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EARNINGS RESULTS 3Q10

CONSOLIDATED EBITDA GROWTH OF 31.4% “SAME STORES” NET REVENUES GROWTH OF 12%

NET INCOME OF R$ 58.8 MILLION IN 3Q10 AND OF R$ 150.8 MILLION IN 9M10 70 NEW STORES SCHEDULED FOR OPENING IN 2010

(RESTATEMENT)

Rio de Janeiro, November 4, 2010 – Lojas Americanas S.A. [BOVESPA: LAME3 (common) and LAME4 (preferred)], the company that is one of the leading retail chains in Brazil, with 506 stores as of today and a presence in 23 states plus the Federal District, today announced its results for the 3rd quarter of 2010 (3Q10). The accounting information included in the Quarterly Information that follows, except where otherwise indicated, is presented according to the rules of the Brazilian Securities Exchange Commission (CVM) and in Reais (R$), and the comparisons refer to the 3rd quarter of 2009 (3Q09).

Consolidated Gross Revenues (R$ million)

670 7981,124

1,7682,194 2,294

2,558

3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10

CAGR = 25.0%

19.718.7

17.5

19.819.520.2 20.5

3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10

Consolidated Operational Expenseswithout Depreciation & Amortization

(%NR)

Consolidated Operating Income(R$ million)

71.2

183.4

249.6

111.8

39.6 46.7

146.9

3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10

CAGR = 35.9%

52.6 62.093.1

143.7

201.8 217.8

286.2

11.0 %12 .1%

10 .9 %11.0 %10 .2 %10 .3 %

12 .8 %

3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10EBITDA (R$ M M ) EBITDA (% NR)

Consolidated EBITDA

CAGR = 32.6%

OPERATIONAL AND FINANCIAL HIGHLIGHTS

Restatement3Q10 3Q09 Var. (%) Financial Highlights (R$ MM) 3Q10 3Q09 Var. (%)

2,558.0 2,294.3 11.5% Gross Revenues 1,421.5 1,241.0 14.5%2,229.2 1,980.4 12.6% Net Revenues 1,202.6 1,032.5 16.5%675.8 587.2 15.1% Gross Profit 348.7 298.1 17.0%30.3% 29.7% +0.6 p.p. Gross Margin (%NR) 29.0% 28.9% +0.1 pp286.2 217.8 31.4% EBITDA 162.9 121.4 34.2%12.8% 11.0% +1.8 p.p. EBITDA Margin (%NR) 13.5% 11.8% +1.7 p.p.58.8 8.5 591.8% Net Income 53.2 2.3 2213.0%2.6% 0.4% +2.2 p.p. Net Margin (%NR) 4.4% 0.2% +4.2 p.p.

Parent CompanyConsolidated

Executive Summary 3Q10 – Comparison to 3Q09:

• Growth in consolidated net revenues (NR) of 12.6% and 16.5% in the Parent Company;

• Growth of “same stores” net revenues of 12% during the third quarter of the year and 11% in 9M10;

• Operating expenses (sales and general/administrative) of 17.5% of the NR in the consolidated results and 15.4% of the Parent Company’s NR, representing a reduction of 1.2 percentage point (p.p.) in the consolidated results and a reduction of 1.7 p.p. for the Parent Company;

• Consolidated EBITDA of R$286.2 million or 12.8% of the NR, equivalent to 31.4% growth. For the Parent Company, EBITDA was R$ 162.9 million or 13.5% of the NR, representing growth of 34.2%;

• Consolidated Net Income of R$ 58.8 million, compared to R$ 8.5 million in 3Q09, which represents a gain of 2.2 p.p. in the consolidated net margin. Parent Company Net Income of R$ 53.2 million, compared to R$ 2,3 million in 3Q09, which represents a gain of 4.2 p.p in the Parent Company’s net margin;

• Working capital (Parent Company) - improvements of 19 days in net working capital;

• B2W – Growth of 8% in the consolidated gross revenues and 15% in consolidated EBITDA in 3Q10;

• FAI - Financeira Americanas Itaú (FAI) closed the third quarter of 2010 with about 2.7 million cards issued and R$ 944 million in volume of receivables. At the end of September, the share of final FAI cards (private label and co-branded) reached 15% of the Parent Company’s sales;

• “SEMPRE MAIS BRASIL” program totally in line: 35 stores opened and 35 stores programmed to open in 2010.

• Charts – “3Q” means the third quarter of each year. • Only the 3Q09 and 3Q10 data are presented according the IFRS. • The historic data are in compliance with the corporate norms in effect for each period.

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Multichannel Retail Structure: Clients are served through bricks-and- mortar stores, Internet, telephone, catalogues, TV and kiosks. Financial services are offered through FAI.

MULTICHANNEL RETAIL STRUCTURE Lojas Americanas operates through a multichannel service structure. In addition to the bricks-and-mortar store chain, the Company reaches customers with a wide range of products and services sold via Internet, telephone, catalogs, TV and kiosks. B2W – Companhia Global do Varejo, the result of the merger of Americanas.com and Submarino in 2006, has a portfolio that includes the Americanas.com, Submarino, Shoptime, Blockbuster Online, Ingresso.com, Submarino Finance and B2W Viagens brands, which offer more than 30 categories of products and services through the Internet, telephone sales, catalogues, TV and kiosk distribution channels. Lojas Americanas’ stake in B2W at the close of the third quarter of 2010 was 56.60%. It is also worth mentioning the participation in Financeira Americanas Itaú (FAI), a joint venture with Banco Itaú, responsible for offering credit and financial products to clients. The following organizational chart illustrates the integrated approach of Lojas Americanas:

Multichannel Retailer

Bricks - and -Mortar

Ecommerce, Telephone Sales, Catalogues,

TV and kiosks.

