CORPORATE PRESENTATION Grupo Pão de Açúcar and Globex Utilidades October, 2011

ABOUT GRUPO PÃO DE AÇÚCAR > Key figures

> Operational

> R$ 50+ bi Sales1

> 1.8k points of sales, located in

> #1 Retailer in Brazil

19 States and the Federal District

> Growth higher than

> Multi-format distribution

the 2nd player’s2

> 600 million tickets per year

> 160k employees

> 2.8 million m² of sales area

1 2011

2

Estimated In the past 12 quarters, according to Brazilian Supermarket Association (ABRAS)

2

NEW MANAGEMENT MODEL ADJUSTED IN 2011 CEO Retail

Cash & Carry

Specialized

Electronics

Nova PontoCom

Corporate Relations Market Strategy Management Control

Commercial/ Supply Chain and IT

Metric

Corporate Services / Finance

Metric

Metric

People

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

MAIN INDICATORS (1)

2006

2007

2008

2009

16,460.3

17,642.6

20,856.8

26,219.1

36,144.4

Same-store growth

-0.1%

2.8%

8.5%

9.6%

12.1%

EBITDA

886.4

992.4

1,322.5

1,504.1

2,068.1

EBITDA margin

6.4%

6.7%

7.3%

6.5%

6.4%

Net income

85.5

185.7

260.4

644.7

722.4

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

0.8109

0.8151

1.1070

2.5333

2.8051

2006

2007

2008

2009

2010

549

575

597

1,080

1,647

1,217,984

1,338,329

1,360,706

1,744,653

2,811,103

1.0%

9.9%

1.7%

28.2%

61.1%

63,607

66,165

70,656

85,244

144,914

ECONOMIC-FINANCIAL

2010

(R$ million) Gross Sales

Gross margin

EPS (R$/thousand shares) OPERATIONAL Total stores (number) Selling area (m2) Area increase Number of employees 1

Nova Casas Bahia consolidation as of Nov, 2010. Annualized gross sales of R$44 billion.

4

COMPANY CHANGES AS THE ENVIRONMENT MOVES 2010

A/B

A/B

26,4MM

42,2MM

C

FOOD

2005

C 101,7MM CASH & CARRY

62,7MM

D/E 47,9MM

92,9MM

Brazil 2005

GPA: limited offering (only Food, 556 stores)

E-COMMERCE

D/E

GPA: multiformat 32mn emerged business for both Food only in 2010 and Electro, 1,646 stores

Population in each social class (in million)

Brazil 2010

5

COMPANY CHANGES AS THE ENVIRONMENT MOVES Available income1 (monthly)

Unemployment rate

10,1% 10,3% 9,6%

2005

8,0% 8,4% 6,7%

Social Class

2009

2010

% Change

A/B

R$ 680

R$ 991

46%

C

R$ 204

R$ 243

19%

Real income growth

D/E

R$ 61

R$ 104

70%

4,0% 3,2% 3,4% 3,2% 3,5%

Total

R$ 230

R$ 368

60%

2006

2007

2008

2009

2010

1,2% 2005

2006

2007

2008

2009

2010

Social Class

Credit available to population (As % of GDP)

11,2% 12,8% 8,8% 9,7%

2005

2006

2007

2008

15,0% 15,7%

2009

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

2010

Source: IBGE, BACEN, Ipsos/Cetelem, Exame magazine - June 29, 2011

1

Total income less all family expenses

6

EXTRA SUPERMARKET RISES AS THE BEST OPTION FOR THE MIDDLE CLASS

Bakery

Frozen Fish

Fruits Veg.

Dairy

Jun‟10 •220 Stores

Aug‟11

Groceries

•Single banner for middle class

•Increased exposure to value added products •Just Jul-Aug: ~ 90 stores converted

Protein Fish

Groceries

Bakery

Fruits Veg.

