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SANTANDER CONSUMER DAYSANTANDER CONSUMER DAY

12 / 09 / 200512 / 09 / 2005

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The CompanyThe Company Founded in 1929 (76 years old)Founded in 1929 (76 years old)

R$ 2.9 billion Gross Revenue in 2004R$ 2.9 billion Gross Revenue in 2004

Prominent position inProminent position in Brazil’s discount retail Brazil’s discount retail

sectorsector

Leading position in the Internet Leading position in the Internet

(Americanas.com)(Americanas.com)

Personal loans and consumer credit offeringPersonal loans and consumer credit offering

Three Distribution CentersThree Distribution Centers

8.7 thousand employees 8.7 thousand employees

Best Retailer of the year 2004:Best Retailer of the year 2004: Revista Exame - “Melhores e Maiores”Revista Exame - “Melhores e Maiores” Forbes Brasil - “Platinum List 200”Forbes Brasil - “Platinum List 200”

Folha de São Paulo “Top of Mind 2005”Folha de São Paulo “Top of Mind 2005”

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Five Main Fronts of GrowthFive Main Fronts of Growth

LOJAS AMERICANAS S.A.LOJAS AMERICANAS S.A.

AAMMEERRIICCAANNAASSEExxpprreessss

Department Store - 192 stores

174 traditional - avg. size 1,500 m2

18 express - avg. size 500 m2

Customer Profile: 77% women

700,000, up to 1.5 MM customers/day in the events

Average Ticket: R$ 22.1

Items/skus

Traditional: 50 thousand items/skus

Express: 15 thousand items/skus

Ecommerce

(Internet/telephone sales)

Brazil - 1st. in sales

3 MM Customers

170 thousand items

Credit Company

212 points of sales

Personal Loans/Credit

Joint-venture w/Banco Itaú

Catalogue

Internet

TV channel

(reaches 14MM

antennas)

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Lojas Americanas GroupLojas Americanas Group

Express Stores

Compact area, selected assortment

Traditional Stores

Founded 76 years ago - prominent position among

the country's biggest retail networks

“Great brands, Low prices, Every day”

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Lojas Americanas GroupLojas Americanas Group

Distribution Centers

Conceived and built in accordance with the most modern logistical concepts

Americanas.com

The country’s foremost e-commerce portal

“The right product, at the right time, in the appropriate quantity”

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Lojas Americanas GroupLojas Americanas Group

Shoptime

Complementary Assortment

TV Channel, Internet and Catalogues

Americanas Taií

Personal Loans, Consumer Credit, Private Label and Co-branded Cards

“We Always Want More”

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foodfood(convenience)(convenience)

beautybeauty

householdhousehold leisureleisure

childrenchildrenlingerie

cosmeticsfragrances

socks&kerchiefsmake-up

Store Lay-Out: The WORLDS’ ConceptStore Lay-Out: The WORLDS’ Concept

cookies, chocolates & candiesEaster & Christmas CDs & DVDsstationer’sbirthday accessories

toyschildren’s clothingbabies clothingbaby accessoriesdiapers

bed&bathdecoration/presents

electric appliancekitchensports

snack barbakery

grocerygreengrocers

shoes & luggageclothes complementadult clothingjeans

OUR OUR WORLDSWORLDS

The assortment The assortment is grouped is grouped

according to its according to its final use .final use .

clothingclothing

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Uses of CashUses of Cash

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60.0 14.6

87.2 86.5 89.2

6.1

28.5

0.4

18.135.3

2001 2002 2003 2004 2005

Total Total

2001-2005:2001-2005:

R$ 425.9 MMR$ 425.9 MM

Uses of CashUses of Cash Expansion Program and Expansion Program and

InvestmentsInvestmentsTechnology and OperationsTechnology and Operations Store openings and remodelingStore openings and remodeling People - capacitating the associatesPeople - capacitating the associates

Share Buy-Back and Dividends Share Buy-Back and Dividends

ProgramProgram EVA EVA ® ® OrientedOriented

Dividends Payment and Share Buy-back Program (R$ million)

Dividends Payment

Share Buy-back

Store Opening Evolution

Stores openedStores programmed

Stores negotiation

** Up to SeptemberUp to September** Paid in October** Paid in October

**

****

37

16

47

35

2001 2002 2003 2004 2005 2006

?