Participation: 56.60% Results Consolidation: 100%

Financial Products

Participation: 50% Results Consolidation: 50%

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GENERAL CONSIDERATIONS We are presenting the performance comments relative to the third quarter of 2010 of the Parent Company (Lojas Americanas) and the consolidated operations (Lojas Americanas, subsidiaries and jointly-controlled company). In 2010, until the end of September, we inaugurated 26 new stores. Besides the stores inaugurated by the end of the third quarter, we opened nine more stores and we have 35 additional openings scheduled for 2010. For 2011, we already have more than 50 stores in advanced levels of negociation, which demonstrates the commitment of the Company to continue its organic expansion process, generating value for its shareholders. The Company continues its operational strategy of preservation of cash and the first nine months of 2010, as was the year of 2009, was characterized by a better combination between the growth of sales, profitability, working capital and the Company’s capital structure.

Evolution of Sales Area x Number of storesPosition at September 30

266

311

350

418

457

496526

130Stores

172Stores

214Stores

381Stores

430Stores

468Stores

497Stores

sept/04 sept/05 sept/06 sept/07 sept/08 sept/09 sept/10

Sale

s Ar

ea (t

hous

and

m²)

Num

ber o

f Sto

res

It is important to mention, for analysis of the Company’s margins as a percentage of net revenues (NR), that the ICMS Tax Substitution Regime (ST) took effect in some Brazilian states, mainly in the state of São Paulo – where most of our suppliers are located and where we have 192 stores. The ST, which changes the way the ICMS is collected for some product segments, registers the tax as Cost of Goods Sold (COGS) rather than as a tax on sales.

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Consolidated Gross Revenues of R$ 2.558 billion in 3Q10

OPERATING PERFORMANCE Gross Revenues

In the third quarter of 2010 (3Q10), the Company’s consolidated gross revenues totaled R$ 2.558 billion, representing growth of 11.5% over the same period of 2009 (3Q09). From the Parent Company’s point of view, gross revenues totaled R$ 1.422 billion in 3Q10, compared to R$ 1.241 billion in 3Q09, the equivalent to a 14.5% increase. Third quarter

Consolidated Gross Revenues (R$ million)

670 7981,124

1,7682,194 2,294

2,558

3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10

CAGR = 25.0%

Parent Company Gross Revenues (R$ million)

547 585722

8881,093

1,2411,422

3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10

CAGR = 17.3%

Accrued through September Consolidated Gross Revenues

(R$ million)

1,949 2,3253,199

5,1436,404 6,682

7,402

9M04 9M05 9M06 9M07 9M08 9M09 9M10

CAGR = 24.9%

Parent Company Gross Revenues (R$ million)

1,637 1,761 2,1462,666

3,2603,742

4,177

9M04 9M05 9M06 9M07 9M08 9M09 9M10

CAGR = 16.9%

Consolidated Gross Revenues per Associate In 3Q10, consolidated gross revenues per Associate reached R$ 159.2 thousand, an increase of 7.7% over 3Q09.

Consolidated Gross Revenues per Associate (R$ thousand)

101.0

147.8 159.2139.5

82.376.2112.2

3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10

CAGR = 13.1%

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12% growth of “same stores” Net Revenues in the 3Q10 period vs. 3Q09

Net Revenues In 3Q10, consolidated net revenues of Lojas Americanas and its subsidiaries were R$ 2.229 billion, compared to the R$ 1.980 billion reported in 3Q09, the equivalent to a 12.6% increase. The Parent Company’s net revenues in 3Q10 totaled R$ 1.203 billion, compared to the R$ 1.033 billion reported in 3Q09, the equivalent to a 16.5% increase. In the “same stores” concept, the growth of net revenues in the third quarter of 2010 over 3Q09 was 12%. Gross Profit Consolidated gross profit in 3Q10 was R$ 675.8 million. The consolidated gross margin in 3Q10 was 30.3% of net revenues (NR), compared with a 29.7% margin posted in 3Q09. The Parent Company’s gross margin in 3Q10 was 29.0% of the NR, 0.1 p.p. higher than the reported in the 3Q09. In 2010, as well as during 2009, new categories were introduced into the tax substitution regime, mainly in the state of São Paulo, which affects the gross margin because under the tax substitution regime, the ICMS tax incurs on the Cost of Goods Sold (COGS) and no longer on the tax on sales line item. Analyzing the gross margin over gross revenues, in order to expunge the tax substitution effect, the Parent Company gross margin in 3Q10 was 24.5%, compared to 24.0% in 3Q09, which represents a 0.5 p.p. gain between the periods.

259.7

587.2675.8

414.9

155.7 180.3

531.5

3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10

Consolidated Gross Profit(R$ Million)

168.8

298.1348.7

272.0

139.5123.6209.4

3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10

Parent Company Gross Profit(R$ Million)

30.5 29.6 30.7 31.4 31.929.7 30.3

3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10

Consolidated Gross Margin (%NR)

30.0 28.9 29.030.530.129.4 30.0

3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10

Parent Company Gross Margin (%NR)

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3Q10 vs. 3Q09 – Growth of 36.1% in the consolidated operating income

Operating Expenses

In 3Q10, the consolidated operating expenses (selling and general/administrative) totaled R$ 389.6 million, or 17.5% of net revenues (NR), compared to R$ 369.4 million, or 18.7% of NR in 3Q09. It must be taken into consideration in this analysis the opening of 35 stores over the past 12 months, the evolution of sales through our e-commerce operations, which grew 8% during the third quarter of 2010, and Financeira Americanas Itaú, which grew its receivables portfolio by 45.5%, reaching R$ 944 million (50% consolidated in Lojas Americanas). From the Parent Company point of view, the operating expenses (selling and general/administrative) totaled R$ 185.8 million in 3Q10, or 15.4% of NR, a reduction of 1.7 p.p. (%NR) compared to 3Q09.

19.718.7

17.5

19.819.520.2 20.5

3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10

Consolidated Operational Expenseswithout Depreciation & Amortization

(%NR)20.0

17.1 15.420.020.1 20.2 18.8

3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10

Parent Company Operational Expenseswithout Depreciation & Amortization

(%NR)

Operating Income

In 3Q10, the consolidated operating income* was R$ 249.6 million, representing an increase of 36.1% over 3Q09. 3Q10’s operating margin (%NR) rose by 1.9 p.p. over 3Q09 (%NR). The evolution of the operating performance of Lojas Americanas and its subsidiaries over the past six years presented a compound annual growth rate (CAGR) of 35.9%, which indicates that the Company’s strategy is converging towards the consolidation of the competitive advantages and has been adding opportunities for increasing profitability in the long-term. The Parent Company’s operating income in 3Q10 was R$ 136,0 million, the equivalent to an increase of 46,7% when compared to 3Q09. The operating margin (%NR) rose 2.3 p.p. over 3Q09 (%NR).

