hypermarket Proximity Gas stations and Drugstores Specialized Stores 977 B2C B2B 14

15 GPA FOOD GPA FOOD RETAIL STORES CHARACTERISTICS Public Stores 1Q11 Additions Avg Sales Area (m 2 ) ABCD classes ,000 AB classes ,500 BCD classes ,500 Transformers Food service ,000 ABCD classes

ELECTRONICS 1 GLOBEX STORES COUNT Public Stores 1Q11 Additions ABC classes 453-53

16 ELECTRONICS 1 GLOBEX STORES COUNT Public Stores 1Q11 Additions ABC classes CD classes Includes Electronics, Home Appliance and Furniture operations 16

17 GLOBEX GLOBEX STORES COUNT 38% Free float Banco Itaú 50% 44% 62% Controlling group FIC Financial JV 36% 14% 53% 47% Casas Bahia Founders Klein Family 100% Globex 50% 6% Management Nova Casas Bahia NovaPontoCom 17

18 REGIONAL PRESENCE North Super: 0 Hyper: 1 Electro: 0 Total: 1 GDP: 5.1% Middle-West Super: 13 Hyper: 11 Electro: 83 Total: 107 GDP: 9.2% South Super: 4 Hyper: 2 Electro: 113 Total: 119 GDP: 16.6% North-East Super: 29 Hyper: 16 Electro: 26 Total: 71 GDP: 13.1% South-East Super: 329 Hyper: 84 Electro: 755 Total: 1,168 GDP: 56.0% 18

19 Nova Pontocom

NOVA PONTOCOM CONSISTENT SALES GROWTH Gross Revenues (in R$ Mn) Under Nova Pontocom management Sales Growth Gross Revenue - Annualized (comparable basis) 2.

20 NOVA PONTOCOM CONSISTENT SALES GROWTH Gross Revenues (in R$ Mn) Under Nova Pontocom management Sales Growth Gross Revenue - Annualized (comparable basis) Δ E-commerce 71% Full year May to December Only December * Source: e-bit. 20

21 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 pp. in 2010 Strong fixed expenses dilution Greater variable expenses efficiency Synergies with the group * Amounts without Stock Option non-cash expenses. 21

22 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 aaccounting practice. 22

23 NOVA PONTOCOM 2010 GUIDANCES FEEDBACK Guidance Achieved Free cash flow generation: - Growing EBITDA margin - Capex at low levels - Working capital efficiency Consistent EBITDA growth, working capital under control and low capex Grow 50% above market Growth of 71% in e-commerce (compared to market growth of 40%) 2010 EBITDA margin in the same level as Globex EBITDA of 4.7% (Globex 4.0%) ¹ Casas Bahia and Wholesale operation integration in % integrated in Nov 2010 ¹ % of the net revenue 23

24 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 24

25 1Q11 Results

26 1Q11 HIGHLIGHTS > Consolidation as the largest Brazilian retailer with 17.9% of market share > 2010 Abras Ranking : GPA with 17.9% (+310 bps vs. 2009) > 23 conversions of CompreBem and Sendas stores > Completion of the process in the 3Q11 > Integration of Casas Bahia and Ponto Frio > Higher gross margin and lower need for working capital > Synergies in expenses are identified and in capture process > E-commerce with strong growth (+118%) in the 1Q11 with market share gains > Nova Pontocom Day held with more business disclosure 26

GPA IN THE 1Q11: GROSS SALES OF R$ 12.4 BN >GROSS SALES R$ 12.4 bn, + 58.9% vs.

9% in the 1Q11 >GROSS PROFIT R$ 2.8 bn +70.5% vs. 1Q10 Margins: GPA Food 1 : 25.7% +110 bps Globex 2 : 26.

6% The figures presented in this document already reflect the IFRS change in 2010 and 2011 and it changes Company s

27 GPA IN THE 1Q11: GROSS SALES OF R$ 12.4 BN >GROSS SALES R$ 12.4 bn, % vs. 1Q10 GPA Food 1 : Same-store growth of 8.4% in the 4M11 Globex 2 : Same-store growth of 10.9% in the 1Q11 >GROSS PROFIT R$ 2.8 bn +70.5% vs. 1Q10 Margins: GPA Food 1 : 25.7% +110 bps Globex 2 : 26.9% >EBITDA R$ 609 mn +40.5% vs. 1Q10 Margins: GPA Food 1 : 7.2% +20 bps Globex 2 : 3.6% The figures presented in this document already reflect the IFRS change in 2010 and 2011 and it changes Company s already published figures Globex figures does not have between 1Q11 and 4Q10 because of the consolidation of Casas bahia 1 Refers to GPA Consolidated without Globex 2 Considers Ponto Frio and e-commerce, excluding Casasbahia.com.br 27

GPA FOOD GROSS SALES OF R$ 6.6 BN, SAME-STORE SALES INCREASED 8.

