1. 1Q06 RESULTS

2. 2 Operating Highlights – 1Q06 Profitability (vs. 1Q05) Consolidated EBITDA (R$75.1 million) grew by 12.6% Operating Income (R$55.5 million) – 7.4% increase Better Operating Efficiency (vs. 1Q05) 0.2 p.p. reduction in G&A expenses, as % of NR Gross revenue per associate grew by 7.9% 110% increase in consolidated gross revenue of Americanas.com and Shoptime Pursuing Organic Growth Opening of 8 Stores from January to March, 2006 – 5 Traditional and 3 Express Inauguration of 21 new stores are scheduled

3. 3 1Q06 Gross Revenue + 19.1% Total Gross Revenue Growth:+ 19.1% “Same store sales” growth from January to April, 2006: + 12.1% Opening of new stores in 4 quarters: + 41 stores Americanas.com/Shoptime Growth:+ 110% Sales Area 1Q06 x 1Q05:+13.5% Stores Sales Area (thousand m 2 ) Sales Area x Number of Stores 159 Stores 125 Stores 105 Stores 94 Stores 98 Stores 233 240 236 263 296 336 1Q011Q021Q031Q041Q051Q06 200 Stores

4. 4 Operating Expenses Sales expenses (R$131.1 million) was 1.8 p.p. higher than 1Q05, as a percentage of NR - difference in Easter sales period; - inauguration of 41 new stores in the last 12 months; - Shoptime acquisition in September 2005 0.2 percentage points reduction in G&A expenses, representing 2.4% of NR - 0.2 p.p. General and Administrative Expenses (% of NR) 2.7% 3.2% 4.6% 2.6% 3.8% 1Q011Q021Q031Q041Q051Q06 2.4%

5. 5 EBITDA Evolution 12.6% EBITDA growth (R$75.1 million) EBITDA Margin of 10.2%, 0.5 p.p. lower than 1Q05 Consolidated EBITDA (R$ million and % NR) 0.8% CAGR:+ 102.6% 75.1 66.7 47.8 29.5 2.2 26.8 1Q011Q021Q031Q041Q051Q06 7.3% 8.7% 10.4% 10.7% 10.2%

6. 6 Net Income Variation 3.4 10.8 1Q051Q06 Quarterly Net Income (R$ Million) 1Q05 net income considers the positive effects of Easter sales; R$14.7 million increase in net financial expense, due to: Higher expenses with taxes and contributions on financial operations; Interest expenses from loans; Monetary correction of tax liabilities; Impact of the acquisition of Shoptime and its debt assumption Increase in depreciation and amortization due to the increase and expansion of physical stores network. Dividends and IOC: R$60 million, paid on April 3, 2006

7. 7 Net Debt* and Capex R$ 67.3 MM R$ 67.3 MM Net Debt of R$221.1 million on 03/31/2006, including Shoptime’s debt, but not considering revenues from Easter period. Investments amounting to R$30.7 million on 1Q06: Stores network expansion and modernization (R$15.9 million) Technological update (R$9.7 million) Distribution and Logistics (R$2.9 million) Other Projects (R$2.2 million) Net Debt (R$ million) R$ 221.1 MM R$ 221.1 MM 873.9 1,145.0 941.2 923.9 1Q051Q06 Gross DebtCash * Considering credit card receivables

8. 8 Share Performance – 1Q06 28.0% appreciation (LAME4) and 14.8% (LAME3) vs. 13.4% of Ibovespa Higher liquidity – LAME4 average daily trading volume: R$9.3 million (62% growth vs. 1Q05) Inclusion in IBRX-50 and in MSCI

9. 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.