1

January 2011

2

Largest Retailer in Brazil

Gross Sales: R$ 44 billion(annualized based in 2010):

1,863 points of sales, located in 18 States and the Federal District

More than 140,000 employees

600 million tickets per year

2.7 million m² of sales areas

3

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3

Enéas

CORPORATE EXECUTIVE OFFICERS

Corporate

Relations31 years in retail9 in GPA

Commercial

Strategy25 years in retail4 in GPA

Market

Strategy2 years in retail2 in GPA

Financial and

IT8 months in retail and in GPA

Human

Resources25 years in retail 10 in GPA

Supply Chain

9 years in retail 9 in GPA

Food

Commercial21 years in retail21 in GPA

CEO13 years in retail7 in GPA

Paulo

Retail

Business31 years in retail31 in GPA

Specialized

Business18 years in retail18 in GPA

Cash & Carry22 years in retail8 in GPA

Electronics12 years in retail7 abroad and5 in Brazil

E-commerce16 years in e-commerce2 in Ponto Frio

FIC18 years in retail2 in FIC

BUSINESSES OFFICERS

Management Team

4

New Management Model

Market

Strategy

Sales

Strategy

Corporate

Relations

Supply Chain

Corporate

Services, Finance

/ IT

Human

Resources

Expansion

Sales

Margin

Image

Logistics

Result

Financial

Costs

Retention and

Succession

Indicators.ComElectronicsSpecialized

Businesses

Cash &

CarryRetail

Retail

Results

Cash & Carry

Results

Specialized

Businesses‟

Results

Electronics

Results

.Com

Results

5

GPA‟s Management Model

Guidelines and Goals

Monitoring/Control and Adjustment of Non-Compliance

Right

People

Model of

ManagementRole & Responsibility

Organizational Structure

Leadership (Right

people in the right

places)

Technical

Knowledge

Method

ProcessesSatisfaction

&

Happiness

Clients

Our

people

Society

Goals

Results &

Growth

Shareholders

Symbols

Suppliers

Government

6

Retail Momentum in Brazil

6

Rise of the Purchasing Power

Focus on „middle popular class‟

Informality Reduction

Channel Diversification

Real Estate Boom

Integration of Ponto Frio and

Casas Bahia

2014 World Cup

2016 Olympic Games

77

ECONOMICSCENARIO

Exame MagazineAugust, 2010

8

Economic Scenario

“Since I can

remember this is the

first time I see Brazil

growing distributing

income”

Abilio Diniz

8 Source: Data Popular in the Newspaper “O Estado de SP” in August 2, 2010

9

Formats

10

Multiformat StructureOperational efficiency

10

Supermarkets

Cash & Carry

Proximity

Specialized Stores

Hypermarket

E-commerce

11

Supermarkets

• High income groups

• R$ 4.3 billion gross sales in 2009

• Avg. sales area: ~1,500 m2

Differentials:

• Neighborhood supermarket

• Innovative solutions

• Best food service/Quality

products

• Fair prices

• Variety (~51,000 itens)

• Medium/Low income groups

• R$ 4.7 billion gross sales in 2009

• Avg. sales area: ~1,500 m2

Differentials:

• Neighborhood supermarket

• Competitive prices

• ~ 21,000 itens

12

Extra Multiformat Structure

Stores located in São Paulo, Pernambuco and Fortaleza, ready to roll

out

1,500 m2

~ 25,000 itens

All income groups

R$ 11.8 billion gross sales in 2009

Rapid Service / Essential Products

300 m²

~ 4,500 itens

Second highest growth among all the formats

Business model to improve ROIC

Serve the growing number of multi-channel consumers

Scale is crucial for expansion

Broad range of food and

non-food products

Competitive Prices

6,000 m2

~ 69,000 itens

13

Specialized Businesses

14

Specialized Stores

Focused on High/Middle

Income Classes

Electronics, Home Appliance and Furniture

Positioning based on

social classes

15

E-commerce

16

Cash & Carry

Low income groups

R$ 2.2 billion gross sales in 2009

Avg. sales area: 4,000 m2

Highly competitive prices

Low cost structure

High asset turnover

Return on Invested Capital is very attractive for GPA

Increase operations in other states

Number of stores:

34

40

48

57

4Q10E3Q104Q093Q09

17

Extra Supermercado

18

Extra Supermercado x CompreBem

Differentials

19

Regional Stores Distribution (3Q10)

