CORPORATE

PRESENTATION

Grupo Pão de Açúcar and Globex Utilidades

November, 2011

ABOUT GRUPO PÃO DE AÇÚCAR

2

1 2011 Estimated 2 In the past 13 quarters, according to Brazilian Supermarket Association (ABRAS)

> Key figures

> R$ 50+ bi Sales1

> #1 Retailer in Brazil

> Growth higher than

the 2nd player’s2

> 160k employees

> Operational

> 1.8k points of sales, located in

19 States and the Federal District

> Multi-format distribution

> 600 million tickets per year

> 2.8 million m² of sales area

NEW MANAGEMENT MODEL ADJUSTED IN 2011

3

Metric Commercial/

Supply Chain

and IT

Corporate

Services /

Finance

People

Retail Cash &

Carry

Metric Metric Metric Metric Metric

Metric

Metric

Metrics: 1. Net Income

2. Valuation/EVA

3. ROCE

4. Growth/Expansion

5. Customer satisfaction

6. Our people satisfaction

Corporate Relations

Market Strategy

Management Control

CEO Nova

PontoCom Specialized Electronics

MAIN INDICATORS

4

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

ECONOMIC-FINANCIAL 2006 2007 2008 2009 2010 (1)

(R$ million)

Gross Sales 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

Gross margin 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

EPS (R$/thousand shares) 0.8109 0.8151 1.1070 2.5333 2.8051

OPERATIONAL 2006 2007 2008 2009 2010

Total stores (number) 549 575 597 1,080 1,647

Selling area (m2) 1,217,984 1,338,329 1,360,706 1,744,653 2,811,103

Area increase 1.0% 9.9% 1.7% 28.2% 61.1%

Number of employees 63,607 66,165 70,656 85,244 144,914

COMPANY CHANGES AS THE ENVIRONMENT

MOVES

5

Brazil

2005

Population in each social class (in million)

GPA: limited

offering (only

Food, 556 stores)

GPA: multiformat

business for both Food

and Electro, 1,646 stores

Brazil 2010 32mn emerged

only in 2010

2005 2010

92,9MM

D/E

101,7MM

C

A/B

26,4MM

62,7MM

C

A/B

42,2MM

47,9MM

D/E

E-C

OM

MER

CE

FO

OD

CA

SH

& C

AR

RY

MACROECONOMIC ENVIRONMENT

PROSPECTS UNTIL 2014

Source: IBGE / Forecast of Treasury Department of Brazil SPE – Márcio Holland (Julho 2011),

Tendências Consultoria , Exame Magazine (June 29, 2011) and GPA Strategic Planning Analysis

Brazilian economy is going through a unique moment of stable growth and income distribution;

It is expected that growth will continue despite recent uncertainty in the global market place;

Interest and inflation should fall in the long term after monetary tightening of 2011;

Continuity of income distribution with a significant migration of families to the higher-income

groups;

Highlights

Stability Inflation & Interest

Rates Growth Income Distribution

2014

19,4%

30,8%

32,8%

17,0%

2012

20,7%

30,8%

32,4%

16,2%

2010

21,9%

31,0%

31,7%

15,4%

2008

23,1%

30,3%

31,4%

15,1%

2006

25,6%

29,2%

29,3%

15,9%

Class D / E

Class C

Class B

Class A

2014 2012 2010 2008 2006

5.5% 5.5% 5.0%

4.5%

7.5%

-0.6%

5.2%

6.1%

4.0%

GNP Growth (% Actual Growth)

Evolution of Total Income

Projection Projection

Projection

4,9%5,0%4,8%

5,9%5,9%

4,3%

5,9%

4,5%

10,5%

11,7%

13,1%

12,0%12,4%

15,2%

10%

8%

6%

16%

14%

12%

4%

2%

0%

2014 2012 2010 2008 2006

9.8%

3.1%

12.0%

10.0%

Nominal Interest Rate (Selic)

Inflation (IPCA)

Social

Class

Income

(monthy)

A Above R$9,050

B From R$6,941 to R$9,050

C From R$1,610 to R$6,941

D From R$1,008 to R$1,610

E Below R$1,008

MACROECONOMIC ENVIRONMENT

EMPLOYMENT AND INCOME

Highlights

5,1%5,7%6,2%6,4%6,7%

8,1%7,9%

9,3%10,0%

0%

2%

4%

6%

8%

10%

12%

2006 2007 2008 2009 2010 2011 2012 2013 2014

Analysts expect an

unemployment level

of around 5% for 2014;