Consolidated Operating Income(R$ million)

71.2

183.4

249.6

111.8

39.6 46.7

146.9

3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10

CAGR = 35.9%

Parent Company Operating Income(R$ million)

39.2

92.7

136.0

47.728.3 33.6

72.0

3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10

CAGR = 29.9%

* Operating Income before Financial Income, Equity Accounting and Other operating revenues (expenses).

7 / 22

EBITDA In 3Q10, the consolidated EBITDA* totaled R$ 286.2 million, representing 31.4% growth over the same period of 2009. The consolidated EBITDA margin was 12.8% of net revenues in 3Q10 compared to 11.0% of NR in 3Q09. In 3Q10, the Parent Company’s EBITDA totaled R$ 162.9 million, the equivalent to a 34.2% increase over the same period of 2009. The Parent Company’s EBITDA margins for the period was 13.5%, 1.7 p.p. higher than that presented in 3Q09. The EBITDA by company is presented in the following table:

Restatement 3Q10 %NR 3Q09 %NR Var. ($) Var. (%)

EBITDA 286,2 12,8% 217,8 11,0% 68,4 31,4%

LOJAS AMERICANAS 162,9 13,5% 121,4 11,8% 41,5 34,2%B2W 127,7 12,1% 111,0 11,4% 16,7 15,0%FAI, BWU AND OTHERS (4,4) - (14,6) - 10,2 -69,9%

It is important to observe that the EBITDA has grown constantly at a pace that is higher than the increase registered by gross revenues. During the period comprising 3Q04 and 3Q10, the compound annual growth rate (CAGR) in the consolidated EBITDA was 32.6%, compared to a rate of 25.0% in consolidated gross revenues. For the Parent Company, in the same period the CAGR was 26.9% in the EBITDA and 17.3% in Gross Revenues. Third quarter

52.6 62.093.1

143.7

201.8 217.8

286.2

11.0 %12 .1%

10 .9 %11.0 %10 .2 %10 .3 %

12 .8 %

3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10EBITDA (R$ M M ) EBITDA (% NR)

Consolidated EBITDA

CAGR = 32.6%

39.0 46.1 56.170.1

104.5121.4

162.9

13 .5%

9 .3 % 10 .0 % 10 .0 % 10 .1%

11.7% 11.8 %

3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10EBITDA (R$ M M ) EBITDA (% NR)

Parent Company EBITDA

CAGR = 26.9%

Accrued through September

157.8 178.1249.2

402.9532.0

615.8

768.8

11.1%11.0 %10 .5%10 .3 %10 .1%10 .4 %

11.9 %

9M04 9M05 9M06 9M07 9M08 9M09 9M10EBITDA (R$ M M ) EBITDA (% NR)

Consolidated EBITDA

CAGR = 30.2%

123.8 123.9 154.1197.6

278.0336.5

425.8

12 .1%

9 .7% 9 .0 % 9 .2 % 9 .5%10 .6 %

10 .9 %

9M04 9M05 9M06 9M07 9M08 9M09 9M10EBITDA (R$ M M ) EBITDA (% NR)

Parent Company EBITDA

CAGR = 22.9%

* EBITDA – Earnings before interest, taxes, depreciation and amortization and excluding other operating revenues/expenses – is presented as additional information because we believe it represents an important indicator of our operating performance, as well as being useful for the purpose of comparison of our performance with that of other retail sector companies. However, no number should be considered by itself as a substitute for net income calculated according to Brazilian Corporate Law and the rules of the Brazilian Securities Exchange Commission (CVM) or, furthermore, as a measure of the profitability of the Company. Moreover, our calculations may not be compatible with similar measures adopted by other companies.

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19 days improvement in the parent company’s net working capital in 3Q10 vs. 3Q09.

Sales by Means of Payment The sale by means of payment from the first nine months of 2010 and 2009 can be seen in the following table:

9M10 9M09 Chg. 9M10 9M09 Chg.Cash 54% 53% +1 pp 41% 39% +2 ppCheck 1% 1% - 0% 0% -Credit Card 31% 32% -1 pp 46% 51% -5 ppPrivate Label Cards* 14% 14% - 13% 10% +3 pp*Considers the Financeira Americanas Itaú and Submarino Finance private label cards.

Sales by Means of Payment

Mean of Payment Parent Company Consolidated

Working Capital [19 days improvement in net working capital in 3Q10 vs. 3Q09]

To maintain comparability in the analysis, in the old accounting rules the Parent Company’s net working capital in 3Q10 improved by 19 days when compared to the third quarter of 2009. At the end of 3Q10, the net working capital in IFRS was 3 days. The improvement in Lojas Americanas’ net working capital in 3Q10 demonstrates the constant striving to improve our operating processes and the development of partnerships with our suppliers.

Net Working Capital (Parent Company)

3

3528

4

19 169

2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 3Q10IFRS

better

19 days

Days of net working capital: (days of inventories – days of suppliers + days of accounts receivables)

Financial Results

In 3Q10, net financial expenses totaled R$ 139.1 million, from the consolidated viewpoint. In the third quarter of 2009, the same indicator was R$ 140.6 million. From the Parent Company viewpoint, the net financial expenses in 3Q10 totaled R$ 69.5 million against R$ 65.0 million in 3Q09. It is important to emphasize that for better evaluation of the Parent Company’s net financial income, we must consolidate the financial revenues and expenses of the non-operating subsidiaries (Klanil, Louise, BWU and others). Thus, in the following table we present a view of the financial income with the aforementioned effects.

