3Q08 and 9M08 RESULTS

LOJAS AMERICANAS REPORTS 19.5% “SAME STORES” SALES GROWTH, 51.4%

INCREASE IN EBITDA AND A GROWTH OF 76.5% IN NET INCOME IN 3Q08 Rio de Janeiro, November 6, 2008 – Lojas Americanas S.A. [BOVESPA: LAME3 (common) and LAME4 (preferred)], a company with an important position among the Brazilian largest retail networks with 445 stores as of today and a presence in 22 states plus the Federal District, announces its results for the 3rd quarter (3Q) and for the nine months period ending September (9M) 2008. The financial and operational information that follows were revised by the independent auditors. Except where otherwise indicated, it is presented in accordance with the rules of Comissão de Valores Mobiliários (CVM – Brazilian SEC) and in Reais (R$), and the comparisons refer to the 3Q07, except where otherwise indicated.

Consolidated Gross Revenue (R$million)

1,124.3797.6670.4

537.1427.0

2,260.6

1,767.5

3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08

Consolidated Operational Expenses without Depreciation & Amortization

(%NR)

19.220.519.7

21.9 20.220.5 19.5

3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08

Consolidated Operating Income (R$ million)

160.3

111.8

71.2

20.339.632.7 46.7

3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08

EBITDA Consolidated(R$ million) 217.5

143.7

28.8 52.642.9 62.0

93.1

3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08

OPERATIONAL AND FINANCIAL HIGHLIGHTS

9M08 9M07 Chg. (%) Financial Highlights (R$ mm) 9M08 9M07 Chg. (%)6,584.1 5,143.1 28.0% Gross Revenue 3,302.6 2,665.9 23.9%4,979.6 3,839.8 29.7% Net Revenue 2,668.3 2,086.5 27.9%1,542.3 1,213.1 27.1% Gross Profit 758.6 608.3 24.7%31.0% 31.6% -0.6 pp Gross Margin (%NR) 28.4% 29.2% -0.8 pp568.9 402.9 41.2% EBITDA 260.8 197.6 32.0%11.4% 10.5% +0.9 pp EBITDA Margin (%NR) 9.8% 9.5% +0.3 pp

5.9 27.8 -78.8% Net Income 5.9 27.8 -78.8%0.1% 0.7% -0.6 pp Net Margin (%NR) 0.2% 1.3% -1.1 pp

Consolidated Parent Company

Executive Summary 3Q08 - Comparison to 3Q07

• Growth of consolidated net revenue (NR) of 29.5% and 29.6% in parent

company;

• Growth in proforma** “same stores” net revenues of 19.5%;

• Operating expenses excluding depreciation and amortization of 19.2% of

the Consolidated NR and 18.5% of the Parent Company NR, which represents a

reduction of 1.3 percentage point (pp) and 1.5 pp, respectively;

• Consolidated operating income of R$ 160.3 million, equivalent to a growth of

43.4%;

• Consolidated EBITDA of R$ 217.5 million (12.7% of NR), equivalent to a

growth of 51.4% and in the parent company, of R$ 98.8 million, representing

an increase of 40.9%;

• Growth in gross revenue of 35% in B2W parent company (Americanas.com,

Submarino and Shoptime);

• 76.5% increase of Net Income;

• Americanas Taií finished 3Q08 with about 1.9 million cards issued and R$

404.3 million in receivables. The cards issued by FAI (private label and co-

branded) exceeded, by the end of October 2008, 13.5% of the parent company’s

sales.

• * Operating Income before Financial Income and Equity Restatement. • ** Proforma “same stores” revenue growth: considers the revenues of the BWU/BLOCKBUSTER® stores for the same period the

previous year. • Charts – caption “3Q” means results of the third quarter of each year.

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Multichannel Retail Structure:

Clients are served via bricks-and-mortar stores, Internet, telephone, catalogues, TV and kiosks. Financial services are offered through FAI.

MULTICHANNEL RETAIL STRUCTURE: Lojas Americanas operates through a multichannel service structure. In addition to the bricks-and-mortar store chain, the Company reaches customers with a wide range of products sold via Internet, telephone, TV, catalogues and kiosks. In January 2007, Lojas Americanas acquired BWU, the company that held the BLOCKBUSTER® trademark in the country, thus adding the movie rental service to the Company’s product range. In addition, Lojas Americanas now holds the license to use the BLOCKBUSTER® trademark in Brazil for a 20-year period. B2W – Companhia Global do Varejo, result of the merger between Americanas.com and Submarino in 2006, offers a portfolio comprised of the following brands: Americanas.com, Shoptime, Submarino, Blockbuster Online, Ingresso.com, Submarino Finance and B2W Viagens, which offer more than 30 product categories and services through Internet, telesales, catalogues, TV and kiosks. Lojas Americanas’ stake in B2W at the end of the third quarter of 2008 was 56.66%. It is also worth mentioning the participation of Americanas Taií (Financeira Americanas Itaú), a joint venture with Banco Itaú, responsible for offering credit and financial products to clients. The following organizational chart illustrates the integrated approach of Lojas Americanas:

Bricks-and-Mortar

Multi-channel Retailer

Financial ProductsEcommerce, TV, Telesales and Catalogues

Participation: 56.66% Results Consolidation: 100%

Participation: 50% Results Consolidation: 50%

3 / 22

GENERAL CONSIDERATIONS To our Shareholders:

We are presenting the performance comments relative to the third quarter and accumulated through September 2008 of the Parent Company (Lojas Americanas) and the consolidated operations (Lojas Americanas, subsidiaries and jointly-controlled company).

In 2008, until the end of September, we inaugurated 20 new stores, we transferred two BLOCKBUSTER® stores to already existing Lojas Americanas outlets and we deactivated one of our stores.

Besides the stores that were inaugurated through the end of the third quarter, we opened 15 stores and have scheduled another 20 openings until the end of this year. This total of new stores make us optimistic that we will surpass the record of 50 new stores we set last year.

Evolution of Sales Area x Number of storesPosition at September 30, 2008

457418

350311

254 266235 130

stores

172 stores

430 stores

115 stores 98

stores

381 stores 214

stores

Sep02 Sep03 Sep04 Sep05 Sep06 Sep07 Sep08

Sale

s A

rea

(thou

sand

m²)

Num

ber o

f Sto

res

For analysis of the Company’s margins as a percentage of net revenue (NR), it’s worth mentioning that the ICMS Tax Substitution Regimen (ST) took effect in some Brazilian states, mainly in the state of São Paulo – where most of our suppliers are located and we have approximately 170 stores. The ST, which changes the way ICMS is collected for some product segments, registers the tax as Cost of Goods Sold (COGS) rather than as a tax on sales.