Income and total payroll

continue to follow an

expansion path, but at a

more modest pace than

in 2010;

Increase in the

minimum wage in 2012,

estimated at 14%, will

boost total income

growth;

2013

1.568

2012

1.488

2011

1.409

2010

1.332

2009

1.235

2008

1.197

2007

1.122

2006

1.074

2014

1.659

Unemployment rate

(IBGE %)

Projection

Projection CAGR 10-14 = 5.6% CAGR 06-10 = 5.5%

Year Base 2009 Value (R$ Bn)

Employment

Real Income Growth

Source: Tendências Consultoria and GPA Strategic Planning analysis 7

GPA CONSOLIDATED – 9M11 HIGHLIGHTS: GROSS SALES AT R$ 37.5 BILLION

8

> GROSS SALES: R$ 37.5 billion +59.5% vs. 9M10

Same store GPA Food1: 7.7%

Growth Globex: 10.2% and inclusion of Casas Bahia

in comparison base2

> GROSS PROFIT: R$ 8.9 billion +76.4% vs. 9M10

Margins GPA Food1: 25.7%

Globex: 28.2%

> EBITDA: R$ 1,946.0 million +49.2% vs. 9M10

Margins GPA Food1: 7.1%

Globex: 4.4%

1 Refers to GPA consolidated without Globex 2 As from 3Q11, Casas Bahia operations have become part of the same-store sales base.

Globex signed a association agreement with Casas Bahia in July 2010.

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.

GROWTH HIGHER THAN THE 2ND PLAYER

9

Same Store Sales

2nd player

8.5%

4.3%

10.3% 10.4%

4.6%

13.2%

9.7%

10,6%

15.0%

9.9%

12.5%

11.5%

6.8%

10.1% 9.5%

7.1%

8.6%

8.4%

7.8%

2.3%

7.2%

3.9% 4.8%

8.7%

2.9%

5.2% 5.6% 5.0%

7.1% 5.7%

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

13 Quarters

CHANGE IN STORES FORMAT WITH IMPROVED

ASSORTMENT OF HIGHER VALUE-ADDED PRODUCTS

10

New layout favors categories with higher

value-added Merchandise Perishables

Jun/10: conversion

process begins

• 221 stores

Aug/11

• Increased exposure of

higher value-added

products

• 93 converted stores in

July-August

• SSS >15% since 4Q10

Bakery

Checkouts

Groceries

Fruits

Veg.

Dairy Protein

Frozen Fish

Checkouts

Groceries

Fruits

Veg.

Dairy Protein

Fish

Bakery

Coffee

Fro

zen

Conversion

11

GUIDANCE FOR NEW GLOBEX ELECTRO – BRICKS AND MORTAR OPERATION

GROSS SALES (R$) Above

R$ 20 billion

Growth (SSS)

above the market

GROSS MARGIN(1)

EBITDA MARGIN(1) (2) 4.0 to 5.5% Higher than 7.0%

Higher than 25.5% Higher than 26.5%

CAPEX ≈ R$ 270(3)

FINANCIAL RESULT(1) 3.5 to 4.5% Up to 4.0%

(1) of net sales. Projections include estimated synergies.

(2) 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.

(3) Capex for bricks and mortar and e-commerce operations. Includes the additional investment of R$97.5

million for the year, approved by the The Board of Directors, that adds to R$ 170 million previously disclosed.

2011E Year Model

12

SYNERGIES GLOBEX

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. 2 Includes Electronics, Home Appliance and Furniture operations

1 – Commercial and operating management

2 – Management of infra-structure and back-office

3 – Management of

financial and capital

structure

Total

13

OWNERSHIP STRUCTURE

34%

66%

47% 53%

50%

Globex

NovaPontoCom

6%

44%

Nova Casas

Bahia

100%

FIC Financial JV

14%

36%

Banco Itaú

50%

Free Float

Controlling Group

Casas Bahia Founders

Klein Family

Management

As of October 06, 2011.

14

OWNERSHIP STRUCTURE

As of October 06, 2011.