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Breakdown of the Net Financial Income - R$MM 3Q10 3Q09R$ MM %

(+) Interest and monetary variation on money market investments 22.2 9.8 12.4 126.5%

(+) PV adjustment on sales 11.4 7.0 4.4 62.9%

(=) Total Financial Revenues 33.6 16.8 16.8 100.0%

(+) Interest and monetary variation on loans and financing (73.6) (57.4) -16.2 28.2%(+) Monetary variation on tax liabilities (2.7) (3.2) 0.5 -15.6%(+) Bank charges and taxes on financial transactions (5.1) (3.7) -1.4 37.8%

(+) PV adjustment on suppliers (21.7) (17.5) -4.2 24.0%

(=) Total Financial Expenses (103.1) (81.8) -21.3 26.0%

Parent Company Net Financial Result (before non-operating subsidiaries and FAI) (69.5) (65.0) -4.5 6.9%

(+) Net Financial Result of Non-Operating Subsidiaries and FAI 10.2 (0.5) 10.7 -2140.0%

Parent Company Net Financial Result (after non-operating subsidiaries and FAI) (59.3) (65.5) 6.2 -9.5%

(+) B2W Net Financial Result - consolidated (79.8) (75.1) -4.7 6.3%

Consolidated Net Financial Result (139.1) (140.6) 1.5 -1.1%

VariationRestatement

The net financial expenses of the Parent Company in the third quarter of 2010, taking into account the aforementioned effects and before B2W, totaled R$ 59.3 million, representing a reduction of 9.5% when compared with the R$ 65.5 million expenses registered in the third quarter of 2009. The Company continues to reaffirm its commitment to a conservative cash investment policy, manifested through the utilization of hedge instruments in foreign currencies, to offset eventual foreign exchange rate fluctuations, whether relative to financial liabilities or total cash position. These instruments offset the foreign exchange risk, transforming the cost of the debt to local currency and interest rates (as a percentage of CDI*). Similarly, it is worth mentioning that the Company’s cash is invested with Brazil’s largest financial institutions.

* CDI – Interbank Deposit Certificate: average rate of funding through the interbank market. Net Income and Earnings per Share Consolidated net income for the third quarter of 2010 totaled R$ 58.8 million, compared to the R$ 8.5 million reported for the same period of 2009. Net income for the parent company totaled R$ 53.2 million compared to R$ 2.3 million reported in 3Q09. It is important to emphasize that in 3Q10, the consolidated net income per outstanding share (excluding shares in treasury), was R$ 0.08055, significantly higher than the amount presented in the previous year, of R$ 0.01169. The parent company net income per outstanding share (excluding shares in treasury), was R$ 0.07277, significantly higher than R$ 0.00322 presented in the 3Q09. The following table presents the main variations from EBITDA to net income, in the Parent Company:

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RECONCILIATION OF THE NET INCOMER$MM

3Q10 3Q09 Var. ($) Var. (%)

EBITDA 162.9 121.4 41.5 34.2%

(+) Depreciation/Amortization (26.9) (28.7) 1.8 -6.3%(+) Financial Result (Parent Company) (69.5) (65.0) (4.5) 6.9%(+) Equity Accounting (B2W) 7.4 2.9 4.5 155.2%(+) Equity Accounting (FAI) (4.0) (7.9) 3.9 -49.4%(+) Equity Accounting other subsidiaries / Other operat. Income (expenses)* 6.0 (12.2) 18.2 -149.2%(+) Income and social contribution taxes (22.7) (8.2) (14.5) 176.8%

NET INCOME 53.2 2.3 50.9 2213.0%

EARNINGS PER SHARE 0.07277R$ 0.00322R$ 0.06956R$ 2162.5%

OUTSTANDING SHARES 730,459 725,950 * In the old accounting rules, considered as non-operationg income.

Restatement

Lojas Americanas (Parent Company)

INDEBTEDNESS Lojas Americanas uses its cash flow to prioritize its investments that generate the best returns for shareholders. Thus, we have listed below the main actions carried out in the October 1, 2009 to September 1, 2010 period:

• Investments made by Lojas Americanas and B2W in property and intangible assets (development of websites and systems) of R$ 409 million;

• Payment of dividends in the amount of R$ 38.4 million, referring to 2009’s earnings, paid on April 12, 2010.

Lojas Americanas’ consolidated short-and long-term loans and debentures on September 30, 2010 totaled R$ 4,231.9 million. If we deduct the cash position of R$ 3,216.9 million (cash + money market investments + accounts receivable from credit and debit cards + 50% of FAI’s consumer financing) from total loans, we arrive at a net debt position of R$ 1,015.0 million.

Consolidated Indebtedness09/30/2010 06/30/2010 09/30/2009

Short-term loans and financing 1.085,0 964,8 1.069,9 Short-term debentures 339,9 174,7 21,3

Short-term indebtedness 1.424,9 1.139,5 1.091,2 Long-term loans and financing 2.288,0 2.358,5 1.881,1 Long-term debentures 519,0 586,2 730,2

Long-term indebtedness 2.807,0 2.944,7 2.611,3 Gross indebtedness 4.231,9 4.084,2 3.702,5 Cash and banks 122,2 94,4 66,5 Money market investments 1.557,8 1.546,8 1.371,0 Receivables from clients (credit/debit cards) 1.061,5 841,2 553,8 Customers financing - FAI (50%) 475,4 452,6 327,2 Total Cash and Cash Equivalents 3.216,9 2.935,0 2.318,5 Net Cash (Debt) (1.015,0) (1.149,2) (1.384,0)Average maturing term of the debt 740 782 772

As can be seen in the previous table, the Company’s net consolidated debt declined by R$ 369.0 million when compared to September 2009 and the average maturity of the debt remained above a level of 24 months (740 days). In order to face the uncertainties and volatility of the financial market, Lojas Americanas is guided by the principle of preserving cash and extending its debt

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Capital expenditures from the Parent Company’s viewpoint totaled R$ 111.8 million through September 2010, focused on the opening and refurbishment of stores. Opening up of 35 stores as of today – 23 and the Traditional model and 12 in the Express model.

profile. During 2009 as well as 2010, a number of measures were taken with this objective in mind, permitting us to consolidate the Company’s growth plan over the long-term. CAPITAL EXPENDITURES AND EXPANSION Parent Company Capital Expenditures Lojas Americanas, from the Parent Company’s viewpoint, invested through September 2010 a total of R$ 111.8 million, with emphasis on: expansion and refurbishment of the store network and technological upgrade. Included in this total are investments in goods for rental in the amount of R$ 15.2 million. The following table shows the details of Lojas Americanas’ Parent Company investments through September 2010:

R$ million %Openings / Refurbishment 69.1 62%Technology / Logistics / Operation 27.5 25%Goods for rental 15.2 13%TOTAL 111.8 100%

Expansion of the Chain of Stores

We intend to create value for our shareholders, following our internal motto “We Always Want More.” The Lojas Americanas’ expansion project takes place on three main fronts: Lojas Americanas (brick-and-mortar retail), B2W (Internet, telephone sales, catalogues, TV and kiosks) and Financeira Americanas Itaú (financial products). In the past nine years, Lojas Americanas increased its network of stores five times through its organic expansion program and through the acquisition of BWU, the company that owned the BLOCKBUSTER® trademark in Brazil. In 2010, until today, in step with our “SEMPRE MAIS BRASIL” program, we inaugurated 35 new stores and decided to transfer five BLOCKBUSTER® stores to Lojas Americanas stores. Besides the stores that were opened, we have another 35 openings scheduled for 2010.

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State Traditional Stores Express Stores Sales Area(m²)

BA 2 - 1,992CE 2 - 1,912DF 1 - 959ES 1 - 833GO 1 - 798MA 3 - 3,177MG - 1 630MS 1 - 1,583PA 3 - 3,482PE 1 1 1,347RJ 2 3 3,772RN 1 - 1,180SC 1 - 902SP 3 7 6,310TO 1 - 1,166

Total 23 12 30,043

2010 Openings as of today:

Expansion Plan for the next four years – “SEMPRE MAIS BRASIL” For the next four years (period between 2010 and 2013), we are planning to open 400 new stores in Brazil. Currently, all of the Company’s stores are located in only 159 of the more than 5,500 cities in the country, which demonstrates the opportunity Lojas Americanas has for opening new stores in cities that are at a greater distance from Brazil’s large urban centers. As illustrated in the following chart, based on economic feasibility studies and analysis conducted internally using the EVA® (Economic Value Added) tool, together with socio-economic data (population, income, access to basic services, access to consumer goods, among others), we believe that at this moment there is the possibility that our brick-and-mortar retail stores could be present in another 200 cities, besides the ones in which we already have operations.

5.150

159 191Current cities with LojasAmericanas

Cities with potential for opening a new store

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At the end of 2009 our stores were located in 22 states of the country plus the Federal District, with distribution as follows: 66% in the Southeast region, 19% in the South/Midwest and 15% in the North/Northeast. Coupled with our confidence in the development of the country, the expansion plan for these new cities could especially benefit the North/Northeast/Midwest regions, as demonstrated in the projection of our openings that follows.

Dec/2009 %Openings

2010 - 2013% Dec/2013* %

Southeast 316 66% 200 50% 516 59%Northeast 61 13% 90 22% 151 17%North 9 2% 40 10% 49 6%Midwest 38 8% 40 10% 78 9%South 52 11% 30 8% 82 9%TOTAL 476 100% 400 100% 876 100%*Estimate of the number of stores by region by the end of 2013.

Store Distribution by Region

As occurred historically, the growth should be in the proportion of 70% Traditional stores (average sales area between 1,300 m2 and 1,500 m2) and 30% Express stores (average sales area between 300 m2 and 500 m2). The following table shows the estimate of store openings in the next four years:

YearNumber of

Stores2010 60 to 702011 90 to 1002012 110 to 1202013 120 to 130

Moreover, in order to support the distribution of merchandise to the stores, we are preparing the opening of two new Distribution Centers, to be located in the Midwest and South regions. It is important to mention that the Company’s current cash position and the future cash generation, pegged to the elongation of the debt profile, leave us in a comfortable position to make the expected investments, which should be approximately R$ 1.0 billion.

Investment (2010 to 2013) - R$MMOpenings/Refurbishment 720Technology/Logistics/Operation 280Total 1,000

In 2006, a loan for approximately R$ 220 million was approved by the BNDES, earmarked for expansion, refurbishment and standardization of the store network along with technological modernization during the last three years. As we have done in the past, we are presenting a project to the BNDES for our expansion program for the 2010 – 2013 period, which we are calling “SEMPRE MAIS BRASIL.”

Finally, we would like to reinforce that, “We will continue to pursue our learning path and to overcome obstacles, and this makes us enthusiastic since it will enable us to achieve new levels of results, always seeking to better meet our customer’s needs.”

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B2W – 0.7 p.p. growth in 3Q10 EBITDA margin (%GR)

B2W – International expansion of ticket sales. In addition to Mexico and Argentina, we are already present in 96 cinema’s rooms in Chile

B2W – COMPANHIA GLOBAL DO VAREJO We are presenting below the highlights of the results for the third quarter (3Q10) and first nine months of 2010 (9M10) of our subsidiary B2W - Companhia Global do Varejo (BOVESPA: BTOW3). The financial statements that serve as the basis for the following comments were prepared in accordance with the norms issued by the Securities Exchange Commission (CVM), as well as the Novo Mercado listing rules. Except when otherwise specified, the analyses refer to the consolidated results.

Gross Revenue (GR): +8% in 3Q10 and +9% in 9M10 In 3Q10, GR reached R$1,173.1MM, representing a growth of 8% in comparison with 3Q09. The growth in 9M10 was of 9% versus 9M09.

Selling, General and Administrative Expenses: reduction of 0.7 p.p. in 3Q10 and 0.6 p.p. in 9M10 (%GR) SG&A expenses totaled R$156.5MM in 3Q10, a reduction of 0.7 p.p. vs 3Q09, as % GR. In 9M10, the reduction was of 0.6 p.p. versus 9M09.

EBITDA: +15% in 3Q10 and +13% in 9M10 EBITDA reached R$127.7MM in 3Q10, +15% in relation to 3Q09. In 9M10 reached R$353.3MM, growth of 13% versus 9M09.

