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Grandes marcas, preços baixos, todos os dias.

RESULTS 2006

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Grandes marcas, preços baixos, todos os dias.2005 Overview2005 Overview

193 stores at the end of 2005 174 traditional – sales area above 1,000 m2 19 express – sales area between 400 and 600 m2

Total area of 330.1 thousand m2

Present in most Brazilian states, with strong presence in the major Brazilian urban centers.

AAMMEERRIICCAANNAASSEExxpprreessss

Largest portal in sales volume and shopping destination in Latin America Best e-commerce website by the fifth consecutive year, according to Ibest Award popular jury Shoptime acquisition, adding a new clients base and two new sales chanels - TV and catalog

Financing company created through a joint-venture with Banco Itaú, aimed at financing purchases, offering personal credit and credit cards to Lojas Americanas’ customers.

Completed the refurbishment of all Facilita’s points of sale in 2H05, two years ahead of schedule,

Total of 210 points of sale, including 17 own stores

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Grandes marcas, preços baixos, todos os dias.Operating Highlights - 2005Operating Highlights - 2005

Profitability

Consolidated EBITDA (R$330.9 million) grew 20.5% over 2004

Stable EBITDA margin (12.0%) vs. 2004 (12.1%)

Net Income (R$176.1 million) - 174.7% higher vs. 2004

Greater Operating Efficiency

Operating expenses margin, as a % of NR, fell 0.5 percentage points compared to 2004

Gross revenues per associate went up 11.3% over 2004

Expansion / Investments

37 store openings in 2005 – 25 Traditional and 12 Express

Scheduled openings: +19 stores and 30 stores under evaluation and negotiation

Shoptime and Americanas Taií

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Grandes marcas, preços baixos, todos os dias.2005 Gross Revenue2005 Gross Revenue

Same stores sales growth: + 0.4% (4Q05 = 8.8%) New stores opened: + 37 stores (4Q05 – 21 stores) Americanas.com/Shoptime Growth: + 99.3% (4Q05 = 106.6%) Total Gross Revenue Growth: + 23.4%

Sales Area (thousand m2)

Stores

Sales Area x Number of StoresSales Area x Number of Stores

Sales Area

2005 x 2004:+12.4%

235.9243.0

259.1

293.7

330.1

193Stores

156Stores

121Stores98

Stores

105Stores

2001 2002 2003 2004 2005

CAGR: + 8.8%

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Grandes marcas, preços baixos, todos os dias.

Operating Expenses Operating Expenses (excluding depreciation and amortization)(excluding depreciation and amortization)

Operating Expenses Operating Expenses (excluding depreciation and amortization)(excluding depreciation and amortization)(% of NR)(% of NR)

18.9%

20.8%22.4%

18.4%19.0%

2001 2002 2003 2004 2005

0.5 percentage points reduction in 2005, even with the 37 store openings and Americanas.com/Shoptime sales growth

- 0.5 p.p.

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Grandes marcas, preços baixos, todos os dias.EBITDA EvolutionEBITDA Evolution

Nominal EBITDA Growth – 20.5% in 2005 Stable EBITDA margin – 12.0% in 2005 Adjusted EBITDA in 2005 :+25.5% / Adjusted EBITDA Margin:+ 0.3 p.p.

EBITDAEBITDA(R$ million)(R$ million)

Adjusted EBITDA Excluding Adjusted EBITDA Excluding Facilita Facilita (R$ million)(R$ million)

274.7

90.1

330.9

217.6

142.8

6.2%9.1%

12.1% 12.0%11.2%

2001 2002 2003 2004 2005

322.9

257.3

11.8%11.5%

2004 2005

+ 25.5%

CAGR:+ 38.4%

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Grandes marcas, preços baixos, todos os dias.Changes in Net IncomeChanges in Net Income

““We Always Want More”We Always Want More”

48.2

45.5

4Q04 4Q05

Quarterly Net IncomeQuarterly Net Income(R$ Million)(R$ Million)

176.1

64.1

2004 2005

Annual Net IncomeAnnual Net Income(R$ Million)(R$ Million)

+ 5.7% + 174.7%

Impacts: acquisition, expansion (depreceation) and non-operating results.

Highest net income along the last years.

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Grandes marcas, preços baixos, todos os dias.Net CashNet Cash** and Capex and Capex

Net Cash Net Cash (R$ million) (R$ million)

Net cash expansion, despite of aggressive organic growth:

37 new stores (R$77.4 million) Acquisition of Shoptime in August, 2005 (R$117.0 million) Capitalization of Financeira Americanas Itaú – FAI (R$40.0 million)

R$ 100.1 MMR$ 100.1 MM R$ 170.8MMR$ 170.8MM

974.9

1,236.6

874.8

1,407.4

2004 2005

Gross Debt Cash

* Considering Credit Cards Receivables

70.6%70.6%

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Grandes marcas, preços baixos, todos os dias.

LAME4 X IBOVESPA

20.0

30.0

40.0

50.0

60.0

70.0

3-jan

17-ja

n1-

feb

17-fe

b

3-m

ar

17-m

ar

1-ap

r

15-a

pr

2-m

ay

16-m

ay

31-m

ay

14-ju

n

28-ju

n12

-jul

26-ju

l

9-au

g

23-a

ug6-

sep

21-s

ep

5-oc

t

20-o

ct

4-no

v

21-n

ov

5-de

c

19-d

ec

Price

0

5

10

15

20

25

30

35

40

Volume (R$ million)

LAME4 VolumeLAME4

IBOVESPA

Share Performance - 2005Share Performance - 2005 76.1% (LAME4) and 70.7% (LAME3) valorization vs. 27,7% of Ibovespa’s Higher liquidity – LAME4 average daily trading volume: R$6.6 million Inclusion in MSCI (2005) and in IBRX-50 (January, 2006)

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Grandes marcas, preços baixos, todos os dias.

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.