Shareholders ON % PN % Total %

Abílio Diniz (1) 20.4 20.5 35.4 22.1 55.8 21.4

Casino Group (2) (3) 79.2 79.5 36.8 22.9 116.1 44.6

Board of Executives Officers and Board

of Directors 0.0 0.0 0.7 0.5 0.7 0.3

Shares held in Treasury 0.0 0.0 0.2 0.1 0.2 0.1

Free Float 0.1 0.1 87.4 54.4 87.4 33.6

Total 99.7 100.0 160.5 100.0 260.2 100.0

(1) Abilio Diniz includes direct and indirect interest through Península Participações Ltda, Onyx 2006 Participações Ltda, Stanhore

Trading International S.A., Rio Plate Empreendimentos e Participações Ltda and PAIC Participações Ltda.

(2) Grupo Casino includes direct and indirect interest through Sudaco Participações Ltda, Segisor, Bengal Llc, Oregon Llc, King Llc,

Lobo I Llc, Pincher Llc and Parker I Llc.

(3) Does not include the 9,000,000 Call Options, acquired by Rallye (Casino controlling shareholder), which if exercised will increase

the economic interest to 48.1%.

Formats

16

GPA STORES AND FORMATS G

PA F

OO

D

ELEC

TR

ON

ICS /

HO

ME A

PPLIA

NC

E

Supermarkets

Cash & Carry

Hypermarket

Proximity

Gas stations and

Drugstores

Specialized Stores

B2C

B2B

360

59

130

67

231

Stores as of 3Q11.

993

-

-

# Stores # Stores

(former )

17

GPA FOOD RETAIL STORES CHARACTERISTICS GPA FOOD

Public Stores 3Q11

Additions

3Q11

Conversions

Avg Sales

Area (m2)

ABCD classes 130 +1 +14 6,000

AB classes 157 +1 +5 1,500

BCD classes 203 - +74 1,500

Transformers Food service

59 - - 4,000

ABCD classes 67 - - 300 (former )

18

GLOBEX STORES COUNT ELECTRONICS1

Public Stores 3Q11

Additions

ABC classes

456 -

CD classes 537 +4

1 Includes Electronics, Home Appliance and Furniture operations

19

REGIONAL PRESENCE (STORES)

North

Hyper: 1

Cash & Carry: 1

Total: 2

GDP: 5.1%

Middle-West

Super: 13

Hyper: 11

Electro: 84

Cash & Carry: 3

Total:11117

GDP: 9.2%

Stores as of 3Q11

GDP: 13.1%

GDP: 56.0%

GDP: 16.6%

North-East

Super: 50

Hyper: 17

Electro: 32

Cash & Carry: 6

Total: 84

South-East

Super: 314

Hyper: 99

Electro: 762

Cash & Carry: 49

Proximity: 67

Total: 1,291

South

Super: 4

Hyper: 2

Electro: 115

Total: 121

20

REGIONAL PRESENCE (DISTRIBUTION CENTERS)

Distribution Centers - Total

SP - São Paulo 18

RJ - Rio de Janeiro 5

DF - Distrito Federal 3

PR - Paraná 4

MG - Minas Gerais 3

PE - Pernambuco 3

BA - Bahia 3

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 3Q11

Nova Pontocom

BRAZILIAN MARKET IN EXPANSION

22

44% 56%

2010

67%

33%

2014 E

Access

No Access

Internet access – “C” class

E-commerce revenue in R$ billion

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

1.7 2.7

Nova Pontocom annualized

Brazilian e-commerce

1 E-bit estimate

16% 18% 19%

Nova Pontocom mkt share

23

CONSISTENT SALES GROWTH NOVA PONTOCOM

24

IMPROVEMENT IN OPERATING PROFITABILITY NOVA PONTOCOM

* Amounts without Stock Option non-cash expenses.

Gross Profit (R$ Mn)

100

328

2009 2010

18,6% 19,2%

Operating Expenses (R$ Mn)*

17,6%

14,5%

95

248

2009 2010

Gross margin has grown, despite VAT tax

change (“Substituição Tributária”)

• Better negotiations / beginning of the

expansion of the assortment

• Still little synergy from groups commercial

conditions

Expenses reduction of more than 3 p.p. in 2010

• Strong fixed expenses dilution

• Greater variable expenses efficiency

• Synergies with the group

25

INCREASING EBITDA AND BREAK-EVEN IN NET INCOME

NOVA PONTOCOM

EBITDA (R$ Mn)*

EBITDA has approached 5% in 2010 with

gains in both margin and expenses

5

80

2009 2010

1,0%

4,7%

Net income (R$ Mn)**

Operation in the break-even point

of net income

0,2

0,0%

-2,3%

2009

2010

* 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.