Total Middle-West São Paulo Rio de Janeiro North east

146 13 103 9 21

105 14 61 15 15

143 129 12 2

59 59

48 1 34 8 5

74 74

33 21 6

47 47

457 107 194 103 53

518 95 302 100 21

Gas Stations 80 4 61 9 6

Drugstores 153 14 66 58 15

6

Total Food

Business

608stores

Total Electronic

Business

1,022 stores

Total Specialized

Businesses

233

20

Largest Retailer in Brazil

21

Business Opportunities:

Food

22

Strategy

Growth in Same-Store Sales (SSS)

Expansion through Organic Growth

Rationalization of Brands

Geographical Strategy

Increase its presence in the less saturated

markets particularly in the Northeast and

Middle-East

Bring expertise from specialized channels

to hypermarkets

23

Food Brazilian Market

Market share (%)¹

13.3%

10.4%

10.4%

65.9%

13.8%

14.1%

11.0%

61.1%

13.2%

14.2%

10.7%

61.9%

14.8%

14.5%

11.1%

59.6%

2006 2007 2008 2009

Others

(1) Source: Abras – Brazilian Supermarkets Association

Formal Sector in 2009: R$ 177 billion – 5.6% of the GDP

Informal Sector accounts for approximately 50% of total food consumption

Fragmented Market: Small / Medium Chains

Increasing formalization of the market

24

GPA vs ABRAS

(Nominal same-store sales)

18.2%

11.9%15.1%

15.2%

10.7% 9.8%

2008 2009 2010*

GPA Abras

GPA vs Carrefour

(Nominal same-store-sales)

24

3.9%

5.2%

9.7%

7.7%

3T09 3T10

Carrefour GPA

GPA‟s sales exceeded Carrefour‟s in In the last 9 consecutive quarters. In this period, the average salesgrowth was 2x higher thanCarrefour‟s.

Continuous Gain of Market Share

2010* up to September/2010

25

Business Opportunities:

Electronics,

Home Appliance

and Furniture

26

New Globex Operation

A B C D E

+

Street

Shopping Malls

518 504 1.022

428 397* 825

90 107 197

States 11 11 12

* Includes Extra Eletro stores

Positioning based on

social classes

27

Positioning and Brand Strategy

The strategy is to offer the best business

opportunities for the pyramid's base, ensuring that

the brand remains most remembered and admired

by consumers in the base of the pyramid.

Reach consumers at the base of the

pyramid.

To be the best purchase choice for A/B class, and the

best choice for B/C class after Casas Bahia.

28

Strategies for New Globex

1 – Commercial and operating management

2 –Management of Infrastructure and back-office

3 – Management of

financial and capital

structure

Strategy pillar

Growth of salesCommercial synergies

Capitalize Ponto Frio (agreement)

Utilization of GPA financial management platform

Centralization of

inventories and stock up

Utilization of GPA back-

office platform (Shared

Services Center and

Indirect Purchase Center)

To take advantage of

synergies with GPA

Total integration between

Casas Bahia and Ponto Frio

Centralization of

information systems

Improvement of processes

Approach - actions

29

2008 Market Share

16%

7%

3% 3% 3%3%

Source: Valor Econômico Ranking (2008)

30

Shareholder Structure

43.9%1

50.1%1

6%

53%1 47%1

100%

GPAThe Klein

Family

Globex

NCBNew.comExecutive

Officers

1 Not including Globex’s minority shareholders.

31

Business Opportunities:

E-Commerce

32

E-commerce Market Share

2008 2009 2010e

53,8%

8,0%

38,2%

47,2%

12,7%

40,1%

20%

B2W

GPA.com

others

R$2 billionGross Sales

33

Guidance

34

GPA‟s Guidance for 2010

9M10 Guidances

TOTAL GROSS SALES (R$)

REAL GROWTH IN GROSS

SAME-STORE SALES (%)

EBITDA (R$)

NET DEBT/ EBITDA

CAPEX

1.07 X Less than 1X

R$ 0.7 billion Approximately R$ 1.6 billion

R$ 1.3 billion More than R$ 1.8 billion

7.2% Between 4.0% and 5.0%

R$ 18,8 billion More than R$ 26 billion

R$ 23,5 billion More than R$ 33 billion

GPA

GPA+

Ponto Frio

GPA+

Ponto Frio

GPA+

Ponto Frio

GPA + Ponto Frio

GPA+

Ponto Frio

35

Guidance for New Globex

(1) % of net sales.

Projections include estimated synergies.

