1. We Always Want More November 2006

2. We Always Want More OVERVIEW OF LOJAS AMERICANAS US$ 1.5 billion (R$ 3.6 billion) Consolidated Gross Revenue in 2005 Market Cap of US$ 3.4 billion (R$ 7.0 billion) – November/2006 EBITDA Margin 12.0% (2005) Net Income 2005 US$ 73.4 million (R$ 176.1 million) Brazilian leader in sales : CDs, DVDs, cookies, chocolates, candies, toys, lingerie Prominent position in Brazils retail sector Leading position in LATAM Internet (Americanas.com/Shoptime) Personal loans and consumer credit offering 3 Distribution Centers 9.7 thousand employees Awards: Agência Estado Destaque Empresas 2005 (The Best performance for the shareholders) Folha de São Paulo Top of Mind 2005 Revista Exame - Melhores e Maiores Forbes Brasil - Platinum List 200 iBest Best Ecommerce Site – Popular Jury

3. We Always Want More The number of stores doubled in the last 5 years! Organic Growth Record: 37 new stores Shoptime Acquisition Americanas Taií Creation TIME LINE 19298298 9940 77 years old 05 Lojas Americanas Foundation Lojas Americanas goes public (IPO) Garantias Bank partners Focus in the core business (IT/Logistics) Lojas Americanas Turnaround Americanas.com Creation 2001 Americanas Express Project 03

4. We Always Want More Multi-Channel Retailing FIVE MAIN FRONTS OF GROWTH DC SP 111 stores 53,000 m² DC RJ 72 stores 35,500 m² DC PE 35 stores 22,900 m²

5. We Always Want More Multi-Channel Retailing w Bricks-and-mortar Business w 219 stores (nov/06) w 191 traditional - avg. 1,500 m 2 w 28 express - avg. 500 m 2 w Average Ticket: R$ 24 w Customer Profile: w 1.8MM customers/day in events w 77% women - Middle class Nort h 2 MidWest 21 South 30 Southeas t 133 Northeas t 33 FIVE MAIN FRONTS OF GROWTH DC PE 35 stores 22,900 m² DC RJ 72 stores 35,500 m² DC SP 112 stores 53,000 m²

6. We Always Want More food (convenience) beauty household leisure children lingerie cosmetics fragrances socks&kerchiefs make-up Store Lay-Out: The WORLDS Concept cookies, chocolates & candies Easter & Christmas CDs & DVDs stationers birthday accessories toys childrens clothing babies clothing baby accessories diapers bed&bath decoration/presents electric appliance kitchen sports snack bar bakery grocery greengrocers shoes & luggage clothes complement adult clothing jeans OURWORLDS The assortment is grouped according to its final use clothing

7. We Always Want More w E-Commerce and TV Channel Business w 2 websites, telephone sales, Catalogue and TV channel (19MM antennas) w Brazil - 1 st in on-line sales - 6 MM Customers w Average Ticket R$ 300 w Complementary Assortment w Exclusive and differenciated products Multi-Channel Retailing 6 MILLION CUSTOMERS + 200 countries around the world FIVE MAIN FRONTS OF GROWTH DC SP

8. We Always Want More w Financial Business Joint-venture w/Banco Itaú Products: Personal Loans Private Label (Consumer Credit) Co-branded cards Multi-Channel Retailing + 16 own stores FIVE MAIN FRONTS OF GROWTH Nort h 2 MidWest 21 South 30 Southeas t 133 Northeas t 33

9. We Always Want More FIVE MAIN FRONTS OF GROWTH

10. We Always Want More OPERATING HIGHLIGHTS – 1H06 Better Operating Efficiency (vs. 3Q05) Consolidated EBITDA (R$93.1 million) grew by 50.2% Consolidated EBITDA (R$93.1 million) grew by 50.2% Operating Income (R$71.2 million) 52.2% increase Operating Income (R$71.2 million) 52.2% increase 0.2 p.p. increase in SG&A expenses, as % of NR 0.2 p.p. increase in SG&A expenses, as % of NR SSS growth (Net Revenue) + 10.7% in 3T06 vs. 3T05 SSS growth (Net Revenue) + 10.7% in 3T06 vs. 3T05 Gross revenue per associate grew by 20.9% Gross revenue per associate grew by 20.9% 86% increase in consolidated gross revenue of A.com and Shoptime 86% increase in consolidated gross revenue of A.com and Shoptime