640 > IN THE 1Q11 > Growth is higher than the 2 nd player s for the 11 th quarter in a

4% in the first four months (ex-globex) 9,9% 7,7% 7,2% 8,4% 2Q10 2Q10 4Q10 Jan-Apr/2010

four months were considered to purge the Easter seasonal effect between 2010 and 2011.

28 GPA FOOD GROSS SALES OF R$ 6.6 BN, SAME-STORE SALES INCREASED 8.4% IN THE FIRST FOUR MONTHS Gross Sales (R$ mn) (ex-globex) > IN THE 1Q11 > Growth is higher than the 2 nd player s for the 11 th quarter in a row 1Q10 1Q11 Gross Sales 4 months 1 (R$ mn) (ex-globex) 12.6% SSS grew by 8.4% in the first four months (ex-globex) 9,9% 7,7% 7,2% 8,4% 2Q10 2Q10 4Q10 Jan-Apr/2010 Highlights with samestore growth >15% Jan-Apr/2010 Jan-Apr/2011 1Q11 Results 1 The first four months were considered to purge the Easter seasonal effect between 2010 and M10 was adjusted to Company s new report structure which excludes Extra Eletro and Extra.com.br in order to allow better comparison 28

GPA FOOD GROSS MARGIN CLIMBS BY 110 BPS Gross Profit (R$ mn) Gross Margin (R$ mn)

7% 1Q10 1Q11 1Q10 1Q11 Cash & Carry 2 10.6% 13.

super and hypermarkets > Better mix, with greater share of highermargin categories >

competitiveness in relation to competitors Categories with better margin and

29 GPA FOOD GROSS MARGIN CLIMBS BY 110 BPS Gross Profit (R$ mn) Gross Margin (R$ mn) (ex-globex) % (ex-globex) 25.8% 27.6% 24.6% 25.7% 1Q10 1Q11 1Q10 1Q11 Cash & Carry % 13.9% >Margin increase: > Pricing tool with an important role in the main categories in super and hypermarkets > Better mix, with greater share of highermargin categories > Improvement of business management and relationship with suppliers > Maintenance of competitiveness in relation to competitors Categories with better margin and fastest-growing Perishables General Mechandise 1Q11 Results 1 GPA Food excluding cash-and-carry operation (Assaí) 2 Cash-and-carry operation share in GPA Food net sales 29

005 > Seasonal effect of Easter Impact: 40 bps >Other impacts: 50 bps > IT outsourcing 30 bps >

30 GPA FOOD IN THE 1Q11, OPERATING EXPENSES TOTALED R$ 1.1 BN Operating Expenses (R$ mn) (ex-globex) % of Net Sales 17.6% 18.5% > Seasonal effect of Easter Impact: 40 bps >Other impacts: 50 bps > IT outsourcing 30 bps > Operating expenses of new stores 20 bps > Margin reconciliation: 1Q10 1Q11 1Q10 1Q % 18.5% Margin -0.4% Easter Effect -0.5% Other impacts 17.6% 17.6% 1Q11 Results 30

GPA FOOD EBITDA MARGIN OF 7.2% IN THE 1Q11 EBITDA (R$ mn) EBITDA Margin (R$ mn) (ex- Globex) 400 7.7% 431 (ex-globex) 7.4% 8.1% 7.0% 7.2% 1Q10 1Q11 1Q10 1Q11 Cash & Carry 2 10.6% 13.

31 GPA FOOD EBITDA MARGIN OF 7.2% IN THE 1Q11 EBITDA (R$ mn) EBITDA Margin (R$ mn) (ex- Globex) % 431 (ex-globex) 7.4% 8.1% 7.0% 7.2% 1Q10 1Q11 1Q10 1Q11 Cash & Carry % 13.9% Improvement in the EBITDA margin is a result of the better gross margin, even with the increased share of Assaí in the Group s sales. 1Q11 Results 1 GPA Food excluding cash-and-carry operation (Assaí) 2 Cash-and-carry operation share in GPA Food net sales 31

32 GPA FOOD FINANCIAL RESULT >Financial expense represents 2.7% of net sales in the quarter : > Increase in: > Selic rate from 10.75% to 11.25% > Interest on restatement of contingency ( Refis ), R$37.7 mn > Cost of discounted receivables in the 4Q10 > Maintenance of: > Interest on debt, R$76.2 mn Resultado Financeiro Líquido (R$ mi) (sem Globex) Net Financial Result (R$ mn) (ex-globex) 2.0% 131 % of Net Sales 2.7% 162 4Q10 1Q11 1Q11 Results 32