4 / 22

Consolidated Gross Revenue in 3Q08 grew 27.9% over 3Q07

Growth of 19.5% in Net Revenues in the “Same Store” concept in 3Q08 and 16.3% in 9M08.

OPERATING PERFORMANCE Gross Revenue

The Company’s consolidated gross revenue in the third quarter of 2008 totaled R$ 2.261 billion, the equivalent to an increase of 27.9% over the same period of 2007. In the Parent Company view, gross revenue for the third quarter of 2008 (3Q08) totaled R$ 1.108 billion, representing a growth of 24.8% over 3Q07. Third Quarter

Gross Revenue - Consolidated(R$ million)

427.0 537.1 670.4 797.61,124.3

1,767.5

2,260.6

3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08

Gross Revenue - Parent Company (R$ million) 1,108.2

374.2

547.1 453.3

584.8

887.8 722.0

3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08

Accumulated

Gross Revenue - Consolidated(R$ million)

6,584.1

3,198.8

5,143.1

2,325.1

1,498.7 1,948.5

1,259.7

9M02 9M03 9M04 9M05 9M06 9M07 9M08

Gross Revenue - Parent Company (R$ million) 3,302.6

2,146.2 2,665.9

1,761.1

1,299.2 1,637.1

1,137.9

9M02 9M03 9M04 9M05 9M06 9M07 9M08

Net Revenue

From a consolidated point of view, the Company’s total net revenues in 3Q08 totaled R$ 1.713 billion, compared to R$ 1.323 billion for the same period the previous year, representing growth of 29.5%. In the Parent Company, net revenue in 3Q08 totaled R$ 903.3 million, the equivalent of a 29.6% rise over the R$ 697.1 million posted in 3Q07. In the proforma* “same store” concept, the growth in net sales in 3Q08 was 19.5% higher than in 3Q07, and the accumulated through September 2008 was up 16.3% over the same period of 2007. ** Proforma “same stores” revenue growth: considers the revenues of the BWU/BLOCKBUSTER® stores for the same period the previous year.

CAGR = 32.0% CAGR = 19.8%

CAGR = 31.7% CAGR = 19.4%

5 / 22

Higher productivity 3Q08 vs. 3Q07: Consolidated Gross Revenue per Associate up 28.2%.

Consolidated Gross Revenue per Associate The Company’s consolidated gross revenue per associate accumulated through September 3Q08 was R$ 143.8 million, the equivalent to an increase of 28.2% over the same period of 2007.

Consolidated Gross Revenue per Associate (R$ thousand)

143.8

112.2 101.0 82.3

61.8 76.2

47.0

3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08

Gross Margin

From a consolidated point of view, gross profit in 3Q08 was R$ 544.9 million, representing a 31.3% increase over the R$ 414.9 million posted in 3Q07. Analyzing the consolidated gross margin in 3Q08, as a percentage of net revenue, there is a reduction of 0.4 pp compared to 3Q07 (31.8% vs. 31.4%). For the parent company, gross income in 3Q08 was R$ 265.5 million, an increase of 26.8% over 3Q07, equivalent to a reduction of 0.6 pp in the gross margin as a percentage of net revenue (29.4% vs. 30.0%). As mentioned previously, we observe that under the ICMS Tax Substitution Regimen (ST), the ICMS is registered as cost of goods sold (COGS) rather than as a tax on sales. It should be noted that, from the Parent Company point of view, the 0.6 pp of NR reduction in the gross margin was offset by the 1.5 pp of NR reduction in operating expenses.

Gross Margin - Consolidated (%NR)

31.8 31.4 30.7 29.6 30.1 30.5 29.3

3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08

Gross Margin - Parent Company (%NR)

29.4 30.0 30.0 30.1 29.2 29.4 28.9

3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08

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Reduction of 1.3 pp in consolidated operating expenses (% NR), (3Q08 vs. 3Q07). Reduction of 1.5 pp in Parent Company’s operating expenses (% NR), (3Q08 vs. 3Q07).

Operating Expenses (sales and general/administrative expenses)

In the third quarter of 2008, consolidated operating expenses (without depreciation and amortization) totaled R$ 329.0 million, or 19.2% of the net revenue (NR), compared to R$ 270.5 million, or 20.5% of the NR, for the same period of 2007. There was a 1.3 pp reduction as a percentage of net revenue.

The opening of 53 stores in the last four quarters; the evolution of sales of our e-commerce, B2W, which grew 35% over 3Q07 (Parent Company); the merger between Americanas.com and Submarino; the BWU/BLOCKBUSTER® operations, which was acquired in January 2007; the remodeling of these stores into the Americanas Express BLOCKBUSTER® format; and Americanas Taií, whose first credit cards and financial products were launched in May 2006, should all be taken into consideration in this analysis.

In the Parent Company, the operating expenses (without depreciation and amortization) in 3Q08 totaled R$ 167.1 million, or 18.5% of the NR, compared to R$ 139.3 million, or 20.0% of the NR in 3Q07, equivalent to a 1.5 pp reduction.

Operational Expenses without Depreciation & Amortization

Consolidated (%NR)

19.2 20.5 19.7 19.5 20.5 20.2

21.9

3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08

Operational Expenses without Depreciation & Amortization

Parent Company (%NR)

18.5 20.0 20.0 20.2 20.2 20.1 21.4

3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08

Operating Income*

In the third quarter of 2008, consolidated operating income rose 43.4%, totaling R$ 160.3 million compared to R$ 111.8 million during the same period of 2007. The operating margin as a percentage of the NR was 9.4%, compared to the 8.5% operating margin in 3Q07, an increase of 0.9 pp.

The improvement in consolidated operating performance indicates that the Company’s strategy converges towards the consolidation of competitive advantages and has been adding opportunities for the growth of profitability over the long term.

In 3Q08, parent company operating income was R$ 64.0 million, or 7.1% of NR, an increase of 0.3 pp compared to 3Q07.

Operating Income - Consolidated (R$ million)

160.3

111.8

71.2 46.7

32.7 39.6 20.3

3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08

Operating Income - Parent Company (R$ million)

64.0

15.3 28.3 24.8

33.6 39.2 47.7

3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08

* Operating Income before Financial Income and Equity Restatement.