11. We Always Want More Better Operating Efficiency (vs. 3Q05) Consolidated Gross Revenue of R$ 1,124.3 million – an increase of 41% Consolidated Gross Revenue of R$ 1,124.3 million – an increase of 41% Net Revenue – Same Store Sales growth of +10.7% Net Revenue – Same Store Sales growth of +10.7% Gross Margin of 30.7% - 110 basis points higher Gross Margin of 30.7% - 110 basis points higher Operating Income (R$71.2 milhões) – up on 52.2% Operating Income (R$71.2 milhões) – up on 52.2% Consolidated EBITDA of R$93.1 million – up on 50.2% Consolidated EBITDA of R$93.1 million – up on 50.2% EBITDA margin of 11.0%, 80 basis points superior EBITDA margin of 11.0%, 80 basis points superior Gross Revenue per associate grew 20.9% Gross Revenue per associate grew 20.9% Increase of 86% in Americanas.com/Shoptime Gross Revenue Increase of 86% in Americanas.com/Shoptime Gross Revenue

12. We Always Want More LOJAS AMERICANAS IN FIGURES CAGR: 15.8% Gross Revenue (R$ MM) Gross Revenue (R$ MM) SSS growth (NR) 10.7% Growth 41.0%

13. We Always Want More LOJAS AMERICANAS IN FIGURES Gross Margin (%NR)

14. We Always Want More LOJAS AMERICANAS IN FIGURES -7.5 pp SG&A (%NR) SG&A (%NR)

15. We Always Want More 11.0%NR CAGR: 110.5% LOJAS AMERICANAS IN FIGURES 0.6%NR 12.0%NR Consolidated EBITDA (R$ MM) Growth 50.2% 10.2%NR

16. We Always Want More CAGR: 19.3% LOJAS AMERICANAS IN FIGURES Gross Revenue per Associate (R$ thousand) Growth 20.9%

17. We Always Want More BUSINESS STRATEGY Population: over 180 million Number of mobile phones: 90 million Credit cards: over 50 million Internet users: over 20 million Over 5,500 Brazilian cities Brazil in figures Opportunities

18. We Always Want More options via Internet, telesales, catalogs and TV to a potential public of 43 million Brazilians. Opportunities BUSINESS STRATEGY Potential Growth

19. We Always Want More Expansion Pillars Number of inhabitants Integration of locations and logistics Presence of other players Consumer Profile Bricks and Mortar Business BUSINESS STRATEGY 18 27 Stores opened Stores programmed

20. We Always Want More 25 3 6 10 BUSINESS STRATEGY Bricks and Mortar Business Niterói - RJ - Estrada de Itaipú Express Rio de Janeiro - RJ 5 Express Três Rios - RJ Campinas - SP Express São Paulo – SP 1 Traditional + 4 Express Limeira - SP Mauá - SP Osasco - SP Express Ribeirão Preto - SP São José do Rio Preto – SP 2 Traditional Suzano - SP Taubaté - SP Divinópolis - MG Ipatinga - MG Barreiro - MG Uberaba - MG Northeast Region Southeast Region Middle-West Region Recife-PE 1 Traditional + 1 Express Natal - RN Vitória da Conquista - BA Feira de Santana - BA São Luis - MA 2 Traditional Fortaleza - CE Maracanaú - CE Joazeiro do Norte - CE Criciúma - SC Curitiba - PR 2 Traditional Londrina - PR Tubarão - SC Porto Alegre - RS Dourados - MS Cuiabá - MT Goiânia - GO 27 stores opened + 18 stores schedule d South Region Expansion 2006 1 North Region Belém - PA

