We Always Want More November 2006. We Always Want More OVERVIEW OF LOJAS AMERICANAS US$ 1.5 billion (R$ 3.6 billion) Consolidated Gross Revenue in 2005

“We Always Want More”

November 2006


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 Brazil’s 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


The number of stores doubled in the last 5

years!

Organic Growth

Record: 37 new stores

Shoptime Acquisition

Americanas Taií Creation

TIME LINE

1929 ’82 ’98 ’99’40

77 years old

’05

Lojas AmericanasFoundation

Lojas Americanas goes public

(IPO)

Garantia’s Bank

partners

Focus in the core business

(IT/Logistics)

Lojas AmericanasTurnaround

Americanas.comCreation

2001

AmericanasExpressProject

’03


Multi-Channel Retailing

FIVE MAIN FRONTS OF GROWTH

DC SPDC SP111 stores

53,000 m²

DC RJDC RJ72 stores72 stores35,500 m²

DC PEDC PE35 stores35 stores22,900 m²



Bricks-and-mortar Business

219 stores (nov/06)

191 traditional - avg. 1,500

m2

28 express - avg. 500 m2

Average Ticket: R$ 24

Customer Profile:

1.8MM customers/day in

events

77% women - Middle class

North2

MidWest

21

South

30

Southeast

133

Northeast

33


DC PEDC PE35 stores35 stores22,900 m²

DC RJDC RJ72 stores72 stores35,500 m²DC SPDC SP

112 stores112 stores53,000 m²


foodfood(convenience)(convenience)

beautybeauty

householdhousehold leisureleisure

childrenchildrenlingerie

cosmeticsfragrances

socks&kerchiefsmake-up

Store Lay-Out: The WORLDS’ Concept

cookies, chocolates & candiesEaster & Christmas CDs & DVDsstationer’sbirthday accessories

toyschildren’s clothingbabies clothingbaby accessoriesdiapers

bed&bathdecoration/presents

electric appliancekitchensports

snack barbakery

grocerygreengrocers

shoes & luggageclothes complementadult clothingjeans

OUR OUR WORLDSWORLDS

The assortment The assortment is grouped is grouped

according to its according to its final use final use

clothingclothing


E-Commerce and TV Channel

Business

2 websites, telephone sales,

Catalogue and TV channel

(19MM antennas)

Brazil - 1st in on-line sales -

6 MM Customers

Average Ticket R$ 300

Complementary Assortment

Exclusive and differenciated

products


6 MILLIONCUSTOMERS

+ 200 countriesaround the world


DC SPDC SP


Financial Business

Joint-venture w/Banco Itaú

Products:

Personal Loans

Private Label (Consumer

Credit)

Co-branded cards


+ 16 own stores


North2

MidWest

21

South

30

Southeast

133

Northeast

33




OPERATING HIGHLIGHTS – 1H06OPERATING HIGHLIGHTS – 1H06

Better Operating Efficiency (vs. 3Q05)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% increaseOperating Income (R$71.2 million) 52.2% increase

0.2 p.p. increase in SG&A expenses, as % of NR0.2 p.p. increase in SG&A expenses, as % of NR

SSS growth (Net Revenue) + 10.7% in 3T06 vs. 3T05SSS 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 86% increase in consolidated gross revenue of A.com and

ShoptimeShoptime


Better Operating Efficiency (vs. 3Q05)Better Operating Efficiency (vs. 3Q05)

Consolidated Gross Revenue of R$ 1,124.3 million – an increase Consolidated Gross Revenue of R$ 1,124.3 million – an increase

of 41%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 higherGross 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 superiorEBITDA 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 RevenueIncrease of 86% in Americanas.com/Shoptime Gross Revenue


LOJAS AMERICANAS IN FIGURES

1,5101,693 1,765

1,918

2,325

2,949

3,640

797.6

1,124.3

1999 2000 2001 2002 2003 2004 2005 3Q05 3Q06

CAGR: 15.8%

Gross Revenue (R$ MM)Gross Revenue (R$ MM)

SSS growth (NR) 10.7%

Growth 41.0%


25.2

28.1

29.530.2

30.930.3

29.6

30.7

2000 2001 2002 2003 2004 2005 3Q05 3Q06


Gross Margin (%NR)Gross Margin (%NR)


25.9

22.5

20.8

19.0 18.9 18.419.5 19.7

2000 2001 2002 2003 2004 2005 3Q05 3Q06


-7.5 pp

SG&A (%NR)SG&A (%NR)


11.0%NR

8.0

90.1

142.8

217.6

274.7

330.9

62.0

93.1

2000 2001 2002 2003 2004 2005 3Q05 3Q06

CAGR: 110.5

%


0.6%NR

12.0%NR

Consolidated EBITDA (R$ MM)Consolidated EBITDA (R$ MM)

Growth 50.2%

10.2%NR


170

229

266

309

344

237.6

287.2

2001 2002 2003 2004 2005 3Q05 3Q06

CAGR: 19.3%


Gross Revenue per AssociateGross Revenue per Associate(R$ thousand)(R$ thousand)

Growth 20.9%


BUSINESS STRATEGY

•Population: over 180 million•Number of mobile phones: 90 million•Credit cards: over 50 million•Internet users: over 20 million