7 / 22

Parent Company’s operating income in 3Q08 without the effects of amortization of goodwill up 0.8 pp over 3Q07. The consolidated operating income in 3Q08 without the effects of amortization of goodwill was up 1.0 pp over 3Q07. 3Q08 vs. 3Q07 — a 1.8pp improvement in the Consolidated EBITDA margin.

Operating Income before amortization of goodwill:

3Q08 %NR 3Q07 %NR 3Q08 %NR 3Q07 %NR

Gross Profit 265.5 29.4% 209.4 30.0% 544.9 31.8% 414.9 31.4%

Operating Expenses (Revenues) (201.5) -22.3% (161.7) -23.2% (384.6) -22.5% (303.1) -22.9%(+) Sales (156.7) -17.3% (128.0) -18.4% (297.8) -17.4% (242.2) -18.3%(+) General and administrative (10.4) -1.2% (11.3) -1.6% (31.2) -1.8% (28.3) -2.1%(+) Depreciation and Amortization (34.8) -3.9% (22.4) -3.2% (57.2) -3.3% (31.9) -2.4%

Amortization of goodwill* (8.2) -0.9% (2.8) -0.4% (14.9) -0.9% (9.4) -0.7%Deprec. and Amort. excluding amort. Goodwill (26.6) -2.9% (19.6) -2.8% (42.3) -2.5% (22.5) -1.7%

(+) Other 0.4 0.0% - 0.0% 1.6 0.1% (0.7) -0.1%

Operating Income 64.0 7.1% 47.7 6.8% 160.3 9.4% 111.8 8.5% (-) Amortization of goodwill (8.2) -0.9% (2.8) -0.4% (14.9) -0.9% (9.4) -0.7%

Operating Income Before Amortization of Goodwill 72.2 8.0% 50.5 7.2% 175.2 10.2% 121.2 9.2%

Consolidated: Amortization of the Goodwill originated in Parent Company and in B2W (Shoptime acquisition).

Parent Company Consolidated

* Parent Company: Amortization of the goodwill originated by the merger of Americanas.com and Submarino, by the aquisition of BTOW3 shares by Lojas Americanas and by the repurchase of BTOW3 shares by B2W.

The operating income of the Parent Company in 3Q08, without the effect of the amortization of goodwill stemming from the merger of Americanas.com and Submarino, of the acquisition of BTOW3 shares by Lojas Americanas and also by the repurchase of BTOW3 shares by B2W, represents an improvement of 0.8 pp over 3Q07 as a percentage of NR, or a growth of 43.0%. The consolidated operating income in 3Q08 without the effects of amortization of goodwill was up 1.0 pp over 3Q07, or a growth of 44.6%. EBITDA

In 3Q08, consolidated EBITDA totaled R$ 217.5 million, representing a 51.4% increase over the same period of 2007. The consolidated EBITDA margin for the third quarter of the year was 12.7% of the net revenue, compared to 10.9% of NR for 3Q07. The EBITDA per company is presented in the following table:

3Q08 %NR 3Q07 %NR Var. ($) Var. (%)

EBITDA 217.5 12.7% 143.7 10.9% 73.8 51.4%

LOJAS AMERICANAS 98.8 10.9% 70.1 10.1% 28.7 40.9%B2W 129.5 15.6% 86.7 13.9% 42.8 49.4%FAI (14.6) -47.4% (5.1) -25.0% -9.5 186.3%BWU AND OTHER SUBSIDIARIES 3.8 102.6% (8.0) -27.4% 11.8 -147.5% In 3Q08, the Parent Company’s EBITDA totaled R$ 98.8 million, equivalent to a 40.9% increase when compared to the same period of the previous year. It is important to note that the growth of net revenue for the same period was 29.6%. It can be seen that FAI presented, in 3Q08, a negative EBITDA variation of R$ 9.5 million, against the result in 3Q07, reporting a negative EBITDA of R$ 14.6 million. FAI’s result is in line with the business plan established by the company and is one of the major pillars of our growth strategy.

8 / 22

Third Quarter

EBITDA - Consolidated (R$ million and %NR) 217.5

143.7

42.9 28.8 52.6 62.0

93.1 12.7%

11.0%8.2% 10.2%10.3%9.6%10.9%

3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08

EBITDA - Parent Company (R$ million and %NR)

98.8

70.1

34.2 23.4

39.0 46.1 56.1 10.9%

10.0%7.5%

10.0%9.3%9.0%

10.1%

3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08

Accumulated

EBITDA - Consolidated(R$ million and %NR) 568.9

402.9

118.8 81.2 157.8 178.1

249.2 11.4%

10.3%7.9% 10.1%10.4%9.5% 10.5%

9M02 9M03 9M04 9M05 9M06 9M07 9M08

EBITDA - Parent Company(R$ million and %NR)

260.8

197.6

95.3 71.3

123.8 123.9 154.1

9.8%

9.2%7.6%

9.0%9.7%8.7%9.5%

9M02 9M03 9M04 9M05 9M06 9M07 9M08

EBITDA (operating income before interest, taxes, depreciation and amortization and excluding extraordinary or non-operating expenses) is presented as additional information because we believe it is an important indicator of our operating performance, as well as being useful for comparing our performance with that of other companies in the retail sector. However, no number should be considered isolatedly as a substitute for net income calculated according to Company Law and the rules of the Brazilian Securities Exchange Commission or, even, as a measures of the Company’s profitability. Furthermore, our calculations may not be compatible with similar other measures adopted by other Companies.

Sales by Means of Payment

The sales by means of payment (Parent Company and Consolidated) through September of 2007 and 2008 may be observed in the following table:

9M08 9M07 Chg. 9M08 9M07 Chg.Cash 51% 52% - 1 pp 35% 37% - 2 ppCheck 1% 1% - 1% 1% -Credit Card 42% 44% - 2 pp 59% 60% - 1 ppPrivate Label Cards* 6% 3% + 3 pp 5% 2% + 3 pp*Considers the Americanas Taií and Submarino Finance private label cards.

Sales by Means of Payment

Mean of Payment Parent Company Consolidated

9 / 22

Gain of 21 days in Parent Company’s net working capital in 3Q08 vs. 2Q08.