26

GUIDANCES 2011 NOVA PONTOCOM

Guidance

GROSS SALESAnnual growth between

2011-13

B2C Grow at least 30% to 50% above market (e-bit)

Wholesale Grow above inflation

EBITDA MARGIN2011 Between 6.0% and 7.0%¹

2013 Between 8.0% and 10.0%¹

WORKING CAPITALInventory financing

Keep, at least, +20 days in inventory financing

(suppliers - inventory)

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

CAPEX Up to 2.0%²

FOCUS ON CASH GENERATION

¹ % of net revenue

² % of net revenue; does not consider M&A transactions

3Q11 Results

GPA CONSOLIDATED – 3Q11 HIGHLIGHTS:

GROSS SALES AT R$ 12.6 BILLION

28

>GROSS SALES: R$ 12.6 billion + 58.2% vs. 3Q10

Same store GPA Food1: 8.5%

Growth Globex: 10.7% and inclusion of Casas Bahia

in comparison base2

>GROSS PROFIT: R$ 3.1 billion +76.1% vs. 3Q10

Margins GPA Food1: 26.4% +0.4 p.p. vs. 3Q10

Globex: 29.6% +1.5 p.p. vs. 2Q11

>EBITDA: R$ 722 million +46.5% vs. 3Q10

Margins GPA Food1: 7.4%, stable from 3Q10

Globex: 5.4% +1.0 p.p. vs. 2Q11

1 Refers to GPA consolidated without Globex 2 As from 3Q11, Casas Bahia operations have become part of the same-store sales base.

Globex signed a association agreement with Casas Bahia in July 2010.

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.

3Q11 GPA FOOD RESULTS

29

GPA F

OO

D

Supermarkets

Cash & Carry

Hypermarket

Proximity

Gas stations and

Drugstores

(former )

GROSS SALES OF R$ 6.8 BILLION, SAME-STORE SALES UP 8.5%

IN 3Q11

30

Conversion of

93 CompreBem

and Sendas into

Maturation of

stores opened in

2010 and store

format adaptation

Banners posted same-store sales

growth above 15%

GPA FOOD

Same-store sales growth (without Globex)

The shopping period for Easter took place in the 1Q10

and 2Q11.

7.7% 7.2%

5.7%

9.1% 8.5%7.2%

7.9%

3Q10 4Q10 1Q11 2Q11 3Q11

Excluding Easter sales

> Same-store sales growth

> 8.5% in 3Q11, indicating faster pace as

compared with previous periods

> Higher than the 2nd player for the 13th

consecutive quarter

6.227 6.834

18.856 20.402

3Q10 3Q11 9M10 9M11

Gross Sales (R$ mi)

(without Globex)

4.255

4.731

9M10 9M11

GROSS PROFIT UP 11.9%, MARGIN UP 0.4 P.P.

31

GPA FOOD

Gross Profit (R$ mi)

(without Globex)

1 Participation of the cash&carry operation in GPA Food’s gross sales

1.452

1.625

3Q10 3Q11

% of net sales

26.4% 26.0%

Cash&carry participation

13.1% 16.2%

25.7%

25.1% > Gross margin increase due

to improved sales mix

> Change in Brazilians’

consumer habits leads to

purchase of higher value-added

products

> Despite higher

participation of cash&carry

in sales > Segment margin lower than

that of retail

GPA FOOD

Operating Expenses (R$ mi)

(without Globex)

1.036 1.167

3.095 3.432

3Q10 3Q11 9M10 9M11

18.9%

18.5%

% of net sales

OPERATING EXPENSES OF R$ 1.2 BI IN 3Q11

18.7%

18.3% Operating expenses of

R$ 1,167 billion

impacted by:

Marketing

expenses

IT

expenses Personnel

expenses

32

1.159

1.299

9M10 9M11

EBITDA MARGIN AT 7.4% IN 3Q11

33

GPA FOOD

EBITDA (R$ mi)

(sem Globex)

415,9 457,8

3Q10 3Q11

7.4% 7.4%

7.1% 6.8%

% of net sales

>Up 10.1% over 3Q10:

> Margin stable at 7.4% despite higher

participation of cash&carry in sales

(13.1% in 3Q10 vs 16.2% in 3Q11)