•SSS >15% since 4Q10 Checkouts

•~ 20% GPA Food Revenue

Dairy

Frozen

Protein

Coffee Checkouts

R$25.0 BN OF GROSS SALES IN 1H11 2010: R$ 36.1 bn

•

Gross Sales

„Same-store‟ sales moved up by 12.1%

Nova Casas Bahia consolidation as of Nov, 2010 1H11: R$25.0 bn

•

„Same-store‟ sales increased by 8.5%

•

2010: 24.5%

Nova Casas Bahia consolidation as of Nov, 2010 Gross Margin

•

1H11: 26.4% GPA Food1: 25.4%

Globex2: 27.5% 1 2

Refers to GPA consolidated excluding Globex Includes Nova Casas Bahia and Nova Pontocom

8

EBITDA OF R$1,2 BN IN 1H11 •

2010: R$2.1 bn

37.5% (margin of 6.4%)

Nova Casas Bahia consolidation as of Nov, 2010 •

1H11: R$1.2 bn

EBITDA

50.8% (margin of 5.5%)

GPA Food1:R$841.3 mn (margin of 6.9%) Globex2: R$382.7 mn (margin of 3.9%)

•

2010: R$722.4 mn (margin of 2.3%) Nova Casas Bahia consolidation as of Nov, 2010

Net Income

•

1H11 adjusted net income: R$296.6 mn (margin of 1.3%)

1 2

Refers to GPA consolidated excluding Globex Includes Nova Casas Bahia and Nova Pontocom

9

GROWTH HIGHER THAN THE 2ND PLAYER Same Store Sales 15.0% 13.2% 12,5% 11,5% 10.3% 8.5% 8.6%

10.4%

9.7% 10,1% 10.6%

8.4%

8.7%

9,9% 6,8%

7.2% 7.8%

4.6%

7,1% 5,2%

7.1%

2nd player

5,6% 5,0%

4.8%

4.3%

3.9% 2,9%

2.3% 1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

12 Quarters 10

ELECTRO – BRICKS AND MORTAR OPERATION

GUIDANCE FOR NEW GLOBEX 2011E

Year Model

Above R$ 20 billion

Growth (SSS) above the market

Higher than 25.5%

Higher than 26.5%

4.0 to 5.5%

Higher than 7.0%

FINANCIAL RESULT(1)

-3.5 to -4.5%

Up to -4.0%

CAPEX

R$ 100 mn to R$ 120 mn

GROSS SALES (R$)

GROSS MARGIN(1)

EBITDA MARGIN(1) (2)

1

of net sales. Projections include estimated synergies. 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. 2

11

ELECTRO1

MAIN SYNERGIES ‣ ‣

1 – Commercial and operating management

‣ ‣ ‣

‣ ‣

2 – Management of infrastructure and back-office

‣

‣

‣

3 – Management of financial and capital structure

‣

1

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 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);

Manage the cash / Working Capital inside GPA platform; Reduction in funding costs / negotiation of financing instruments and lines at GPA cost;

Includes Electronics, Home Appliance and Furniture operations

12

GLOBEX

SYNERGIES Potential per year – after total capture of synergies(1)

1 – Commercial and operating management

1.0% - 2.0% (R$ 170 - 340 mn)

2 – Management of infrastructure and back-office

1.5% - 2.0% (R$ 255 - 340 mn)

3 – Management of financial and capital structure

0.5% - 1.0% (R$ 85 - 170 mn)

Total

3.0% - 5.0% (R$ 510 - 850 mn)

1 Synergy 2 Includes

calculated over the net sales. Electronics, Home Appliance and Furniture operations

13

OWNERSHIP STRUCTURE Free Float 32%

Banco Itaú

Controlling Group 68%

50%

44% 36%

FIC Financial JV

53% 14%

47%

Casas Bahia Founders Klein Family

Globex 100% 50%

Nova Casas Bahia

Management 6%

NovaPontoCom

As of October 06, 2011.

14

Formats

GPA STORES AND FORMATS

# Stores 374

ELECTRONICS / HOME APPLIANCE

GPA FOOD

Supermarkets (*) Cash & Carry

59

Hypermarket

115

Proximity

67

Gas stations and Drugstores

231

Specialized Stores

989

B2C

B2B

(*) Includes the Sendas and CompreBem stores still not converted. Stores as of 2Q11.