Working Capital [gain of 21 days in net working capital in 3Q08] The Parent Company’s net working capital during the third quarter of 2008 improved 21 days over the second quarter of the year. This performance comes from the gain of 18 days in the ratio between the inventories and suppliers accounts, with an additional three days’ reduction in accounts receivable. The evolution of Lojas Americanas’ net working capital during the third quarter demonstrates the constant striving for the improvement of our operating processes and the development of our partnerships with suppliers.

Days of inventories: [360 / (COGS last 12 months / balance of inventories)] Days of suppliers: [360 / (COGS last 12 months / balance of suppliers)] Days of accounts receivable: [360 / (Gross Sales of the last 12 months / balance of accounts receivable)] Days of net working capital: (inventory days – supplier days + accounts receivable days)

Financial Income

The consolidated net financial expenses in 3Q08 totaled R$ 120.6 million in comparison with net financial expenses of R$ 82.0 million in 3Q07. For the accumulated period through September 2008, the consolidated net financial expenses amounted to R$ 327.7 million compared to a net financial expenses of R$ 239.9 million in the same period of 2007. For the parent company, the net financial expenses of 3Q08 totaled R$ 73.9 million compared to R$ 45.4 million in 3Q07. For the accumulated period through September 2008, the net financial expense of the parent company totaled R$ 165.2 million compared to a net financial expense of R$ 108.1 million for the same period of 2007. It is important to note that, for a better assessment of the Parent Company’s net financial income, we should include the financial revenues and expenses of its non-operating subsidiaries (Klanil, Louise, BWU and others). Thus, we demonstrate in the

Suppliers (Parent Company)

10681

95

140

92109

2Q07 3Q07 4Q07 1Q08 2Q08 3Q08

Inventories (Parent Company)

9810895 104 91 91

2Q07 3Q07 4Q07 1Q08 2Q08 3Q08

Accounts Receivable (Parent Company)

434042

6054

46

2Q07 3Q07 4Q07 1Q08 2Q08 3Q08

Net Working Capital

35

5650

24

45 39

2Q07 3Q07 4Q07 1Q08 2Q08 3Q08

(Parent Company)

17 days

21 days

25 days 7 days

3 days

better

13 days

2 days 6 days

10 / 22

following table a view of the financial income of the aforementioned effects. Breakdown of the Net Financial Income - R$MM 9M08 9M07

R$ MM %(+) Interest and monetary variation on money market investments 63.1 30.9 32.1 103.8%

(=) Total Financial Revenue 63.1 30.9 32.1 103.8%

(+) Interest and monetary variation on loans and financing (212.7) (113.1) (99.7) 88.1%(+) Monetary variation on tax liabilities (8.6) (11.5) 2.9 -25.5%(+) Tax on financial transactions (6.9) (14.5) 7.5 -52.0%

(=) Total Financial Expenses (228.2) (139.0) (89.2) 64.2%

Parent Company Financial Result (before Klanil, Louise, BWU, others) (165.2) (108.1) (57.1) 52.8%

(+) Equity accounting of Klanil, Louise and other subsidiaries (10.9) (9.1) (1.8) 20.1%(+) Net Financial Result BWU 24.0 (5.8) 29.9 -513.5%

Parent Company Net Financial Result (after Klanil, Louise, BWU, others) (152.0) (123.0) (29.0) 23.6%

(+) B2W Net Financial Result - consolidated (175.6) (116.9) (58.8) 50.3%

Consolidated Net Financial Result (327.7) (239.9) (87.8) 36.6%

Variation

The net financial expenses of the Parent Company in 9M08, taking into account the aforementioned effects and before B2W, totaled R$ 152.0 million and presented an increase of 23.6% over the same period of 2007, whereas the Parent Company’s net revenue rose 27.9%. During this period, we invested in the inauguration and refurbishment of new stores and the expansion and modernization of our distribution centers, we paid out dividends, we bought back shares (LAME3 and LAME4) and we purchased B2W shares (BTOW3).

The Company continues to reaffirm its commitment to a conservative cash investment policy, manifested through the utilization of hedge instruments, in foreign currencies, to offset eventual exchange fluctuations, whether relative to financial liabilities or total cash position. Such instruments offset foreign exchange risk, converting the debt cost to local currency and interest rate (as percentage of the interbank deposit rate – CDI).

11 / 22

76.5% increase of 3Q08’s net income vs. 3Q07.

Net Income

Net income in the third quarter of 2008 totaled R$ 15.0 million, compared to the R$ 8.5 million for 3Q07, representing a 76.5% increase. The following table presents the main variations from EBITDA to net income: RECONCILIATION OF THE NET INCOMER$MM 3Q08 3Q07 Var. ($) Var. (%)

EBITDA 98.8 70.1 28.7 40.9%(+) Depreciation/Amortization (without goodwill) (26.6) (19.6) (7.0) 35.7%

(+) Financial Result Parent Company (73.9) (45.4) (28.5) 62.8%

(+) Amort. of goodwill (merger/Lojas purchase of BTOW3) (5.5) (2.8) (2.7) 96.4%(+) Amort. of goodwill (B2W repurchase of BTOW3) (2.7) - (2.7) -

Total goodwill Amortization (Parent Company) (8.2) (2.8) (5.4) 192.9%

(+) Equity Accounting (B2W) 15.2 8.0 7.2 90.0%(+) Equity Accounting (FAI) (10.2) (8.8) (1.4) 15.9%(+) Equity Accounting other subsidiaries 13.2 6.0 7.2 120.0%

(+) Non Operating Income 6.2 (0.3) 6.5 -2166.7%

(+) Income and social contribution taxes 0.5 1.3 (0.8) -61.5%

NET INCOME (LOSS) 15.0 8.5 6.5 76.5%

(-) Goodwill amortization write back (8.2) (2.8) (5.4) 192.9%

NET INCOME WITHOUT GOODWILL AMORTIZATION 23.2 11.3 11.9 105.3%

Lojas Americanas (Parent Company)

Amortization of goodwill The amortization of goodwill presented in the above chart were originated by the merger of Americanas.com and Submarino in December 2006, by the purchase of BTOW3 shares by Lojas Americanas and by the repurchase of BTOW3 shares by B2W. The amount of these amortizations had a negative effect of R$ 8.2 million on the Parent Company’s income in 3Q08, presenting a negative variation of R$ 5.4 million compared to the same period the previous year. FAI Equity Accounting FAI (Financeira Americanas Itaú) posted a loss of R$ 10.2 million in 3Q08, a negative variation of R$ 1.4 million versus 3Q07. It should be noted that FAI is a company in the process of investment and maturation. Non-Operating Income The non-operating income in 3Q08 was positive in R$ 6.2 million, versus a negative R$ 0.3 million in 3Q07. In 2008, the Parent Company’s non-operating income basically is represented by capital gains, by the change in the shareholding stake in B2W – Companhia Global do Varejo (R$ 3.9 million), by the reversal of part of the provision for payment of a fine for failure to comply with the targets established in the association contract with Banco Itaú Holding Financeira S.A. (R$ 3.6 million) and by other non-operating expenses, net.