33 GLOBEX 1Q11 HIGHLIGHTS > Full quarter report with all businesses included > Macro measures taken by the government > Company is aware of the first impact and monitoring roll outs > Message from Management already indicates impacts on durable goods sector if government takes additional intervention > Acceleration of integration processes Focus on synergies capture: > Change of all the Corporate Taxpayer s Registries ( CNPJ ) of Nova Casas Bahia s stores and Distribution Centers > Creation of a Committee in the Board of Directors to study partner banks for the credit area, which includes cards We report the first full quarter of Casas Bahia 33

34 GLOBEX 1Q11 HIGHLIGHTS > Progress in the financial and commercial areas: > Redefinition of the commercial policy with shorter average payment period and in the share of non-interest bearing sales with low impact on sales growth > Reduction in the cost of discounted receivables, despite the upturn in Brazil s base rate (SELIC) > Reduction in general and administrative expenses of the business and joint purchase of indirect materials > New positioning for the Ponto Frio brand: opening of the first concept store in São Paulo and another in Rio de Janeiro > Synergies are identified and in capture process in the year curve in accordance with the guidance > Nova Pontocom: Integration of the Casasbahia.com.br website > 100% integrated logistics and inventory 34

35 GLOBEX 1Q11 HIGHLIGHTS > NEW PONTO FRIO FORMAT: ENVIRONMENT THAT EXPRESSES THE BEST SHOPPING EXPERIENCE FOR CONSUMERS > Reference and technology and launches showcase > More welcoming and cozy environment, enhancing the use of the brand inside the store > Better communication with integration among the products categories > Lightness, tasting, movement and light > An aspirational store that meets its market niche, differentiated from its major competitors 35

36 GLOBEX 1Q11 HIGHLIGHTS Before 36

37 GLOBEX 1Q11 HIGHLIGHTS After 37

0% 2 1Q10 1Q11 1Q11 Ponto Frio and e-commerce 1 Total Globex Includes Casas Bahia > End of the IPI tax reduction in

38 ELECTRONICS 3 GROSS SALES OF R$5.7 BN, SAME-STORE CLIMB BY 10.9% Gross Sales (R$ mn) Globex > 10.9% SAME-STORE GROWTH > HIGHLIGHT: 43.1% e-commerce: +33.0% 2 1Q10 1Q11 1Q11 Ponto Frio and e-commerce 1 Total Globex Includes Casas Bahia > End of the IPI tax reduction in 1Q10 1Q11 Results 1 NCB is excluded for comparison purposes 2 Comparable basis (Casasbahia.com.br is not included) 3 Includes Electronics, Home Appliance and Furniture operations 38

ELECTRONICS 3 ADJUSTED GROSS PROFIT OF R$1.3 BN IN 1Q11, MARGIN OF 27.

gains 363 242 1Q10 1Q11 1Q11 Ponto Frio and e-commerce 1 Total Globex Includes Casas

2% OF GROSS MARGIN IN CASAS BAHIA > Greater share of furniture in the mix > PONTO FRIO:

39 ELECTRONICS 3 ADJUSTED GROSS PROFIT OF R$1.3 BN IN 1Q11, MARGIN OF 27.0% Gross Profit (R$ mn) Globex % of Net Sales 20.0% 19.2% +50.3% 27.0% The improvement in margin already reflects the beginning of commercial synergy gains Q10 1Q11 1Q11 Ponto Frio and e-commerce 1 Total Globex Includes Casas Bahia 24% 37% Nova Pontocom 2 > 31.2% OF GROSS MARGIN IN CASAS BAHIA > Greater share of furniture in the mix > PONTO FRIO: THE MIX ADJUSTMENT OF EXTRA ELETRO IMPACTED - R$8.4 MN IN THE 1Q11 1Q11 Results 1 NCB is excluded for comparison purposes 2 Share of Nova Pontocom in the Globex s gross revenue (not considering NCB) 3 Includes Electronics, Home Appliance and Furniture operations 39

ELECTRONICS 2 OPERATING EXPENSES REPRESENTED 23.