16

GPA FOOD

GPA FOOD RETAIL STORES CHARACTERISTICS Public

Stores

2Q11 Additions

Avg Sales Area (m2)

ABCD classes

115

+1

6,000

AB classes

151

-

1,500

BCD classes

129

+11

1,500

Transformers Food service

59

-

4,000

ABCD classes

67

-

300

17

ELECTRONICS1

GLOBEX STORES COUNT

1

Public

Stores

2Q11 Additions

ABC classes

456

+3

CD classes

533

+9

Includes Electronics, Home Appliance and Furniture operations

18

REGIONAL PRESENCE (STORES) North-East

North

Super: 29

Super: 0

Hyper: 16

Hyper: 1

Electro: 29

Electro: 0

Cash & Carry: 6

Cash & Carry: 1

Proximity: 0

Proximity: 0

Total: 80

Total: 2 GDP: 5.1%

Stores as of 2Q11

GDP: 13.1%

Middle-West

South-East

Super: 13

Super: 328

Hyper: 11

Hyper: 85

Electro: 83

South

Electro: 762

Cash & Carry: 3

Super: 4

Cash & Carry: 49

Proximity: 0

Hyper: 2

Proximity: 67

Total:11017

Electro: 115

Total: 1,291

GDP: 9.2%

Cash & Carry: 0

GDP: 56.0%

Proximity: 0

Total: 121 GDP: 16.6%

19

REGIONAL PRESENCE (DISTRIBUTION CENTERS) Distribution Centers - Total SP - São Paulo

18

RJ - Rio de Janeiro

5

DF - Distrito Federal

4

PR - Paraná

4

MG - Minas Gerais

3

PE - Pernambuco

3

BA - Bahia

2

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

As of 2Q11

20

Nova Pontocom

BRAZILIAN MARKET IN EXPANSION E-commerce revenue in R$ billion Brazilian e-commerce Nova Pontocom annualized Nova Pontocom mkt share

1.7

2.7 1

16%

E-bit estimate

19%

18%

Internet access – “C” class

2010 56%

44%

2014 E Access

33% 67%

No Access

Source: e-Bit and Estado de SP July 31, 2011

22

NOVA PONTOCOM

CONSISTENT SALES GROWTH

23

NOVA PONTOCOM

IMPROVEMENT IN OPERATING PROFITABILITY Gross Profit (R$ Mn) 18,6%

Gross margin has grown, despite VAT tax change (“Substituição Tributária”)

19,2% 328

• Better negotiations / beginning of the expansion of the assortment • Still little synergy from groups commercial conditions

100 2009

2010

Operating Expenses (R$ Mn)* 17,6% 14,5%

248 95 2009

Expenses reduction of more than 3 p.p. in 2010 • Strong fixed expenses dilution • Greater variable expenses efficiency • Synergies with the group

2010

* Amounts without Stock Option non-cash expenses.

24

NOVA PONTOCOM

INCREASING EBITDA AND BREAK-EVEN IN NET INCOME Net income (R$ Mn)**

EBITDA (R$ Mn)*

4,7%

0,0% 0,2

80 1,0%

5 2009

2010

-2,3% 2009

EBITDA has approached 5% in 2010 with gains in both margin and expenses

2010

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

NOVA PONTOCOM

GUIDANCES 2011 Guidance GROSS SALES Annual growth between 2011-13

B2C Wholesale

Grow at least 30% to 50% above market (e-bit) Grow above inflation

2011

Between 6.0% and 7.0%¹

2013

Between 8.0% and 10.0%¹

EBITDA MARGIN

Inventory financing

WORKING CAPITAL

Keep, at least, +20 days in inventory financing (suppliers - inventory)

Receivables discount expense Between 3.5% and 4.5%¹ (100% of receivables)

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

2Q11 Results

2Q11 HIGHLIGHTS Macroeconomic impact > IPCA 12 months: +6.7% > GPA Food real growth: +2.3% > Increase in Selic1 rate from 11.75% to 12.25%

Performance in businesses > „Same-store‟ growth: > GPA Food2: +9.3%, Globex2:+17.6% > Results: increase in market share, profitability with competitiveness and permanent control of expenses > EBITDA: +20% Food, +38% Globex

> EPS: +64% Consolidated 1 End

2

of periods 1Q11 and 2Q11, respectively

Net Sales

28

GPA CONSOLIDATED IN THE 2Q11: GROSS SALES OF R$ 12.6 BN >GROSS SALES: R$ 12.6 bn + 61.3% vs. 2Q10 GPA Food1: Same-store growth of 9.1% in 2Q11 Globex2: Same-store growth of 14.1% in 2Q11 >GROSS PROFIT: R$ 3.0 bn +82.8% vs. 2Q10 Margins: GPA Food1: 25.2% +40 bps vs. 2Q10 Globex2: 28.1% +130 bps vs. 1Q11 >EBITDA: R$ 641 mn +66.3% vs. 2Q10 Margins: GPA Food1: 6.7% +50 bps vs. 2Q10 Globex2: 4.4% +110 bps vs. 1Q11 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, 2010.