>Gross margin growth coupled

with improved sales mix,

associated with strict control of

expenses

13.1% 16.2%

Cash&carry participation1

1 Participation of cash&carry operation in GPA Food’s gross sales

Level of 2.7% of net

revenue stable despite

14% increase in SELIC rate

in the period1

NET FINANCIAL EXPENSES STILL ACCOUNT FOR 2.7% OF NET SALES

34

GPA FOOD

Net Financial Expenses (R$ mi)

(Without Globex)

166,3 167,2

2Q11 3Q11

2.7% 2.7%

% of net sales

> The R$ 167.2 million net financial

expenses in 3Q11 were comprised of:

> Interest on the net bank debt totaling

R$ 84.2 million

> Discounted receivables cost of

R$ 34.1 million

> Other assets and liabilities restated by

the CDI interbank rate totaling R$ 48.9

million

Effective SELIC rate in the

period increased to 3.0%

from 2.8%

1 End of period

GLOBEX 3Q11

35

Due to the consolidation of Casas Bahia’s results as of November, 2010, we use the 2Q11 as a reference for better

comparison.

The “profit sharing” expense, which was previously after “operating profit before income tax”, is now included in “general

and administrative expenses” , as part of the adjustment s to the new accounting standards (IFRS).

ELEC

TR

ON

ICS /

HO

ME A

PPLIA

NC

E

Specialized Stores

B2C

B2B

3Q11 GLOBEX HIGHLIGHTS

RAPHAEL KLEIN

> Creation of single operating platform

> Improved inventory management, delivery schedule and real-

time route tracking

> Conclusion of truck fleet renewal

> 332 trucks were replaced in the quarter

> Maintaining growth despite the more challenging

scenario

> 15 new stores in 4Q11

36

Resumption of synergy gain process

Expectations ahead of Holiday season and 4Q11

3Q11 NOVA PONTOCOM HIGHLIGHTS

QUIROGA

> Growth higher than the market with profitability

> Focus on profitability and cash, even in fiercer competition

scenarios

> Highlight on CasasBahia.com.br sales

> Nova Pontocom totally ready for Christmas season

> Increase of logistics and customer service differential

> 3 new distribution centers (DCs) (~160 thousand m2)

> Migration of Ponto Frio Wholesale DC to RJ

> Stronger integration with carriers

> Introduction of 7 new categories

> Service quality and diamond category in e-bit award

> Customer support centralized at CBCC

37

Performance

Operations

GROSS SALES OF R$ 5.7 BI IN 3Q11, SAME-STORE SALES

UP 10.7%

38

GLOBEX

3Q11 gross same-store sales

highlights (vs. 3T10)

5.676 5.737

2Q11 3Q11

Gross Sales (R$ mi)

Globex (incl.Nova Pontocom)

> Same-store sales growth vs.

3Q10:

> E-commerce up 31.4%, with

site CasasBahia.com.br

standing out

> Sales growth even with impact

from integration of operations:

> Wholesale Ponto Frio

distribution center migration

> Ponto Frio front-office system

replacement

E-commerce2: 31.4%

Stores: 9.5%

Guidance 2011

1 As from 3Q11, Casas Bahia operations have become part of the same-store sales base. 2 Excludes the cash&carry operations

Gross Sales (R$ bi)

Only stores

5,0

9,9

14.9

1Q11 1H11 9M11

Above 20.0

39

> 3Q11 margin up 1.5 percentage

point over 2Q11

> Margin increases despite

higher participation of e-

commerce in sales mix

GLOBEX

Gross Profit (R$ mi)

Globex (incl.Nova Pontocom)

1.418 1.460

2Q11 3Q11

% of net sales

28.1%

29.6%

GROSS PROFIT OF R$ 1.5 BI IN 3Q11, MARGIN UP

Growth higher than

revenues due to:

Product

margin

increase

Higher

penetration of

services

1.196 1.196

2Q11 3Q11

OPERATING EXPENSES STABLE FROM 2Q11

40

GLOBEX

General and Administrative

Expenses down 10.2% over

2Q11

Operating Expenses (R$ mi)

Globex (incl.Nova Pontocom)

% of net sales

23.7%

24.3%

> Expense synergy gain process picks

up in 4Q11 and 1H12

> Maintenance of expense levels in

absolute terms

160,7 222,1

264,2

646,9 3,3%

4,4%

5,4%

4,4%

1Q11 2Q11 3Q11 9M11

41

GLOBEX

EBITDA (R$ mi)