12 / 22

LASA’s capital structure is part of the strategy to add value to shareholders

INDEBTEDNESS Lojas Americanas uses its cash flow to prioritize its investments that generate the best returns for shareholders. Thus, we have listed below the main actions carried out in the October 1, 2007 to September 30, 2008 period: • Investments made by Lojas Americanas and B2W in fixes, deferred and intangible

assets (development of web sites and systems) of R$ 441.2 million; • Payment of interest on own capital and gross dividends of R$ 50.0 million, with

the first portion of which (R$ 19.0 million) in December 2007 and the remainder in April 2008;

• Share buy-backs (LAME3 and LAME4) in the amout of R$ 26.8 million; • Purchase of 2,031,000 common shares of our subsidiary B2W (BTOW3), for a

total amount of valor R$ 120.5 million. • Share buy-backs by B2W (BTOW3) in the amount of R$ 179.9 million.

Consolidated Indebtedness09/30/08 06/30/08 09/30/07

Short-term loans and financing 1,817.5 1,733.2 908.0 Short-term debentures 100.0 85.1 18.1

Short-term indebtedness 1,917.5 1,818.3 926.1 Long-term loans and financing 985.3 897.8 882.3 Long-term debentures 732.3 367.9 436.6

Long-term indebtedness 1,717.6 1,265.7 1,318.9 Gross indebtedness 3,635.1 3,084.0 2,245.0 Cash and banks 315.2 521.8 129.9 Money market investments 1,682.9 985.9 1,019.5 Receivables from clients (credit/debit cards) 111.9 255.5 228.0 Customers financing - FAI (50%) 266.6 163.9 120.9 Total Cash and Cash Equivalents 2,376.6 1,927.1 1,498.3 Net Cash (Debt) (1,258.5) (1,156.9) (746.7)

Lojas Americanas’ consolidated short and long-term loans on September 30, 2008 totaled R$ 3,635.1 million. If we deduct the cash position, of R$ 2.376.6 million (cash + money market investments + accounts receivable from credit and debit card + 50% of FAI’s consumer financing) from total loans, we arrive at a net debt position of R$ 1,258.5 million. CREATION OF VALUE FOR SHAREHOLDERS Lojas Americanas and its subsidiaries have as a priority to achieve the highest return to its shareholders. Thus, the Company has adopted over the last few years several practices which enable us to combine an ideal capital structure with a consistent improvement in operating margins. In the balance sheet of September 30, 2008, the consolidated net debt was R$ 1,258.5 million (see table in the Indebtedness topic), equivalent to a “net debt/ 12 month EBITDA” of 1.4x, representing a conservative capital structure. LASA’s capital structure is part of the strategy to add value to our shareholders, driving the Company’s growth through the use of third-party resources.

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Value added and generation delta EVA® every year. In the past five years, the ROE was on average better than 30% per year.

By choosing EVA® (Economic Value Added) as a tool to guide our decisions, Lojas Americanas started to analyze all alternatives to invest in expansion (not only for organic growth, but also for acquisitions) based on value added and generation of delta EVA® each year. Therefore, after the investments regarding our expansion and the maintenance of the minimum cash required for the operation of our business, the Company has been distributing the exceeding cash through dividends to its shareholders and/or repurchase of shares.

The results obtained until this moment indicate that the company is in the right path in the usage of its operating cash generation. - We doubled the sales area in the last 6 years and more than quadrupled the number of stores in the same period; - Consolidated gross revenue grew 32% (CAGR) from 2002 to 2007; - Consolidated EBITDA rose 38% (CAGR) from 2002 to 2007; - Payment of dividends and repurchase of shares in the amount of R$ 728 million (2001-2007) – average payout ratio close to 80%; - Acquisition of Shoptime in 2005 and merger of Americanas.com and Submarino in 2006, resulting into the biggest e-commerce company in Latin America (B2W); - In 2005, through a joint venture with Banco Itaú, we created the company FAI (Financeira Americanas Itaú), receiveing R$ 200 million for 50% of the company; - Lojas Americanas acquired the 127 BLOCKBUSTER® stores in Brazil, growing our presence in the main capitals of the country, in special São Paulo, Rio de Janeiro and other localities with huge strategic potential. As an outcome of this strategy, Lojas Americanas’ return on equity (ROE) averaged more than 30% a year in the last five years.

Dividends payment

Share Buyback

89.2 90.0 88.8

14.6 60.0

110.0 100.0

35.318.1

0.4

28.5

11.1

34.269.4

2001 2002 2003 2004 2005 2006 2007/08

Dividends Payment and Share Buy-back Program (R$ million)

14 / 22

Consolidated capital expenditures from the Parent Company’s viewpoint totaled R$ 172.5 million in 9M08, with emphasis on the inauguration and refurbishment of stores. Opening of 35 stores through to the disclosure of results and 20 scheduled inaugurations

CAPITAL EXPENDITURES AND EXPANSION Parent Company Investments From the Parent Company point of view, Lojas Americanas invested through September 2008 a total of R$ 172.5 million, with emphasis on: expansion and refurbishment of stores, investments in the stores which will open in the 4th quarter, expansion and modernization of our distribution centers, and the technological upgrades and improvements to operating/logistical processes.

Parent Company Investments - 9M08

87%(R$ 149.8 MM)

5%(R$ 8.2 MM )8%

(R$ 14.5 MM) Openings andRemodeling

Technologicalupgrade

Operations andother pro jects

Expansion of the Chain of Stores We intend to create value for our shareholders, following our internal motto “We Always Want More.” Lojas Americanas expansion project takes place on three main fronts: Lojas Americanas (bricks-and-mortar retail), B2W (Internet, telephone, catalogues, TV and kiosks) and Americanas Taií (financial products). In 2008, up to today, we inaugurated 35 new stores, of which 19 were in Traditional format and 16 in the Express format, all of them with a BLOCKBUSTER® space for movie rentals. We decided to deactivate one of our stores, in São José dos Campos - SP. Besides that, the BLOCKBUSTER® stores in Belo Horizonte/MG (Belvedere) and São Bernardo do Campo/SP (Shopping Metrópole) were transferred to Lojas Americanas units in their respective cities.