EBITDA Margin: +0.7 p.p. in 3Q10 (%GR) The EBITDA Margin was 10.9% of GR in 3Q10, a growth of 0.7 p.p. comparing to the 10.2% of GR in 3Q09. In 9M10, the EBITDA Margin was 10.9%.

Cash Conversion Cycle: 95 days in 3Q10 The cash conversion cycle of the Parent Company was 95 days in 3Q10, an improvement of 2 days compared to 3Q09. In IFRS, the cash conversion cycle of the Parent Company was 116 days.

International expansion of tickets sales Continuing the International Expansion Plan, in addition to Mexico and Argentina, B2W started selling movie tickets in 96 cinema’s rooms in Chile.

Submarino Card: penetration reached 30% The participation on sales made on the Submarino website reached 30% in September’10.

Parent Company Results: • Gross Revenue: Reached R$1,073.1MM in 3Q10, growth of 7% in relation to

3Q09. In 9M10 the growth was 9% comparing to 9M09. • EBITDA: Reached R$116.0MM in 3Q10, increasing 22% in relation to 3Q09. In

9M10 the growth was 15% comparing to 9M09.

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Share of FAI cards (private label and co-branded) was 15% of the Parent Company’s sales at the close of September 2010. Financeira Americanas Itaú closed 3Q10 with about 2.7 million cards issued and R$ 944 million in receivables.

FINANCEIRA AMERICANAS ITAÚ - FAI Financeira Americanas Itaú (FAI) is dedicated to the financing of purchases via private label and co-branded (Visa and Mastercard) credit cards, the supply of personal credit and other financial products and services (insurance and extended guarantees).

It operates through points of sale in the Lojas Americanas stores, through the Internet (Americanas.com and Shoptime) and the Shoptime TV channel.

During in the second half of 2008, a new strategy was implemented for offering the private-label and co-branded credit cards as being the best means of payment in Lojas Americanas stores and Internet operations, as well as slowing down the offer of personal loans.

This new way of operating leads to the need for investing in the client base (private label and co-branded cards), and at the end of the third quarter of 2010, FAI already had issued about 2.7 million cards, of which 2.2 million were private label, 453,000 co-branded and 16,000 were for personal loans.

At the end of September 2010, the share of FAI cards (private label and co-branded) reached 15% of the Parent Company’s sales.

The receivables portfolio in September 2010 reached R$ 944 million, representing a 45.5% increase over September 2009. The mix of the current portfolio is composed of 3.8% personal loans and 96.2% credit cards, which in the same period of the previous year was 13.6% personal loans and 86.4% credit cards.

This transformation helped to improve the portfolio’s losses index, which went from 7% in 3Q09, to 6% in 3Q10.

When compared with the same period of the previous year, we can observe the growth of the operation, resulting in an increase of 66% of the Gross Financial Revenues added to Services Revenues.

Portfolio of Receivables FAI(R$ million)

51 64 89 107 145 230349 387 469 561

736 777 849 908

157 177 179 179 185175

164 144114

88

62 5050 36

2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

Private  Label  + Co‐Branded Personal  Loans

45.5%

Glossary: Revenues: Purchases conducted using Americanas cards, either cash or installments, and liberation of personal loans. Receivables portfolio: Amounts to receive from sales. Gross financial and services revenues: Revenues from the receivables portfolio stemming from the allocation of interest, and services and insurance tariffs, net of financial mediation expenses and the provision for doubtful accounts.

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About Lojas Americanas S.A.

Lojas Americanas was founded in 1929, in Niterói, Rio de Janeiro, and is presently in all of the regions of the country (23 states plus the Federal District), with 506 stores — 303 in the Traditional format, 201 in the Express format, and 2 in the BLOCKBUSTER® format — equivalent to 533 thousand square meters of sales space. The average sales space of traditional stores is 1,500 square meters, with daily stock replacement and an offer of approximately 60,000 items. The Express model follows the smaller store concept, with an average size of 400 square meters, just- in-time logistics and a selected product range of about 15,000 items, appropriate for each location and client profile of these stores.

Lojas Americanas assures its clients competitive prices with respect to its competition and offers quality products in its Home, Leisure, Beauty, Children’s, Confectionary and Convenience Foods worlds.

Lojas Americanas’ brick-and-mortar stores are serviced by three distribution centers, located in São Paulo, Rio de Janeiro and Pernambuco. Lojas Americanas’ shares are listed on the BOVESPA through ticker symbols LAME3 (common) and LAME4 (preferred).

“We always want more”

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ATTACHMENTS Parent Company Income Statements

INCOME STATEMENTSPERIODS ENDED ON SEPTEMBER 30PARENT COMPANY(R$ MM)

3Q10

Restatement

3Q09

Restatement

Var %9M10

Restatement

9M09

Restatement

Var %

Gross Sales and Services Revenues 1,421.5 1,241.0 14.5% 4,177.2 3,741.7 11.6%Taxes, returns and discounts on sales (218.9) (208.5) 5.0% (649.8) (665.8) -2.4%

Net Sales and Services Revenues 1,202.6 1,032.5 16.5% 3,527.4 3,075.9 14.7%Cost of goods and services sold (853.9) (734.4) 16.3% (2,515.3) (2,193.3) 14.7%

Gross Profit 348.7 298.1 17.0% 1,012.1 882.6 14.7%Gross Margin (% of Net Revenues) 29.0% 28.9% +0.1 p.p. 28.7% 28.7% -

Operating Revenues (expenses) (212.7) (205.4) 3.6% (658.2) (631.7) 4.2%Sales (174.1) (169.8) 2.5% (540.9) (504.4) 7.2%General and administrative (11.7) (6.9) 69.6% (45.4) (41.7) 8.9%Depreciation/Amortization (26.9) (28.7) -6.3% (71.9) (85.6) -16.0%

Operating Expenses (% of Net Revenues) 17.7% 19.9% -2.2 p.p. 18.7% 20.5% -1.8 p.p.

Operating Income before financial expenses and equity accounting 136.0 92.7 46.7% 353.9 250.9 41.1%

Operating Margin (% of Net Revenues) 11.3% 9.0% +2.3 p.p. 10.0% 8.2% +1.8 p.p.