13

36

1

10

Expansion Expansion

ProjectProject

11

101

18AAMMEERRIICCAANNAASS

EExxpprreessss

Southeast

25

South

15

Midwest

27

Northeast2

North

Sales Area (thousand m2)

174 322.0 18 8.1

68% of stores located in Shopping Malls

AAMMEERRIICCAANNAASSEExxpprreessss

Number of Stores

Lojas Americanas - Store LocationsLojas Americanas - Store Locations

1.0%14.1%

9.9%

62.0%

13.0%

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Gávea - RJ - Express Gávea

Niterói - RJ - Express Bay Market

Rio de Janeiro - RJ - Express C. de Bonfim

Rio de Janeiro - RJ - Express Oleg. Mac.

Barueri - SP - SHC Tamboré

Campinas - SP - Express Sh. Unimart

Guaratinguetá - SP - Shopping Buritis Guará

Guarulhos- SP - Internacional Sh. Guarulhos

Guarulhos- SP - Express Poli Shopping Center

Osasco - SP - Express Osasco Super Sh.

Santo André - SP - SHC Santo André

São Paulo - SP - Express Joaquim Nabuco

São Paulo - SP - Sh. Jardim Sul

São Paulo - SP - Sh. Butantã

São Paulo - SP - Express Alameda Santos

São Paulo - SP - Sh. SP Market

Itaim - SP - Express Joaquim Floriano

Sorocaba - SP - Express XV de Novembro

Taubaté - SP - Express Taubaté

Taboão da Serra - SP - Sh. Center Taboão

Juiz de Fora - MG - Alameda Mall

Contagem - MG - Itaú Power Shopping

Belo Horizonte - MG - Sh. Pátio Savassi

Poços de Caldas - MG - SHC Minas Sul

Madureira - RJ - Sh. Madureira

Northeast Region

Southeast Region

Middle-West Region

South Region

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6

Natal - RN

Campina Grande - PB

Pernambuco - PE - SHC Caruaru

Feira de Santana - BA - Sh. Center Iguatemi

Shopping Orla Sul - RN

Rio Grande do Sul - RS - Canoas SHC

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Stores Expansion 2005Stores Expansion 2005

1 storeDec. 05

5

36 stores opened

Brasília - DF - Pátio Brasil Shopping

Brasília - DF - Águas Claras Shopping

Brasília - DF - Sobradinho Shopping

Anápolis - GO - Anápolis Rua(Convencional)

Goiânia - GO - SHC Araguaia

Taguatinga - DF - Alameda Taguatinga

2006 2006 13 stores 13 stores

programmedprogrammed

SE = 5 (SP / RJ / MG)

NE = 4 (PE / RN / MA)

S = 3 (SC / PR)

CW = 1 (MT)

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Expansion - Americanas Taií Expansion - Americanas Taií

FACILITAFACILITA AMERICANAS TAIÍAMERICANAS TAIÍ

J.V. WITH BANCO ITAÚ (50.0%)J.V. WITH BANCO ITAÚ (50.0%)

212 Points of Sales (20 Own Stores)

Personal Loans

July 4th - All stores operating with Americanas Taií system

Oct - All stores with new environment

Private Label and Co-branded Card launch

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Acquisition value: R$ 114.6 millionAcquisition value: R$ 114.6 million

Shoptime Gross Revenues in 2004: R$187 MMShoptime Gross Revenues in 2004: R$187 MM

Synergies and Best PracticesSynergies and Best Practices

First Synergies captured: R$ 49 million (DCF)First Synergies captured: R$ 49 million (DCF)

Best practices exchange will benefit both companiesBest practices exchange will benefit both companies

Logistics, purchases, back-office, working capitalLogistics, purchases, back-office, working capital

Maintain two separate brandsMaintain two separate brands

Complementary Business:Complementary Business: internet, TV channel and catalogue internet, TV channel and catalogue

Shoptime Acquisition Shoptime Acquisition

www.shoptime.com.br

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ResultsResults

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Results 3T05Results 3T05

ProfitabilityProfitability

Consolidated EBITDA grew 17.9% over 3Q04Consolidated EBITDA grew 17.9% over 3Q04

Stable EBITDA margin (10.2%) vs. 3Q04 (10.3%)Stable EBITDA margin (10.2%) vs. 3Q04 (10.3%)