Besides the stores that were inaugurated, we have scheduled another 20 inaugurations by the end of this year.

In 2008 we are expanding our presence in 30 new cities, consolidating the Lojas Americanas brand, reaching new customers and, thus, growing our potential consumer market.

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B2W – Growth of 38% of gross revenue and 48% of the EBITDA in 9M08 and 9M07

Stores opened through September 30, 2008: State Traditional Stores Express Stores Sales AreaEspírito Santo 2 2 2170Minas Gerais 3 - 3171Pará 1 - 1805Paraná 2 - 2308Piauí 1 - 1357Rio de Janeiro 1 2 2068Rio Grande do Sul 1 - 750São Paulo - 5 1829Total 11 9 15,458

Stores opened after September 30, 2008: State Traditional Stores Express Stores Sales AreaAmazonas 1 - 1.683Bahia 1 - 885Ceará 1 - 1.017Paraná 1 - 973Rio de Janeiro - 2 1.261Rio Grande do Norte 1 - 846Rondônia 1 - 1.974São Paulo 2 5 4.632Total 8 7 13.271 The following chart shows stores that have been contracted and with inaugurations scheduled for 2008:

State Traditional Stores Express Stores Sales AreaAlagoas 1 - 1Amazonas 1 - 1Bahia 2 - 2Distrito Federal 2 - 2Goias 1 - 1Minas Gerais 2 - 2Pernambuco - 1 1Rio de Janeiro 1 - 1Rio Grande do Sul 1 - 1Santa Catarina 1 - 1São Paulo - 7 7Total 12 8 20

B2W – COMPANHIA GLOBAL DO VAREJO We are presenting below the highlights of the results of the third quarter (3Q08) and for the nine months period ending September (9M08) of our B2W - Companhia Global do Varejo subsidiary (BOVESPA: BTOW3). The Company’s Quarterly Information was prepared and is presented in compliance with the rules of the Securities Exchange Commission (CVM) as well as the regulations applying to companies listed on the Novo Mercado. The following highlights refer to the Parent Company (Americanas.com, Submarino and Shoptime), except where otherwise indicated.

Gross revenue: 35% growth in 3Q08 and 38% in 9M08 Gross revenue reached R$1.108MM in 3Q08, representing a growth of 35% in relation to

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B2W - Gain of 25 days in net working capital in 3Q08. Americanas Taií closed 3Q08 with 307 points of sale, about 1.9 million cards issued and R$ 404 million in receivables The FAI cards (PL and co-branded ) reached 13.5% of the Parent Company’s sales by the end of October/08.

3Q07. In the 9M08, the growth was 38% in comparison with the 9M07.

Gross Profit: 37% growth in 3Q08 and 38% in the 9M08 In 3Q08, Gross Profit jumped to R$235MM from R$172MM in 3Q07, up 37% and registering a Gross Margin of 30.4%. In 9M08, gross profit totaled R$672MM with a Gross Margin of 30.3%.

EBITDA: Growth of 44% in 3Q08 and 48% in 9M08 EBITDA reached R$120MM in 3Q08, representing a growth of 44% in relation to 3Q07. In 9M08, EBITDA reached R$325MM, up 48% in relation to the same period of the previous year.

EBITDA Margin: +90 bps in 3Q08 and +100 bps in 9M08 15.5% of NR in 3Q08 and 14.7% in the 9M08, up 90 and 100 bps when compared with the same periods of 2007.

Net Income: 80% growth in 3Q08 and 50% in 9M08 In 3Q08, Net Income jumped to R$27MM from R$15MM in 3Q07, representing growth of 80%. In 9M08, Net Income reached R$58MM, up 50% in relation to 9M07.

Cash Conversion Cycle: Improvement of 25 days In 3Q08, B2W's cash conversion cycle was 87 days against 112 days in the same period of the preceding year.

Submarino Finance: More than 350 thousand cards issued Submarino Card reached the milestone of 18% in sales in Submarino website.

B2W launched the new Submarino and Shoptime websites Innovative concept, faster, modern and interactive.

FINANCEIRA AMERICANAS ITAÚ - AMERICANAS TAIÍ Financeira Americanas Itaú (FAI), better known as Americanas Taií, is dedicated to the financing of purchases via own brand (private label) and Visa and Mastercard credit cards (co-branded), the supply of personal credit and other financial products and services. It operates through 307 points of sale, the Internet, the Shoptime channel and, recently, through BLOCKBUSTER® points of sale. Cards began to be supplied in May 2006. By the end of September 2008, Americanas Taií had already issued over 1.9 million cards, of which 1,345,000 are private label, 202,000 are for personal loans and 338,000 are co-branded. The FAI cards (private label and co-branded) accounted for 13.5% of the Parent Company’s revenues by the end of October 2008. The bill payment service implemented in Lojas Americanas’ cashier positions in the second half of 2008 achieved a 44% share of total bills paid by the end of October/08, and, from the total clients who paid their bills inside Lojas Americanas, 31% made new purchases during the month. On September 30, 2008 FAI’s receivables were equivalent to R$ 404.3 million, which represents 100% of the total volume of the portfolio. The consolidation of FAI’s operation by Lojas Americanas is proportional to its ownership stake — that is, 50% of the total.

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Cobranded and Private Label - New Accounts and % in Parent Company's Revenue

92 121 143 148117

184

27727

2227 42

68

108

1372.2%

3.4% 4.1%

13.2%

3.0% 3.1%

8.4%

-

50

100

150

200

250

300

350

400

450

500

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08

#mil

(15%)

(10%)

(5%)

0%

5%

10%

15%Private Label Cobranded % of FAI cards in Parent Company's Revenue

The change in the focus from personal loan products for private label and co-branded cards and the incentive for using them inside Lojas Americanas for the acquisition of consumer products, helped to lower the payment default rate and drive strong growth in sales volumes (new accounts, transactions).