Over 5,500Brazilian cities

Brazil in figuresBrazil in figures

Opportunities


5,500

Less 100,000inhabitants

Over 100,000inhabitants

Cities withLASA stores

90190

5,220

Cities withopportunity ofopening onestore

Cities withLASA stores

options via Internet, telesales, catalogsoptions via Internet, telesales, catalogs and TV and TV

to a potential public of 43 million Brazilians. to a potential public of 43 million Brazilians. Opportunitie

s

BUSINESS STRATEGY

Potential Potential

Growth Growth


ExpansionPillars

Number of inhabitantsNumber of inhabitants

Integration of Integration of locations and logisticslocations and logistics

Presence of other Presence of other playersplayers

Consumer ProfileConsumer Profile

Bricks and Mortar BusinessBricks and Mortar Business

BUSINESS STRATEGY

37

16

47

35

2001 2002 2003 2004 2005 2006

18

27

Stores opened

Stores programmed


25

3

6

10

BUSINESS STRATEGY

Bricks and Mortar BusinessBricks 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 Expansion 20062006

1

North RegionBelém - PA


Marechal Floriano – Curitiba/PRPiratininga – Niterói/RJ

Av. Sr. dos Passos – Feira de Santana/BA Shc Três Américas – Cuiabá/MT

New Stores


Latin America’s #1 E-retailerLatin America’s #1 E-retailer - - Multi ChannelMulti Channel

230.000 SKUs for 6230.000 SKUs for 6 million million customerscustomers

TV channel that reaches 19 million antennas and growingTV 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)

Shoptime’s acquisition R$ 117.8 million (3.5x EBITDA projected for Shoptime’s acquisition R$ 117.8 million (3.5x EBITDA projected for

2006)2006)

BUSINESS STRATEGY

Captured synergiesR$ 160MM

(DCF)

Around 80 special stores. Some examples:


25.280.8

166.4

267.6

434.0

864.8

207.5

385.8

2000 2001 2002 2003 2004 2005* 3Q05 3Q06

* Shoptime´s acquisition occurred in September, 2005

CAGR: 102

.8%

*

BUSINESS STRATEGY

E-commerce Gross Revenue (R$ E-commerce Gross Revenue (R$ MM)MM)

Growth 86.0%


16.6

35.8

3Q05* 3Q06

* Shoptime´s acquisition occurred in September, 2005

BUSINESS STRATEGY

Americanas.com / Shoptime - Americanas.com / Shoptime - EBITDA (R$ MM)EBITDA (R$ MM)

Growth 116%


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

Joint Venture LASA - BANCO ITAU

JV will enable credit access for over 40 million

brazilians without bank accounts

Personal Loans, Consumer Credit, Private Label and

Co-branded Cards

300,000 Private Label cards and 160,000 Personal Loan

cards. Represents about 3.0% of total parent company sales

First private label card accepted on the Internet.

Benefits

Selling Expenses reduction (fees)

Improvement in consolidated Working Capital

LASA´s Capital Gain: R$ 200 million (50% of JV)

BUSINESS STRATEGY

Forms of Payment

(9M06)Lojas Americanas Americanas.com

81%

Credit Card57%

Cash

19% Other

41%

Credit Card

2% Checks


PRIORITIES OF CASH

56.3 57.0

14.6

87.2 86.5 89.2

31.1

11.1

28.5

0.4

18.1

35.3

2001 2002 2003 2004 2005 2006

Total Total

2001-2006:2001-2006:

R$ 515.3 MMR$ 515.3 MM

39.5% EBITDA39.5% EBITDA

Expansion Program and InvestmentsExpansion Program and InvestmentsTechnology and OperationsTechnology and Operations Store openings and remodelingStore openings and remodeling People - capacitating the associatesPeople - capacitating the associates

Share Buy-Back and Dividends ProgramShare Buy-Back and Dividends Program

EVA EVA ® ® OrientedOriented

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

Dividends Payment

Share Buy-back

Store Opening Evolution

Stores openedStores programmed

37

16

47

35

2001 2002 2003 2004 2005 2006

18

27

* 2005 - Shoptime Acquisition R$ 117 million* 2005 - Shoptime Acquisition R$ 117 million

CAPEX budget for 2006: R$ 158.1 MMCAPEX budget for 2006: R$ 158.1 MM


45.7%

2.4%

51.9%

57.2%2.7%

40.1%

ControllingShareholders

CBV

Treasury

Free Float

33.1%

2.9%64.0%

Shareholders Capital StructureShareholders Capital StructurePosition at August, 2006Position at August, 2006

Common SharesCommon Shares

Preferred SharesPreferred Shares

Total SharesTotal SharesForeign

Investors4.8%

Foreign Investors

38.0%

Foreign Investors

25.6%


Tag Along of 100% Tag Along of 100%

for ON and PN for ON and PN

SharesShares


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.

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 customer’s needs”.

Documents

We Always Want More November 2006. We Always Want More OVERVIEW OF LOJAS AMERICANAS US$ 1.5 billion (R$ 3.6 billion) Consolidated Gross Revenue in 2005