Net Income - up 73% vs. 3T04Net Income - up 73% vs. 3T04

Greater Operating EfficiencyGreater Operating Efficiency

Operating expenses fell 70 basis points compared to 3Q04Operating expenses fell 70 basis points compared to 3Q04

Gross revenues per associate went up 7.3%Gross revenues per associate went up 7.3%

ExpansionExpansion

8 store openings in 3Q05 and 3 more since then8 store openings in 3Q05 and 3 more since then

Scheduled openings: +18 stores before November 30Scheduled openings: +18 stores before November 30

Total number of stores by 2005 year-end: 193 (+ 37 stores vs. Total number of stores by 2005 year-end: 193 (+ 37 stores vs. 2004)2004)

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29.630.5

30.129.3

28.3

3Q01 3Q02 3Q03 3Q04 3Q05

2,325

1,949

2,949

1,765 1,918

2,325

1,693

2000 2001 2002 2003 2004 9M04 9M05

Gross Revenue (R$ million)

Gross Margin (%NR)

29.6 30.5 30.9

28.1 29.5 30.2

25.2

2000 2001 2002 2003 2004 9M04 9M05

Year

Year

Gross Revenue and MarginGross Revenue and Margin

Quarter

26.8%26.8% 19.0%19.0%

0.7 pp0.7 pp

Quarter

0.9 pp0.9 pp

797.6

427.0

537.1

670.4

400.8

3Q01 3Q02 3Q03 3Q04 3Q05

19.3%19.3%

0.9 pp0.9 pp

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19.6 20.1 18.9

22.5 20.8

19.0

25.9

2000 2001 2002 2003 2004 9M04 9M05

Year

132.6 120.1

224.0

55.6

107.9

175.0

(24.2)

2000 2001 2002 2003 2004 9M04 9M05

28.0%28.0%

Operating Results (R$ million)

Year

0.1 pp0.1 pp

0.7 pp0.7 ppQuarter

Operating Expenses and ResultsOperating Expenses and Results Sales, General and Administrative Expenses (%NR)

Quarter

19.520.220.521.922.1

3Q01 3Q02 3Q03 3Q04 3Q05

46.739.6

32.7

20.311.5

3Q01 3Q02 3Q03 3Q04 3Q05

17.9%17.9%10.4%10.4%

0.5 pp0.5 pp

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FAI / FAI /

ShoptiShopti

meme

EBITDA (R$ million e % NR) Year

0.9 pp0.9 pp

Year

127.9

18.6

(19.9)

115.9 103.1

57.1 64.1

2000 2001 2002 2003 2004 9M04 9M05

Net Income (R$ MM)

Quarter

EBITDA and Net IncomeEBITDA and Net Income

Quarter

20.1

28.8

42.9

52.6

62.0

9.6%8.8% 10.3% 10.2%7.6%

3Q01 3Q02 3Q03 3Q04 3Q05

13.0

7.5

20.218.4

12.5

3Q01 3Q02 3Q03 3Q04 3Q05

178.1157.8

274.7217.6

142.8

90.1

8.0

10.1%10.4%

0.6%

12.1%11.2%

6.2%9.1%

2000 2001 2002 2003 2004 9M04 9M05

17,9%17,9%0.3 pp0.3 pp

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INVENTORIES X sep/05 sep/04 Var.SUPPLIERS R$ million R$ million R$ million

Inventories 503.3 455.3 48.0

Suppliers 538.3 470.9 67.4

Financing 35.0 15.6 19.4

Working Capital and IndebtednessWorking Capital and Indebtedness

WORKING CAPITAL

INDEBDETNESS

Consolidated Indebtedness09/30/2005 09/30/2004

Loans and Financing 439.5 251.5Short-term debentures 12.5 7.1

Short-term debt 452.0 258.6Loans and Financing 498.9 409.4Long-term debentures 199.9 215.2

Long-term Debt 698.8 624.6Gross Indebtedness 1,150.8 883.2Cash and Banks 28.7 28.7Investments 629.9 429.7Credit cards (receivable from customers) 448.5 328.5Total cash available 1,107.1 786.9Indebtedness Cash / Net Cash (43.7) (96.3)

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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.