Private Label (*) Instantly Activated

49% 51% 49%

63%

71% 71% 72%

0%

10%

20%

30%

40%

50%

60%

70%

80%

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08

(*) Clients who acquired Private Label cards and made immediate purchases

BWU – BLOCKBUSTER® In January 2007, Lojas Americanas acquired BWU, the company that held the BLOCKBUSTER® trademark license in the country, adding 127 stores to its chain as well as the movie rental service to the Company’s product range. In addition, Lojas Americanas now holds the BLOCKBUSTER® trademark license in Brazil for a 20-year period. Based on the convenience concept, Lojas Americanas combined the product mix of the Traditional and Express stores with BLOCKBUSTER®’s service quality. At the end of the third quarter of 2008, besides the stores acquired in January 2007, the BLOCKBUSTER® trademark was implemented in 66 traditional and express Lojas Americanas stores. These actions reinforce the Company’s commitment to increase the supply of new products and services in the stores, creating value for our clients and shareholders.

18 / 22

About Lojas Americanas S.A.

Lojas Americanas was founded in 1929, in Niterói, Rio de Janeiro, and is presently in all of the regions of the country (22 states plus the Federal District), with 445 stores — 253 in the Traditional, 185 in the Express and 7 in the BLOCKBUSTER® format — equivalent to 470,000 square meters of selling space. The traditional stores present an average sales area of 1,500 square meters, they have daily fulfillment and offer approximately 60,000 items. The Express model follows the smaller store concept, with an average size of 400 square meters and selected product range of about 15,000 items, appropriate for the client profile of these stores. The Company assures it clients competitive prices compared to the competition, with quality products, including confectionary, biscuits, toys, CDs, DVDs, home appliances, personal care products, cosmetics, stationary, clothing and linens, among others. Lojas Americanas bricks-and-mortar operates with three distribution centers, located in São Paulo, Rio de Janeiro and Pernambuco. Lojas Americanas’ shares are listed on the BOVESPA through ticker symbols LAME3 (common) and LAME4 (preferred).

“We always want more”

Statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of LojasAmericanas, eventually expressed in this report are merely projections and, as such, are based exclusively on the expectations of LojasAmericanas’ management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and are, therefore, subject to change without prior notice.

MSCI Brand logo: The use of Morgan Stanley Capital International Inc. registered trademarks and indices ("MSCI") does not constitute any type of sponsorship, endorsement or promotion on the part of MSCI, its affiliates, its suppliers or other parties involved or related in the compilation, computation or creation of any MSCI index. MSCI’s indices are registered trademarks of MSCI or its affiliates and Lojas Americanas S.A. has been granted a license to uses these trademarks for given purposes. EARNINGS CONFERENCE CALL

Date: Friday, November 7, 2008

Portuguese (with simultaneous translation to English)

3 p.m. (Brasilia time) 12 p.m. (US ET)

Local Participants International Participants

Tel.: +55 (11) 4688.6301 Tel.: +1 (888) 700.0802 (USA).: Code: LASA Tel.: +1 (786) 924.6977 (Other Countries) Code: LASA

Replay: +55 (11) 4688.6312 Replay: +55 (11) 4688.6312 Code: 324 Code: 621

IR CONTACT

Roberto Martins Murilo Corrêa CFO and IR Officer Superintendent of Finance and IR investidores@lasa.com.br murilo.correa@lasa.com.br

Tel.: +55 (21) 2206-6708 Fax: +55 (21) 2206-6898

IR Website: http://ri.lasa.com.br

19 / 22

ANNEXES

LOJAS AMERICANAS S.A.INCOME STATEMENTSIn million of reais. except net income per share

3Q08 3Q07 Chg. (%) 3Q08 3Q07 Chg. (%)

GROSS SALES AND SERVICES REVENUE 1,108.2 887.8 24.8% 2,260.6 1,767.5 27.9%Taxes, returns and discounts on sales (204.9) (190.7) 7.4% (548.0) (445.0) 23.1%

NET SALES AND SERVICES REVENUE 903.3 697.1 29.6% 1,712.6 1,322.5 29.5%Cost of goods and services sold (637.8) (487.7) 30.8% (1,167.7) (907.6) 28.7%

GROSS PROFIT 265.5 209.4 26.8% 544.9 414.9 31.3%Gross Margin (% of Net Revenue) 29.4% 30.0% - 0.6 pp 31.8% 31.4% + 0.4 pp

OPERATING EXPENSES (REVENUES) (201.5) (161.7) 24.6% (384.6) (303.1) 26.9%Sales (156.7) (128.0) 22.4% (297.8) (242.2) 23.0%General and administrative (10.4) (11.3) -8.0% (31.2) (28.3) 10.2%Depreciation/Amortization (34.8) (22.4) 55.4% (57.2) (31.9) 79.3%Other 0.4 - - 1.6 (0.7) -

Operating Expenses (% of Net Revenue) 22.3% 23.2% - 0.9 pp 22.5% 22.9% - 0.4 pp

OPERATING INCOME 64.0 47.7 34.2% 160.3 111.8 43.4%Operating Margin (% of Net Revenue) 7.1% 6.8% + 0.3 pp 9.4% 8.5% + 0.9 pp

Financial Expenses - Net (73.9) (45.4) 62.8% (120.6) (82.0) 47.1%Operating Income before equity accounting (9.9) 2.3 -530.4% 39.7 29.8 33.2%

Equity Accounting 18.2 5.2 250.0% - - -Capital Gain from variation in participations 3.8 - - 3.8 - -Non-Operating Income 2.4 (0.3) -900.0% (2.9) (7.8) -62.8%Minority Interest - - - (11.8) (6.7) 76.1%Income Tax and Social Contribution 0.5 1.3 -61.5% (13.8) (6.8) 102.9%

NET INCOME 15.0 8.5 76.5% 15.0 8.5 76.5%Net Margin (% of Net Revenue) 1.7% 1.2% + 0.5 pp 0.9% 0.6% + 0.3 pp

EBITDA 98.8 70.1 40.9% 217.5 143.7 51.4%EBITDA Margin (% of Net Revenue) 10.9% 10.1% + 0.8 pp 12.7% 10.9% + 1.8 pp

Quarters ended Quarters endedSeptember 30 September 30

Parent Company Consolidated

20 / 22

LOJAS AMERICANAS S.A.INCOME STATEMENTSIn million of reais. except net income per share

9M08 9M07 Chg. (%) 9M08 9M07 Chg. (%)

GROSS SALES AND SERVICES REVENUE 3,302.6 2,665.9 23.9% 6,584.1 5,143.1 28.0%Taxes, returns and discounts on sales (634.3) (579.4) 9.5% (1,604.5) (1,303.3) 23.1%