Financial Expenses - Net (69.5) (65.0) 6.9% (197.8) (214.2) -7.7%Equity Accounting 9.9 (11.6) -185.3% 32.8 (4.0) -920.0%Other operating Income (expenses)* (0.5) (5.6) -91.1% (1.0) (5.7) -82.5%Income Tax and Social Contribution (22.7) (8.2) 176.8% (54.3) (11.4) 376.3%

Net Income 53.2 2.3 2213.0% 133.6 15.6 756.4%Net Margin (% of Net Revenues) 4.4% 0.2% +4.2 p.p. 3.8% 0.5% +3.3 p.p.

EBITDA 162.9 121.4 34.2% 425.8 336.5 26.5%EBITDA Margin (% of Net Revenues) 13.5% 11.8% +1.7 p.p. 12.1% 10.9% +1.2 p.p.

* Under the former accounting system, called “non-operating income”.

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Consolidated Income Statements

INCOME STATEMENTSPERIODS ENDED ON SEPTEMBER 30CONSOLIDATED(R$ MM)

3Q10

Restatement

3Q09

Restatement

Var %9M10

Restatement

9M09

Restatement

Var %

Gross Sales and Services Revenues 2,558.0 2,294.3 11.5% 7,401.6 6,682.1 10.8%Taxes, returns and discounts on sales (328.8) (313.9) 4.7% (957.9) (1,111.0) -13.8%

Net Sales and Services Revenues 2,229.2 1,980.4 12.6% 6,443.7 5,571.1 15.7%Cost of goods and services sold (1,553.4) (1,393.2) 11.5% (4,502.7) (3,852.0) 16.9%

Gross Profit 675.8 587.2 15.1% 1,941.0 1,719.1 12.9%Gross Margin (% of Net Revenues) 30.3% 29.7% +0.6 p.p. 30.1% 30.9% -0.8 p.p.

Operating Revenues (expenses) (426.2) (403.8) 5.5% (1,264.9) (1,205.0) 5.0%Sales (357.3) (341.0) 4.8% (1,066.1) (1,000.7) 6.5%General and administrative (32.3) (28.4) 13.7% (106.1) (102.6) 3.4%Depreciation/Amortization (36.6) (34.4) 6.4% (92.7) (101.7) -8.8%

Operating Expenses (% of Net Revenues) 19.1% 20.4% -1.3 p.p. 19.6% 21.6% -2,0 p.p.

Operating Income before financial expenses and equity accounting 249.6 183.4 36.1% 676.1 514.1 31.5%

Operating Margin (% of Net Revenues) 11.2% 9.3% +1.9 p.p. 10.5% 9.2% +1.3 p.p.

Financial Expenses - Net (139.1) (140.6) -1.1% (385.4) (400.1) -3.7%Other operating Income (expenses)* (11.6) (21.3) -45.5% (33.9) (32.6) 4.0%Profit sharing for employees / minority interest (7.0) (3.1) 125.8% (20.9) (16.2) 29.0%Income Tax and Social Contribution (33.1) (9.9) 234.3% (85.1) (30.5) 179.0%

Net Income 58.8 8.5 591.8% 150.8 34.7 334.6%Net Margin (% of Net Revenues) 2.6% 0.4% +2.2 p.p. 2.3% 0.6% +1.7 p.p.

EBITDA 286.2 217.8 31.4% 768.8 615.8 24.8%EBITDA Margin (% of Net Revenues) 12.8% 11.0% +1.8 p.p. 11.9% 11.1% +0.8 p.p.

Total outstanding shares (thousand) 730,459 725,950 730,459 725,950

Net income per outstanding share 0.08055R$ 0.01169R$ 0.20641R$ 0.04786R$ * Under the former accounting system, called “non-operating income”.

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Balance Sheets

LOJAS AMERICANAS S.A.BALANCE SHEETSON SEPTEMBER 2010 AND 2009 09/30/2010 09/30/2009 09/30/2010 09/30/2009In Thousand Reais Restatement Restatement Restatement Restatement

TOTAL ASSETS

CURRENT

Cash and banks 107,225 54,063 122,201 66,450Temporary cash investments 587,820 709,500 1,552,200 1,365,796Trade accounts receivable 534,729 224,860 1,617,935 992,133Inventories 790,468 780,709 1,312,973 1,211,844Recoverable taxes 187,107 118,707 243,128 176,815Deferred income tax and social contribution - - - -Dividends and Interest on own capital receivable - - - -Prepaid expenses 8,487 4,336 31,329 2,725Other accounts receivable 136,979 137,853 225,075 211,524

2,352,815 2,030,028 5,104,841 4,027,287NON-CURRENT

5,104,841Long-Term Assets

Temporary cash investments - - 5,613 5,243Loans and advances to subsidiary companies 3,762 677 - -Receivables from stockholders - Stock Option Plan 57,785 50,657 57,785 50,657Deferred income tax and social contribution 40,934 59,318 313,559 323,689Escrow deposits 40,117 42,419 65,166 63,113Prepaid expenses - - - 6,128Recoverable taxes and other accounts receivable 8,065 12,679 8,105 12,718

150,663 165,750 450,228 461,548

Investments 557,271 483,976 - -Property and equipment 414,924 386,091 546,702 473,308Intangible 468,179 449,287 960,226 780,355Deferred assets 55,340 81,599 - -

1,646,377 1,566,703 1,957,156 1,715,211

3,999,192 3,596,731 7,061,997 5,742,498The accompanying notes are an integral part of these financial statements

Parent Company Consolidated

09/30/2010 09/30/2009 09/30/2010 09/30/2009Restatement Restatement Restatement Restatement

LIABILITIES

CURRENT

Suppliers 1,132,584 919,292 1,699,755 1,404,575Loans and financing 489,568 484,908 1,085,036 1,069,883Debentures 160,460 13,175 339,948 21,328Payroll and related charges 29,337 21,647 44,571 35,192Taxes payable 108,753 83,319 143,304 115,192Dividends and participations proposed - - 249 319Provisions for contingencies 9,504 14,089 15,699 18,375Other current liabilities 52,950 35,783 258,598 150,272

1,983,156 1,572,213 3,587,160 2,815,136

NON-CURRENT

Long-Term Liabilities:

Loans and advances from subsidiaries 2,567 2,567 - -Loans and financing 1,225,440 1,381,322 2,287,971 1,881,113Debentures 222,902 367,018 519,029 730,150Taxes payable 53,777 50,400 89,428 64,893Provision for contingencies 50,098 48,440 66,838 56,629Allowance for Loss on Investments 16,151 386 - -Advance for cession in mining usage rights 25,628 27,158 21,356 22,631Other accounts payable - - 19,289 24,064

1,596,563 1,877,291 3,003,911 2,779,480

STOCKHOLDERS' EQUITY

Capital 275,054 242,845 275,054 242,845Treasury stock's (154,107) (157,668) (154,107) (157,668)Income reserves 133,582 15,621 150,776 34,744Capital reserves and others 164,944 46,429 199,203 27,961

419,473 147,227 470,926 147,882

3,999,192 3,596,731 7,061,997 5,742,498

Parent Company Consolidated

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Cash Flow Statements LOJAS AMERICANAS S.A. CASH FLOW STATEMENT - INDIRECT METHOD PERIODS ENDED ON SEPTEMBER 30 9M10 9M09 9M10 9M09 In Thousand Reais Restatement Restatement Restatement Restatement

Cash Flow From Operating Activities

Net Income for the period 133,582 15,620 150,776 34,744

Adjustments to net income:Depreciation and Amortization 83,718 85,540 104,499 101,775 Write-off of the residual and deferred value of fixed assets 5,693 5,322 7,670 5,322 Equity in subsidiaries and affiliates (32,799) 2,977 - - Income tax and social contribution deferred 17,671 (4,052) 41,492 1,053 Interest on credits (2,807) (2,554) (2,807) (2,554) Interest and variations on financing and other debt 186,299 212,490 326,041 363,127 Provision for contingencies adjustment - 700 6,140 4,578 Stock Option Plan 1,088 1,479 2,037 732 Allowance for doubtful accounts 1,393 549 85,440 69,975 Others (3,422) (11,855) 860 (16,113) Minority interest - - 24,273 12,057

Adjusted Net Income 390,416 306,216 746,421 574,696

Decrease (increase) in Operating Assets:Trade accounts receivable 151,908 187,073 (137,247) 95,609 Inventories (24,523) (133,143) (68,304) (223,423) Recoverable taxes (68,565) (30,716) (58,953) (45,887) Prepaid expenses (current and non-current) 1,362 193 (41,689) 24,385 Escrow deposits 404 (2,504) (2,576) (7,670) Other accounts receivable (current and non-current) (2,675) (1,649) (30,805) 90,054

57,911 19,254 (339,574) (66,932)

Increase (decrease) in Operating Liabilities:Suppliers (114,191) (97,388) (89,442) (190,269) Payroll and related charges 6,119 (214) 9,814 557 Taxes payable (current and non-current) (40,978) (46,337) (50,088) (58,408) Contingencies payments (current and non-current) (12,217) (5,436) (18,939) (7,129) Loans and advances from subsidiaries 3,821 1,821 - - Other accounts payable (current and non-current) (42,736) (25,754) 11,533 5,622

(200,182) (173,308) (137,122) (249,627)

Net Cash provided by Operating Activities 248,145 152,162 269,725 258,137

Cash Flow from Investing ActivitiesTemporary cash investments 549,882 318,211 514,100 810,277 Property and equipment (74,745) (20,197) (116,345) (41,546) Intangible (37,101) (7,545) (201,997) (101,897) Dividends received 6,403 10,378 - -

Net Cash Flow provided by Investing Activities 444,439 300,847 195,758 666,834

Cash Flow from Financing ActivitiesLoans and Financing (current and non-current):

Borrowings 150,000 486,753 809,982 728,776 Liquidation (429,762) (602,614) (795,317) (1,253,368)

(279,762) (115,861) 14,665 (524,592) Debentures (current and non-current) (24,142) (104,912) 37,252 (159,057) Accounts Receivable Discounts (331,191) (207,894) (507,807) (242,350) Receivables from Stock Option Plan (11,656) 2,280 (11,656) 2,280 Capital Increase 32,209 - 32,209 - Dividends and participations paid (43,467) (37,400) (48,374) (45,066) Share buy-back (1,351) (2,426) (1,351) (2,426)

Net Cash used by Financing Activities (659,360) (466,213) (485,062) (971,211)

Net increase (decrease) in Cash and Cash Equivalents 33,224 (13,204) (19,579) (46,240)

Cash and Cash Equivalents at the beginning of the period 74,001 55,741 141,780 112,690 Cash and Cash Equivalents at the end of the period 107,225 42,537 122,201 66,450

Net Increase (decrease) in Cash 33,224 (13,204) (19,579) (46,240) The accompanying notes are an integral part of these financial statements

Parent Company Consolidated

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Evolution of the numbers of stores, associates and sales areas

Number of Stores

Sales Areas

Number of Associates

September 30, 2009 468 496 thousand m² 13,151 Opened Closed/Transferred

9 (1)

December 31, 2009 476 504 thousand m² 13,425 Opened Closed/Transferred

7 (4)

June 30, 2010 479 510 thousand m² 13,535 Opened Closed/Transferred

19 (1)

September 30, 2010 497 526 thousand m² 13,472

This table contemplates the number of stores, sales areas and number of associates of the Parent Company and BWU. Stores transferred: BLOCKBUSTER®

format stores which had the product assortment transferred to the nearest Lojas Americanas stores.

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EARNINGS CONFERENCE CALL

Statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Lojas Americanas, eventually expressed in this report are merely projections and, as such, are based exclusively on the expectations of Lojas Americanas’ management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and are, therefore, subject to change without prior notice. MSCI Brand logo: The use of Morgan Stanley Capital International Inc. registered trademarks and indices ("MSCI") does not constitute any type of sponsorship, endorsement or promotion on the part of MSCI, its affiliates, its suppliers or other parties involved or related in the compilation, computation or creation of any MSCI index. MSCI’s indices are registered trademarks of MSCI or its affiliates and Lojas Americanas S.A. has been granted a license to use these trademarks for given purposes.