GROSS SALES (R$)

GROSS MARGIN(1)

EBITDA MARGIN(1) 4.5 to 6.0% Higher than 7.5%

Higher than 25.5% Higher than 26.5%

FINANCIAL RESULT(1)

Above

R$ 20 billion

Growth (SSS)

above the market

-3.5 to -4.5% Up to -4.0%

CAPEX R$ 100 mn to

R$ 120 mn

2011E Year model

36

Main Synergies

1 – Commercial and operating

management

2 – Management ofinfrastructure and

back-office

3 – Management of

financial and capital

structure

‣ 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;

37

Synergies

1.0% - 2.0%

(R$ 170 - 340 mn)

1.5% - 2.0%

(R$ 255 - 340 mn)

0.5% - 1.0%

(R$ 85 - 170 mn)

3.0% - 5.0%

(R$ 510 - 850 mn)

Potential per year – after total capture of

synergies(1)

(1) Synergy calculated over the net sales.

1 – Commercial and operating management

2 – Management of infra-structure and back-office

3 – Management of

financial and capital

structure

Total

38

3Q10 Results

3Q10

GPA Food Results

3Q10

Globex Results

39

3Q10 Highlights compared to 3Q09

Approval of the Association with Casas Bahia in Extraordinary Shareholders Meeting in 11/09/2010

Net Income: R$ 115 M (margin of 1.6%)

Dividend distribution of R$ 19.6 M

Gross MarginGPA Food(1): 25.9% (+50 bps) Globex: 19.8% (+ 400 bps)

Consolidated EBITDA: R$ 493 M (7.0%) GPA Food (1): 7.5% (R$ 416.4 M) (+50 bps)Globex: 5,1% (R$ 77,1 mi) (+590 bps)

Consolidated Gross Sales: R$ 7.9 bn (+15.6%)Gross „same store‟ sales: +12.5%

GPA Food(1): refers to Consolidated GPA excluding Globex

40

3Q 10 – Results

3Q10

GPA Food Results

41

GROWTH OF 7,7% IN GROSS SAME-STORE-SALES:3Q10 X 3Q09

Highlights:

Textile

Personal Care & Household Cleaning Bazar

Beverages

and

posted growth of 19.6%

and 24.1% respectively

In 9M10, gross salestotaled R$ 18,8 bn

Missing R$ 7.2 bi in 4Q to reach the guidance of R$ 26 bi:

+ 15.8% compared with 3Q10

+ 6.7% compared with 4Q09

Gross sales of R$ 6.2 bn, year-on-

year growth of 10.0%

R$ M

42

Assaí

Number of stores:

34

40

48

59

4Q10E3Q104Q093Q09

3Q10 Results:

Gross Sales of R$ 816 M

Gross Margin of 14.7% (+ 1oo bps compared to 3Q09)

Expense of 11.3% of net sales (- 800 bps compared to 2Q10)

3.5% of EBITDA margin.

Larger interest on GPA‟s sales:

from 8.1% in 3Q09 to 10.3% in 3Q10

3Q10 Openings:

2 new stores

3 convertions (1 of CompreBem and 2 of Sendas)

New logistic operation:

2 DCs dedicated to store operation

1 DC dedicated to external and counter sales

Food Service Market:

Growth of twice the retail food

Over 35% of Brazilians eat away from home

43

Gross Profit of R$ 1.4 bn

Margin of 25.9%

110 bps up on 2Q10 and 50 bps up on 3Q09

The improvement on results was due to:

More advantageous negotiations with

suppliers

Improved operational management

Pricing Management tool

Tax substitution regime - against

informality

and more balanced pricing policy

1,288

1,444

25.4%

25.9%

24,3%

25,3%

26,3%

27,3%

28,3%

29,3%

1.200

1.250

1.300

1.350

1.400

1.450

1.500

3Q09 3Q10

R$ M

44

R$ MIn this quarter, we had additional expenses

with:

Exceptional events

Advertising and marketing

Personnel (bargaining agreement)

Recurring

Technology to support business expansion in

the coming years

Opening of new stores

Despite the scenario above mentioned,

expenses were in line with 3Q09 and

2Q10, which shows a dilution in other

expenses.

Total Operating Expenses of R$ 1.0

bn, equivalent to 18.4% of Net Sales

931

1,028

18.4% 18.4%

18,3%800

850

900

950

1.000

1.050

1.100

1.150

1.200

3Q09 3Q10

45

EBITDA Margin of 8.1%, excluding

Assaí

The highest 3Q margin since 2007

GPA Food (excluding Assaí)

GPA Food

Assaí

EBITDA Margin

EBITDA margin stood at 7.5% in

3Q10

46

1.0%: interest and charges over the net debt:

Net debt increase;SELIC rate increase

0.5 %: cost of discounts on receivables:SELIC rate increase

0.3%: interest and charges over otherliabilities.

Net Financial Result

% of net sales

R$ M

Financial Result and

Indebtedness

(1) Net Debt in the end of the period.(2) Net Debt does not consider dicounted receivables.

