1. We Always Want More ROADSHOW 2006 Europe

2. We Always Want More CONTENTS Overview of Lojas Americanas Time Line Five Main Fronts of Growth Lojas Americanas in figures Business strategy Priorities for Cash Operating Highlights 1Q06

3. 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$ 2.5 billion (R$ 6.0 billion) 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 9.4 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

4. 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

5. We Always Want More Multi-Channel Retailing FIVE MAIN FRONTS OF GROWTH DC SP 103 stores 53,000 m² DC RJ 69 stores 35,500 m² DC PE 30 stores 22,900 m²

6. We Always Want More Multi-Channel Retailing w Bricks-and-mortar Business 202 stores (may/06) w 180 traditional - avg.1,500 m 2 w 22 express - avg. 500 m 2 w Average Ticket: R$ 24.1 w Customer Profile: w up to 1.8MM customers/day in events w 77% women - Middle class Nort h 2 MidWest 19 South 27 Southeas t 125 Northeas t 29 FIVE MAIN FRONTS OF GROWTH DC PE 30 stores 22,900 m² DC RJ 69 stores 35,500 m² DC SP 103 stores 53,000 m²

7. We Always Want More w E-Commerce and TV Channel Business w 2 websites, telephone sales, Catalogue and TV channel (14MM antennas) w Brazil - 1st. in sales on line - 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 w Joint-venture w/Banco Itaú w Personal Loans, Consumer Credit, Private Label and Co-branded Cards Multi-Channel Retailing + 16 own stores FIVE MAIN FRONTS OF GROWTH Nort h 2 MidWest 19 South 27 Southeas t 125 Northeas t 29

9. We Always Want More FIVE MAIN FRONTS OF GROWTH

10. We Always Want More LOJAS AMERICANAS IN FIGURES CAGR: 15.8%

11. We Always Want More CAGR: 110.5% LOJAS AMERICANAS IN FIGURES 0.6%NR 12.0%NR

12. We Always Want More LOJAS AMERICANAS IN FIGURES -7.5 pp

13. We Always Want More LOJAS AMERICANAS IN FIGURES

14. We Always Want More CAGR: 15.1% LOJAS AMERICANAS IN FIGURES

15. We Always Want More LAME3 LAME4 IBOV Return on Equity 47.2% 25.9% 59.6% Earnings per Share (R$) 54.9% 33.9% 1.54 0.83 2.64 1.78 0.96 LOJAS AMERICANAS IN FIGURES

16. We Always Want More Shareholders Capital Structure Position at March, 2006 Common Shares Common Shares Preferred Shares Preferred Shares Total Shares Total Shares Foreign Investors 4.4% Foreign Investors 37.0% Foreign Investors 24.7% LOJAS AMERICANAS IN FIGURES

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 ? 22 10 Stores opened Stores programmed Stores under negotiation

20. We Always Want More 16 2 5 9 BUSINESS STRATEGY Bricks and Mortar Business Niterói - RJ - Estrada de Itaipú Express Rio de Janeiro - RJ 2 Express São Paulo – SP 1 Traditional + 4 Express Ribeirão Preto - SP Suzano - SP Taubaté - SP São José do Rio Preto – SP 1 Traditional + 1 Express Divinópolis - MG Ipatinga - MG Barreiro - MG Northeast Region Southeast Region Middle-West Region Recife-PE 2 Express Natal - RN Vitória da Conquista - BA São Luis - MA 2 Traditional Fortaleza - CE Maracanaú - CE Feira de Santana – BA Criciúma - SC Curitiba - PR 2 Traditional Londrina - PR Tubarão - SC Dourados - MS Cuiabá - MT 10 stores opened + 22 stores schedule d South Region Expansion2006 Expansion 2006

21. We Always Want More Latin Americas #1 E-retailer - Multi Channel Latin Americas #1 E-retailer - Multi Channel 200.000 SKUs are available for 6 million customers 200.000 SKUs are available for 6 million customers TV channel that reaches 14 million antennas and growing TV channel that reaches 14 million antennas and growing Our E-commerce business represents 24% of LASA consolidated sales (2005) Our E-commerce business represents 24% of LASA consolidated sales (2005) w E-commerce in Brazil w over 90% of Brazilian consumers have never purchased on the Internet BUSINESS STRATEGY

22. We Always Want More * Shoptime´s acquisition was in September, 2005 CAGR: 102.8% * BUSINESS STRATEGY

23. We Always Want More Co-Branded International Cards (Visa/ MC) August,2006 Co-Branded Cards (Visa/ MC) August,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 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 (1Q06) 56% Cash 11% Other 42% Credit Card 2% Checks Lojas Americanas Americanas.com 89% Credit Card

24. We Always Want More PRIORITIES OF CASH Total2001-2006: R$ 486.5 MM 46% EBITDA Expansion Program and Investments Expansion Program and Investments Technology and Operations Technology and Operations 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 Stores under negotiation ? 22 10 * 2005 - Shoptime Acquisition R$ 117 million CAPEX budget for 2006: R$ 158.1 MM CAPEX budget for 2006: R$ 158.1 MM

25. We Always Want More Our headquarters, stores and distribution centers are connected in real-time, allowing total control over operations. Our headquarters, stores and distribution centers are connected in real-time, allowing total control over operations. 10.4 Million tickets / month 10.4 Million tickets / month 3.2 thousand points of sales 3.2 thousand points of sales 3 million credit cards transactions / month 3 million credit cards transactions / month TECHNOLOGY PEOPLE Employees training programs 90% of all store managers are formed by the company OPERATIONS By using the CDs, we cut down on inventories and losses and optimized distribution by daily deliveries of the replacement stock requested, guaranteeing products at the right time, in appropriate quantities. By using the CDs, we cut down on inventories and losses and optimized distribution by daily deliveries of the replacement stock requested, guaranteeing products at the right time, in appropriate quantities. Technological innovations to increase the efficiency of the business processes and keep pace with the Companys expansion. BUSINESS STRATEGY

26. We Always Want More OPERATING HIGHLIGHTS – 1Q06 Better Operating Efficiency (vs. 1Q05 - difference in Easter sales period) Consolidated EBITDA (R$75.1 million) grew by 12.6% Consolidated EBITDA (R$75.1 million) grew by 12.6% Operating Income (R$55.5 million) 7.4% increase Operating Income (R$55.5 million) 7.4% increase 0.2 p.p. reduction in G&A expenses, as % of NR 0.2 p.p. reduction in G&A expenses, as % of NR SSS growth Jan-April/2006 vs. Jan-April/2005 + 12.1% SSS growth Jan-April/2006 vs. Jan-April/2005 + 12.1% Gross revenue per associate grew by 7.9% Gross revenue per associate grew by 7.9% 110% increase in consolidated gross revenue of A.com and Shoptime 110% increase in consolidated gross revenue of A.com and Shoptime

27. 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.