23.2% Seasonality in the 1Q11 with lower level of sales reduces the dilution

133 1Q10 1Q11 1Q11 Ponto Frio and e-commerce 1 Total Globex Includes Casas

40 ELECTRONICS 2 OPERATING EXPENSES REPRESENTED 23.2% OF NET SALES IN THE 1Q11 Operating Expenses (R$ mn) Globex % of Net Sales 23.2% Seasonality in the 1Q11 with lower level of sales reduces the dilution of expenses compared to the 4Q % % Q10 1Q11 1Q11 Ponto Frio and e-commerce 1 Total Globex Includes Casas Bahia 1Q11 Results 1 NCB is excluded for comparison purposes 2 Includes Electronics, Home Appliance and Furniture operations 40

ELECTRONICS 3 ADJUTED EBITDA OF R$187 MN IN THE 1Q11, WITH MARGIN OF 3.8% Adjusted EBITDA (R$ mn) Globex % of Net Sales 3.8% 187 2.7% 1.

dilution 3) Greater share of Nova Pontocom > IN 2011 > We reinforce the guidance for margin from 4.5% to 6.

41 ELECTRONICS 3 ADJUTED EBITDA OF R$187 MN IN THE 1Q11, WITH MARGIN OF 3.8% Adjusted EBITDA (R$ mn) Globex % of Net Sales 3.8% % 1.5% Q10 1Q11 1Q11 Ponto Frio and e-commerce 1 Total Globex Includes Casas Bahia EBITDA: 1) Greater gross margin 2) Seasonal effect with less expense dilution 3) Greater share of Nova Pontocom > IN 2011 > We reinforce the guidance for margin from 4.5% to 6.0% 24% 37% Nova Pontocom 2 1Q11 Results 1 NCB is excluded for comparison purposes 2 Share of Nova Pontocom in the Globex s gross revenue (not considering NCB) 3 Includes Electronics, Home Appliance and Furniture operations 41

ELECTRONICS 2 FINANCIAL RESULT: FOCUS OF THE COMPANY Net Financial Expense 1 (R$ mn) Globex % of Net Sales 5.8% 5.9% 4.9% 3.

5%) > Reduction in the 1Q11 even with increase in the Selic rate in the period: > Reduction in the average payment period in 2 months

the share of interestbearing sales > Financial expense of 3.4% of net sales: > Discounted receivables from credit card operations: 2.

42 ELECTRONICS 2 FINANCIAL RESULT: FOCUS OF THE COMPANY Net Financial Expense 1 (R$ mn) Globex % of Net Sales 5.8% 5.9% 4.9% 3.4% 2Q10 3Q10 4Q10 1Q11 Financial expense as percentage of net sales is below guidance (between 3.5% and 4.5%) > Reduction in the 1Q11 even with increase in the Selic rate in the period: > Reduction in the average payment period in 2 months > Reduction in the share of noninterest bearing sales, without losing sales growth > Lower discounted receivable rates > Increase in the share of interestbearing sales > Financial expense of 3.4% of net sales: > Discounted receivables from credit card operations: 2.5% of net sales > Indebtedness: 0.3% > Others: 0.6% 1Q11 Results 1 NCB is included as of November, Includes Electronics, Home Appliance and Furniture operations 42

43 GRUPO PÃO DE AÇÚCAR FIC IN THE 1Q11 >17% SHARE OF TOTAL SALES 1 > + than 8 million active clients > EQUITY INCOME: R$10.5 MILLION IN THE 1Q11 > GPA Food: R$7.5 mn > Globex (Ponto Frio): R$3.0 mn > 2010 IN FIGURES: > 50% of the current clients have hired services (insurance, etc.) > 50% of the use of the cards is out of GPA 1Q11 Results 1 Considers only those business where FIC operates (GPA Food, including Assaí, Ponto Frio and e-ommerce) 43

44 GRUPO PÃO DE AÇÚCAR NET CONSOLIDATED RESULT Adjusted Net Income 1 (R$ mn) % of Net Sales 2.6% 155 > HIGHER NET FINANCIAL EXPENSES, OF R$101 MN IN 1Q10 TO R$326 MN > Impact of ~R$160 mn net of income tax > Selic Rate 1 from 8.75% to 11.25% > IFRS EFFECTS (~R$40 MN) > Equity Income > Depreciation 1Q11 1Q11 Results 1 End of the period 44

45 GRUPO PÃO DE AÇÚCAR CONSOLIDATED NET DEBT Consolidated Net debt evolution 1 (R$ bn) 1,5 2,3 > DEBT INCREASE IS RELATED TO : > Assaí and Sendas aquisiton payments, R$ 223 mn > Seasonality of working capital need, R$375 mn 4Q10 1Q11 1Q11 Results 1 Dívida líquida no final do período 45

46 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). 46

CORPORATE PRESENTATION

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