1

Refers to GPA Consolidated without Globex. Ponto Frio and e-commerce, excluding Casasbahia.com.br

2 Considers

29

GPA FOOD

AGENDA – 2Q11 RESULTS Supermarkets

Proximity

Cash & Carry

Gas Stations and Drugstores

Hypermarket

30

GPA FOOD

GROSS SALES OF R$ 6.9 BN, SAME-STORE SALES INCREASE 9.1% IN THE QUARTER Gross Sales

(R$ mn)

7.4%

(without Globex)

12,629

10.2%

6,286

2Q10

> Same-store growth 13,569

> In the 1H11, +7.4%, the upward trend

6,928

2Q11

> In the 2Q11, higher than the 2nd player for 3 years in a row observed in previous quarters is maintained

1H10

1H11

Same-store growth (without Globex)

9.1% Highlights with samestore growth > 15%

7.7%

7.2% 5.7%

3Q10

4Q10

1Q11

7.4% 1H11

2Q11

The shopping period for Easter took place in the 1Q10 and 2Q11. The analysis of growth in the first 6 months isolates this 31 effect.

GPA FOOD

GROSS PROFIT CLIMBS BY 12.3% Gross Profit

(R$ mn)

> Margin expansion is related mainly to :

% of Net Sales

> Product mix with higher margin

(without Globex)

25.2%

24.8%

25.4%

24.7%

General Merchandise

10.8%

2,803

12.3%

1,397

2Q10

and

Perishables

3,106

1,569

2Q11

1H10

1H11

11.9% 14.8% Cash & Carry1

1 Cash-and-carry

Aligned with the strategy of conversion to Extra Supermercado, which allocates larger area for these categories

operation share in GPA Food net sales.

32

GPA FOOD

OPERATING EXPENSES OF R$ 1.1 BN IN THE 2Q11 Operating Expenses (without Globex)

18.6%

1,047

(R$ mn)

% of Net Sales

18.5%

> Maintenance of the same level of operating expenses as a percentage of net sales in 2Q10

1,150

Creation of the Management Control with the administration of the expenses groups 2Q10

2Q11

33

GPA FOOD

EBITDA MARGIN OF 6.7% IN 2Q11 EBITDA (R$ mn) (without Globex)

6.2%

% of net sales

6.7%

6.5%

> The expansion reflects: 6.9%

13.2%

743

19.7%

350

419

2Q10

2Q11

1H10

841

> Increase in gross margin – greater sales of higher aggregated margin items > Expenses dilution – increase in a lower rate than sales and gross profit

1H11

11.9% 14.8% Cash & Carry1

The reclassification of „profit sharing‟, which now impacts the EBITDA, represents 20 bps of margin, which would be 6.9% in the quarter 1 Cash-and-carry

operation share in GPA Food net sales.

34

GPA FOOD

NET FINANCIAL EXPENSE KEEPS REPRESENTING 2.7% OF SALES > Maintained level of 2.7% of net sales, despite the higher Selic rate

Net Financial Expense (without Globex)

% of net sales

2.7%

2.7%

162

166

1Q11

2Q11

> Breakdown: > 1.1%: Charges on bank net debt (R$67.6 mn)

(R$ mn)

> 0.6%: Charges of discounted receivables (R$34.3 mn) > 1.0%: Adjustment by CDI of other assets and liabilities(R$64.4 mi)

35

ELECTRONICS

AGENDA – 2Q11 RESULTS

Specialized Stores E-commerce

B2B

Due to the consolidation of Casas Bahia’s results as of November, 2010, we use the 1Q11 as a reference for better comparison. Expenses from “profit sharing”, previously recognized after “operating profit before income tax”, are now recognized in the “general and administrative expenses” line, as part of the adjustment to the new accounting standards (IFRS).