NET SALES AND SERVICES REVENUE 2,668.3 2,086.5 27.9% 4,979.6 3,839.8 29.7%Cost of goods and services sold (1,909.7) (1,478.2) 29.2% (3,437.3) (2,626.7) 30.9%

GROSS PROFIT 758.6 608.3 24.7% 1,542.3 1,213.1 27.1%Gross Margin (% of Net Revenue) 28.4% 29.2% - 0.8 pp 31.0% 31.6% - 0.6 pp

OPERATING EXPENSES (REVENUES) (591.7) (474.7) 24.6% (1,142.5) (920.0) 24.2%Sales (462.6) (374.6) 23.5% (878.1) (714.7) 22.9%General and administrative (35.6) (36.1) -1.4% (96.7) (95.1) 1.7%Depreciation/Amortization (93.9) (64.0) 46.7% (169.1) (109.8) 54.0%Other 0.4 - - 1.4 (0.4) -

Operating Expenses (% of Net Revenue) 22.2% 22.8% - 0.6 pp 22.9% 24.0% - 1,1 pp

OPERATING INCOME 166.9 133.6 24.9% 399.8 293.1 36.4%Operating Margin (% of Net Revenue) 6.3% 6.4% - 0.1 pp 8.0% 7.6% + 0,4 pp

Financial Expenses - Net (165.2) (108.1) 52.8% (327.7) (239.9) 36.6%Operating Income before equity accounting 1.7 25.5 -93.3% 72.1 53.2 35.5%

Equity Accounting 2.1 (14.8) -114.2% - - -Capital Gain from variation in participations 3.9 34.3 -88.6% 3.9 34.3 -88.6%Non-Operating Income 1.4 (17.8) -107.9% (14.4) (23.5) -38.7%Minority Interest - - - (25.8) (17.9) 44.1%Income Tax and Social Contribution (3.2) 0.6 -633.3% (29.9) (18.3) 63.4%

NET INCOME 5.9 27.8 -78.8% 5.9 27.8 -78.8%Net Margin (% of Net Revenue) 0.2% 1.3% - 1.1 pp 0.1% 0.7% - 0,6 pp

EBITDA 260.8 197.6 32.0% 568.9 402.9 41.2%EBITDA Margin (% of Net Revenue) 9.8% 9.5% + 0.3 pp 11.4% 10.5% + 0,9 pp

Net income per total outstanding shares R$ 0.00815 R$ 0.03819

Parent Company ConsolidatedPeriods ended Periods endedSeptember 30 September 30

LOJAS AMERICANAS S.A. BALANCE SHEETS ON SEPTEMBER 30, 2008 and 2007

In thousand of Reais

Parent Company Consolidated Parent Company Consolidated30/09/08 30/09/07 30/09/08 30/09/07 30/09/08 30/09/07 30/09/08 30/09/07

ASSETS LIABILITIES

CURRENT CURRENT

Cash and banks 184,450 75,976 315,208 129,863 Suppliers 786,756 642,720 1,314,444 980,417 Temporary cash investments 570,063 555,869 1,671,042 1,019,468 Loans and financing 794,542 504,243 1,817,468 908,032 Trade accounts receivable 118,499 102,409 595,524 466,509 Debentures 88,381 18,131 100,014 18,131 Inventories 725,414 633,071 1,056,764 906,728 Payroll and related charges 27,548 25,511 39,392 41,961 Recoverable taxes 58,424 39,839 75,849 43,336 Taxes payable 38,990 32,544 73,497 60,744 Deferred income tax and social contribution 32,973 20,772 86,608 49,309 Dividends and participations proposed 313 - 635 1,380 Dividends receivable 24 1,453 - - Provisions for contingencies 10,753 5,255 13,128 5,938 Prepaid expenses 31,263 19,234 126,611 75,920 Other accounts payable 108,489 24,619 202,095 90,835 Other accounts receivable 23,443 12,379 158,727 34,360

1,744,553 1,461,002 4,086,333 2,725,493 1,855,772 1,253,023 3,560,673 2,107,438

NON-CURRENT NON-CURRENT

Long-Term Liabilities

Loans and advances from subsidiaries 2,567 14,282 - - Loans and financing 856,491 546,304 985,270 882,319

Long-Term Assets: Debentures 367,933 436,611 732,333 436,611 Temporary cash investments 6,277 - 11,848 - Taxes payable 57,477 63,491 78,325 82,449 Loans and advances to subsidiary companies 893 5,448 - - Provision for contingencies 41,666 41,526 57,163 46,053 Receivables from stockholders - Stock Option Plan 80,071 48,237 80,071 48,239 Allowance for Loss on Investments 18,404 146,553 - - Deferred income tax and social contribution 9,934 - 113,157 106,410 Other accounts payable - - 4,615 3,125 Escrow deposits 39,963 38,294 54,268 49,966 Advance for cession in mining usage rights 30,218 - 25,181 - Prepaid expenses 5,977 3,120 5,977 3,120 Recoverable taxes and other accounts receivable 14,150 12,862 20,857 14,507 1,374,756 1,248,767 1,882,887 1,450,557

157,265 107,961 286,178 222,242

MINORITY INTEREST 115,256 171,839

Permanent SHAREHOLDERS EQUITYInvestments 550,678 510,518 - - Property and equipment 400,579 256,727 451,408 320,566 Capital 273,718 239,037 273,718 239,037 Intagible 567,888 339,727 809,306 489,539 Revenue reserves 179,949 126,985 179,949 126,985 Deferred charges 114,693 92,040 230,719 238,179 Treasury stock (154,480) (127,674) (154,480) (127,674)

Net Income for the Period 5,941 27,837 5,941 27,837

1,791,103 1,306,973 1,777,611 1,270,526 305,128 266,185 305,128 266,185

3,535,656 2,767,975 5,863,944 3,996,019 3,535,656 2,767,975 5,863,944 3,996,019

The accompanying notes are an integral part of these financial statements.

Evolution of numbers of stores, associates and sales area – Lojas Americanas

No. of Stores Sales Area (thousand) No. of Associates

03/31/07 366 407 m² 11.508 Opened Closed

48 (1)

12/31/07 413 443 m² 13.252 Opened Closed

2 (1)

03/31/08 414 443 m² 13.234 Opened Closed

6 (2)

06/30/08 418 447 m² 13.239 Opened Closed

12 0

09/30/08 430 457 m² 12.773 This table includes the numbers of stores, sales area and number of associates of the Parent Company and BWU.