21. We Always Want More Marechal Floriano – Curitiba/PR Piratininga – Niterói/RJ Av. Sr. dos Passos – Feira de Santana/BA Shc Três Américas – Cuiabá/MT New Stores

22. We Always Want More Latin Americas #1 E-retailer - Multi Channel Latin Americas #1 E-retailer - Multi Channel 230.000 SKUs for 6 million customers 230.000 SKUs for 6 million customers TV channel that reaches 19 million antennas and growing TV channel that reaches 19 million antennas and growing E-commerce represents 32% of LASA consolidated sales (1H06) E-commerce represents 32% of LASA consolidated sales (1H06) Shoptimes acquisition R$ 117.8 million (3.5x EBITDA projected for 2006) Shoptimes acquisition R$ 117.8 million (3.5x EBITDA projected for 2006) BUSINESS STRATEGY Captured synergies R$ 160MM (DCF) Around 80 special stores. Some examples:

23. We Always Want More

24. * Shoptime´s acquisition occurred in September, 2005 CAGR: 102.8% * BUSINESS STRATEGY E-commerce Gross Revenue (R$ MM) Growth 86.0%

25. We Always Want More * Shoptime´s acquisition occurred in September, 2005 BUSINESS STRATEGY Americanas.com / Shoptime - EBITDA (R$ MM) Growth 116%

26. We Always Want More Co-Branded International Card (Visa/ MC) September, 2006 Co-Branded Card (Visa/ MC) September, 2006 Personal Loan Card May,2006 Private Label Card May,2006 w Joint Venture LASA - BANCO ITAU w JV will enable credit access for over 40 million brazilians without bank accounts w Personal Loans, Consumer Credit, Private Label and Co- branded Cards w 300,000 Private Label cards and 160,000 Personal Loan cards. Represents about 3.0% of total parent company sales w First private label card accepted on the Internet. w Benefits w Selling Expenses reduction (fees) w Improvement in consolidated Working Capital w LASA´s Capital Gain: R$ 200 million (50% of JV) BUSINESS STRATEGY w Forms of Payment (9M06) Lojas Americanas Americanas.com 81% Credit Card 57% Cash 19% Other 41% Credit Card 2% Checks

27. We Always Want More PRIORITIES OF CASH Total2001-2006: R$ 515.3 MM 39.5% EBITDA Expansion Program and Investments Expansion Program and Investments Technology and Operations Technology and Operations Store openings and remodeling Store openings and remodeling People - capacitating the associates People - capacitating the associates Share Buy-Back and Dividends Program Share Buy-Back and Dividends Program EVA ® Oriented EVA ® Oriented Dividends Payment and Share Buy-back Program (R$ million) Dividends Payment Share Buy-back Store Opening Evolution Stores opened Stores programmed 18 27 * 2005 - Shoptime Acquisition R$ 117 million CAPEX budget for 2006: R$ 158.1 MM CAPEX budget for 2006: R$ 158.1 MM

28. We Always Want More Shareholders Capital Structure Position at August, 2006 Common Shares Common Shares Preferred Shares Preferred Shares Total Shares Total Shares Foreign Investors 4.8% Foreign Investors 38.0% Foreign Investors 25.6% LOJAS AMERICANAS IN FIGURES Tag Along of 100% for ON and PN Shares

29. We Always Want More This presentation contains forward-looking statements. Such statements are not statements of historical fact, and reflect the beliefs and expectations of the Lojas Americanasmanagement. 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. MSCI Logo: The use of Morgan Stanley Capital International Inc.´s ("MSCI") trademarks and index names does not constitute a sponsorship, endorsement or promotion by MSCI, any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI index. The MSCI indexes are trademarks of MSCI or its affliates and have been lincensed for use for certain purposes by Lojas Americanas S.A. WE ALWAYS WANT MORE 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 customers needs.