36

PERSPECTIVE OF THE CONSUMER ELECTRONICS MARKET IN BRAZIL Market with high growth rate for electronics, home appliances and furniture >

>

>

>

>

Increasing access to credit Urban population growth and reduction of electric exclusion – “Programa Luz para Todos” (Light for All Program) Maturation of the age pyramid with more participation of the economically active population in total population Higher real incomes in all social classes - especially with the growth of “C” class Lower unemployment level – with increase in the number of women in the work place 37

GLOBEX 2Q11 HIGHLIGHTS > Positive results of the integration process: > Commercial margin gains > Control of non-interest-bearing sales and increased interest-bearing sales > Maintenance of financial expense

> Return of organic growth (12 new stores)

The Company will consistently deliver the guidance presented to the market

38

GLOBEX 2Q11 HIGHLIGHTS > Nova Pontocom (2Q11 vs 2Q10): > Sales 1 : growth of 58.0% > 50% higher than the market growth > Highlight for CasasBahia.com.br, 3-digit growth

> EBITDA: growth above 50% > Margin between 6% and 7%

> SAC 2.0 > Logistics 2020

(1) In addition to the PontoFrio.com.br and Extra.com.br websites and the wholesale operation, this figure includes the pro-forma of CasasBahia.com.br and is the basis for the guidance given for the year.

39

GLOBEX 2Q11 HIGHLIGHTS Before

40

GLOBEX 2Q11 HIGHLIGHTS After

41

GLOBEX

NET SALES OF R$ 5.0 BN, SAME-STORE CLIMB BY 17.6% Net Revenue

> Same-store growth vs. 2Q10:

(R$ mn)

Globex

> Even vs. World Cup period (2Q10)

3.2%

4,884

5,041

1Q11

2Q11

> Control of non-interest-bearing sales and increased interest-bearing sales

Bricks-andmortar:

HIGHLIGHTS

e-commerce :

+8.1%

SAME-STORE gross sales

+39.4%

1

1

Comparable basis (Casasbahia.com.br and wholesale are not included)

42

GLOBEX

GROSS PROFIT OF R$ 1.4 BN IN THE 2Q11, MARGIN OF 28.1% Gross Profit Globex

(R$ mn) % of Net Sales

28.1%

26.9% +8.1%

1,312

> Gains in commercial efficiency: > Better price policy > Better commercial conditions associated with a better product mix

1,418

Reduction of logistics expenses : Result of the combination of two operations under a single structure 1Q11

2Q11

43

GLOBEX

OPERATING EXPENSES REPRESENTED 23.7% OF NET SALES IN THE 2Q11 > Maintenance of the expenses level > Impact of non-recurring items (R$ 25.7 mn): > Software maintenance agreement, R$11.5 mn > Adjustment of benefits and charges R$10,0 mn > Adjustment of provisions for profit sharing, R$4.2 mn

> Excluding the items above, expenses would have come to 23.2% of net sales „Profit sharing‟ is now considered Operating Expense under IFRS

Operating Expenses Globex

(R$ mn)

% of Net Sales Adjusted by non-recurring items

23.6%

23.7% 23.2%

1.151

1.196

1Q11

2Q11

> The process of synergies gains in expenses advances in the 2H11 44

GLOBEX

EBITDA OF R$ 222 MN IN THE 2Q11, WITH MARGIN OF 4.4% EBITDA (R$ mn) % of Net Sales Adjusted by IFRS

Globex

5.0%

3.6% 3.3%

+38.2%

4.4%

We reaffirm the margin guidance

222

161

1Q11

EBITDA in 2011:

Reclassification of „profit sharing‟, which starts to impact EBITDA, represents 0.6% of the margin 2Q11

> Advance in EBITDA margin > Gross margin increase

2011 EBITDA Margin guidance, now in IFRS basis, is equivalent to margin between 4.0% and 5.5% 45

GLOBEX

NET FINANCIAL EXPENSE REPRESENTED 3.4% OF NET SALES Net Financial Expense1 Globex

> Maintenance of financial expenses level, even with the Selic increase in the period

(R$ mn)

% of net sales

> Maintenance in the average payment period

5.9% 4.9%

3.4%

3.4%

> Greater use of FIDC (Nova Pontocom) > Increase in the share of interestbearing sales

3Q10

4Q10

1Q11

2Q11

The financial expense as net sales percentage remains below the guidance for 2011 (between 3.5% and 4.5%)