47

Evolution of Net Debt

(1) Net Debt in the final of period(2) Net Debt does not consider Receivables..

Evolution of net debt (1)

Acquisitions ofR$ 792 M, including Globex(R$ 665 M)

Organic growth

Net Debt(2)/

EBITDA: 1.07x

3Q09 3Q10

48

FIC IN 3Q10

FIC‟s Result:

R$ 9 M

R$ M

Continuous card issuance;

50% of clients are insured; and

Extra Hiper and Super‟s 19% interest in FIC

BANNERPRIVATE

LABEL

PRIVATE LABEL

WITH BANNER CO-BRANDED

49

3Q10 Net Income

Adjusted Net Income: R$ 144 M

Net Margin: 2.6%Adjusted Net Income

Net Income: R$ 138 M

Net Margin: 2.5%

100 bps up on 2Q10, due to

improvements on gross margin

and EBITDA

Non-recurring effects in 3Q10:

R$ 2 M due to REFIS in 2Q10

R$ 6 M due to restructuring

expenses from the ZBB

(R$ M)

50

3Q10

Globex Results

51

Raphael Klein

• The beginning of a journey that is aligned with our plans

• A single team “playing” towards the same goal

• Full support to financial cost reducing initiatives

Message from CEO

Joint venture with Casa Bahia approved on Extraordinary Shareholders‟ Meeting

held on November 9, 2010

52(1) Incluiding e-commerce.

R$ M

15.2% increase in SSS sales61.8% increase in e-commerce sales in 3Q10 compared to 3Q09

Growth of 15% in sales/s.q.m² terms

41.7%(1)

higher than 3Q09

Gross Sales of R$ 1.7 bn, year-on-

year growth of 42%

53

Gross Profit of R$ 300 M, with

gross margin of 19.8%

R$ M

The beginning of a journey that is aligned with

our plans

400 bps improvement over 3Q09 and 200 bpsimprovement over 2Q10

Turnaround started on August/2009:

More advantageous negotiations with suppliers

Reformulation of the product mix

Adjustment of expense level

Synergies with Casas Bahia as of July/2010:

Reinforcement in negotiations with suppliers

Improvement on product mix

First Commercial actions jointly

(1) 3Q09: first quarter OF Globex under GPA‟s management.

54

R$ M The beginning of a journey that is

aligned with our plans:

In 3Q10, 200 bps down on 3Q09 and

400 bps down on 2Q10

Main effects:

Installation of the Expense Committee

Elimination of Ponto Frio core structure – use

of GPA/CB‟s back office platform

Expect of additional benefits to be

generated for the Group due to synergies

with Casas Bahia

Total Operating Expenses of R$ 223 M,

equivalent to 14.7% of Net Sales

55

EBITDA Margin

590 bps on 3Q09 (-0.8%) and

250 bps on 2Q10 (2.6%)

Main effects:

Better negotiations with suppliers

Expansion of the product mix with more profitable items

Stricter control over expenses

First synergy gains with Casas Bahia

The beginning of a journey that is aligned with our plans

EBITDA of R$ 77 M,

with a margin of 5.1%

56(1) Net Financial Expenses: Financial Result

R$ 90 M: 5.9% of net sales

Excluding non-recurring

effect of R$ 18 M,

representing 4.7% of net sales

In line with the 2Q10 level of

5.8%

Main factors:

Increase of SELIC rate in the

period

Increase in sales volume

Net Financial Expenses

(R$ M)

Net Financial Expenses(1) in 3Q10

Term

(days)

57

FIDC Constitution (Receivables-Backed Investment

Fund)

AUM: R$ 1,166 M

Rate: 107.75% of CDI

Rating: AAA (Fitch)

Key actions underway to reduce the financial

expenses:

Constitution of FIDC

Reduction of the average payment term of non-

interest bearing sales from 9.5 months to 7.5

months

Sales Growth at the same level

Actions to Improve

Financial Results

58

FIC IN 3Q10

FIC‟s Results:

R$ 2.3 miContinuous card issuance;

75% of clients are insured;

and

26% share in Ponto Frio‟s

stores‟ sales and 12% in e-

commerce sales.

59

Net Margin

* Adjusted Net Margin

The beginning of a journey aligned with our plans, but full of accomplishments to be made

Net Income in 3Q10

60(1) GPA sem Globex

Investiments should amount R$ 1.3 bn

Sales Area should reach 1,506,000 m2 (+7% on 4Q09)

Openings in 4Q10:

5 Extra Hipermercado (27,100 m²)

9 Assaí (31,200 m²)

By the end of 2010:

60

Investiments and Area expansion(1)

Sales Area Growth(000 m2)