Globex (incl.Nova Pontocom)

% of net sales

EBITDA TOTALS R$ 264 MI IN 3Q11, WITH INCREASE IN

EBITDA MARGIN TO 5.4%

> In 3Q11, 1.0 percentage-point

increase in margin over previous

quarter

> Margin increase due to improved

gross margin in the period

> Stable expenses

Guidance 2011

4.0%

5.5%

9M11 margin already

within 2011 guidance bracket

FINANCIAL EXPENSES/NET SALES DECLINE, ADJUSTED

NET PROFIT INCREASES

42

Adjusted Net Profit (R$ mi)

Globex (incl.Nova Pontocom)

14,2

48,8

2Q11 3Q11

> Net profit adjusted by expenses

with integration increases to

R$ 49 milion in 3Q11

> Margin at 1.0%

GLOBEX

Net Financial Expenses (R$ mi)

Globex (incl.Nova Pontocom)

% da venda líquida

1,0%

0,3%

% of net sales

Globex: guidance

(3.5%-4.5%) will be

beaten in 2011

89,6

221,4

164,1 169,7 160,7

3Q10 4Q10 1Q11 2Q11 3Q11

4.9%

3.4%

5.9%

3.4% 3.3%

3Q11 CONSOLIDATED RESULTS

43

GPA F

OO

D

ELEC

TR

ON

ICS /

HO

ME A

PPLIA

NC

E

Supermarkets

Cash & Carry

Hypermarket

Proximity

Gas stations and

Drugstores

Specialized Stores

B2C

B2B

(former )

EQUITY INCOME AND DEBT

44

Equity Income (FIC) (R$ mi)

11,3 11,3

3Q10 3Q11

Consolidated Net Debt

(R$ bi)

2,0 2,3

2Q11 3Q11

Net debt/EBITDA1

0.81x 0.84x

> 8.1 million clients

> FIC result at same level as in 3Q10

> Financeira Itaú CBD was responsible for

the means of payment used in 8.9% of

GPA’s sales in 3Q11

> Net debt/EBITDA declines to

0.84x

> 3Q11 net debt at similar level as

in 2Q11

GPA CONSOLIDATED

1 EBITDA for the last 12 months

NET PROFIT AND EBITDA

45 1 End of period.

> Adjusted net profit of R$ 154.9 million in 3Q11

> Up 0.7% vs. 3Q10, despite increase in Selic (to 12.25% p.y. from 10.25%1)

> Growth despite increase in financial expenses

GPA CONSOLIDATED

Adjusted Net Profit (R$ mi)

153,8 154,9

3Q10 3Q11

% of net sales

EBITDA (R$ mi)

187,7

327,9

3Q10 3Q11

492.9

722.0

Financial

Expenses

3Q11 INVESTMENTS

46

GRUPO PÃO DE AÇÚCAR G

PA FO

OD

New stores and lands

AMOUNT INVESTED STORES

ELEC

TR

ON

ICS

Infrastructure > Fleet

> Technology

R$ 28.4 mn

3Q11 9M11

Total R$ 325.0 mn R$ 779.7 mn

Infrastructure and other

Total

Renovations and conversions R$ 201.2 mn

R$ 95.4 mn

R$ 112.8 mn

R$ 426.1 mn

R$ 240.8 mn

New stores and lands

Renovations and conversions

Other

R$ 17.3 mn

R$ 108.0 mn R$ 225.9 mn

R$ 7.6 mn

R$ 68.5 mn

R$ 43.5 mn

R$ 27.8 mn

R$ 120.7 mn R$ 36.1 mn R$ 55.5 mn

R$ 32.4 mn R$ 65.1 mn

R$ 14.5 mn R$ 33.9 mn

3Q11: 93 conversions > 74 Extra Supermercado

> 5 Pão de Açúcar

> 14 Extra Hipermercado

9M11: +5 stores, 128 conversions

+ 1 Pão de Açúcar

+ 1 Extra Hipermercado

3Q11: 4 new Casas Bahia

stores

9M11: +14 traditional stores

WHAT LIES AHEAD

47

> 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

48

Grupo Pão de Açúcar (GPA)

Globex Utilidades S.A.

Investor Relations Team

Phone: +55 (11) 3886-0421

Fax: +55 (11) 3884-2677

gpa.ri@grupopaodeacucar.com.br

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).

CONTACT – INVESTOR RELATIONS