1 NCB is included as of November, 2010.

46

GPA FOOD

AGENDA – 2Q11 RESULTS Supermarkets

Proximity

Cash & Carry

Gas Stations and Drugstores

ELECTRONICS

Hypermarket

Specialized Stores E-commerce

B2B

47

GRUPO PÃO DE AÇÚCAR

FIC IN 2Q11

Private label share in sales Globex

% of net sales

15.1%

13.4%

10.5%

9.3% 4.1%

4.6%

1Q11

2Q11

No interest 1

With interest

The best credit tool:

> Equity income result: R$ 2.7 mn in 2Q11 > GPA Food: R$ (1.0) mn > Globex (Ponto Frio): R$ 3.7 mn > The change into cards with chip generated R$9.2 mn (non-recurring)

Globex interest-free sales represented in the 2Q11 less than 50% of sales

> Longer term > Lower comission cost > Discount of receivables at FIDC cost 48

GRUPO PÃO DE AÇÚCAR

2Q11 CONSOLIDATED NET RESULT Adjusted Net Income

> Adjusted net income grows by 70.2%, totaling R$158 mn

(R$ mn)

% of net sales

1.3% +70.2%

1.4%

> Considering non-recurring effects with REFIS, adoption of IFRS and integration expenses

158

> Operational strengthening and EBITDA margin advance in Food > Recovery of the Globex’s operation, which comes close to break-even

93

> Accounting net income climbs by 64% (R$56 mn in the 2Q10 to R$91 mn)

2Q10

> Growth despite the increase in financial expenses (Selic advances from 10.25% to 12.25% p.a.1)

2Q11

1 End of period.

49

GRUPO PÃO DE AÇÚCAR

CONSOLIDATED NET DEBT Evolution of Consolidated Net Debt (R$ bn)

> The reduction on net debt is associated with: > Reduction of debt in Globex’s operation

2.3

2.0

1Q11 1.05x

> Debt level maintenance in GPA Food

2Q11 0.81x

Net Debt / EBITDA

50

GRUPO PÃO DE AÇÚCAR

2Q11 INVESTMENTS

1H11

New stores and lands

R$ 21.7 mn

R$ 84.4 mn

Renovations and conversions

R$ 88.6 mn

R$ 224.9 mn

Infrastructure and other

R$ 95.4 mn

R$ 145.4 mn

R$ 205.7 mn

R$ 454.8 mn

New stores and lands

R$ 10.5 mn

R$ 26.2 mn

Renovations and conversions

R$ 17.9 mn

R$ 20.2 mn

Infrastructure

R$ 40.4 mn

R$ 52.2 mn

Total

> Fleet > Technology

R$ 15.9 mn R$ 24.5 mn

Other

R$ 15.3 mn

Total

R$ 84.1 mn

R$ 19.4 mn R$ 32.7 mn

R$ 19.4 mn

R$ 118.0 mn

> 10 CompreBem to Extra Supermercado > 1 CompreBem to Extra Hipermercado > 1 Sendas to Extra Supermercado

1H11: +03 stores, 35 conversions

12 new stores

ELECTRONICS

GPA FOOD

2Q11

STORES

12 conversions

AMOUNT INVESTED

> 9 Casas Bahia > 3 Ponto Frio

1H11: +12 traditional stores 51

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

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MAIN ECONOMIC INDICATORS

2009 Interbank Deposit Certificate (CDI)

9.88%

General Price Index - Market (IGP-M) IPCA Federal Government Long-Term Interest Rate (TJLP)

Basic Selic Rate Copom Dollar Exchange Rate - in R$ Dollar Exchange Rate - variation in 12 months

Last 12 months (jul/10 - jun/11) 9.75% 11.05%

2010

-1.72%

11.32%

8.64%

4.3% 6.2%

5.9% 6.0%

6.7% 6.1%

Dec 2009

Dec 2010

Jun 2011

8.75% 1.74

10.75% 1.67

12.25% 1.56

-25.5%

-4.3%

-13.3%

Source: CDI, IGP-M and IPCA: FGV / Selic and Dólar: Bacen / TJLP: BNDES

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CONTACT – INVESTOR RELATIONS Grupo Pão de Açúcar (GPA) Globex Utilidades S.A. Investor Relations Team

Phone: +55 (11) 3886-0421 Fax: +55 (11) 3884-2677 [email protected] www.gpari.com.br

> 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).

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