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CORPORATE

PRESENTATION

Grupo Pão de Açúcar and Globex Utilidades

May, 2011

ABOUT GRUPO PÃO DE AÇÚCAR

2

1 2011 Estimated2 In the past 11 quarters, according to ABRAS – Brazilian Supermarket Association

> Key figures

> R$ 50+ bi Sales1

> #1 Retailer in Brazil

> Growth higher than

the 2nd player’s2

> 145,000+ employees

> Operational

> 1.8k points of sales, located in

19 States and the Federal District

> Multi-format distribution

> 600 million tickets per year

> 2.8 million m² of sales area

MARKET LEADER IN THE COMPANY’S MAIN

BUSINESSES

3

Brazilian Retail (Abras)Market share

13.8%

14.1%

11.0%

61.1%

13.2%

14.2%

10.7%

61.9%

14.8%

14.5%

11.1%

59.6%

2007 2008 2009 2010

Others

Source: Abras – Brazilian Supermarket Association

17.9%

14.4%

11.1%

56.6%

NEW MANAGEMENT MODEL ADJUSTED IN 2011

4

MetricCommercial/

Supply Chain

and IT

Corporate

Services /

Finance

People

RetailCash &

Carry

Metric Metric Metric Metric Metric

Metric

Metric

Metrics:1. Net Income

2. Valuation/EVA

3. ROCE

4. Growth/Expansion

5. Customer satisfaction

6. Our people satisfaction

Corporate Relations

Market Strategy

Management Control

CEONova

PontoComSpecialized Electronics

WHAT LIES AHEAD

5

> A multibusiness company with sales over R$50 billion

> Right people in the correct places with processes and systems

> Integration with synergy’s capture of Ponto Frio and Nova Casas Bahia

reaching guidance

> Consolidation and expansion of cash-and-carry, supermarkets,

hypermarkets, proximity stores, specialized businesses, electronics

stores and e-commerce formats taking advantage of the Brazilian

middle class growth

COMPANY CHANGES AS THE ENVIRONMENT

MOVES

6

Brazil

2005

Population in each social class (in million)

C

A/B

D/E

26.4

62.7

92.9

C

A/B

D/E

42.2

101.7

47.9

GPA: limited

offering (only

Food, 556 stores)

GPA: multiformat

business for both Food

and Electro, 1,646 stores

Brazil 201032mn ascended

only in 2010

Fo

od

Co

mp

l.

Fo

od

erv

ice

& in

sti

tuti

on

al

E-c

om

me

rce

C

http://www.extra.flippaper.net/Drogaria04/Index.html

COMPANY CHANGES AS THE ENVIRONMENT

MOVES

7Source: IBGE, BACEN, O observador

Brasil 2011, Estado de SP, 23/03/2011

10,1% 10,3% 9,6% 8,0% 8,4%6,7%

2005 2006 2007 2008 2009 2010

Unemployment rate

Credit avaliabe to population(As % of GDP)

8,8% 9,7% 11,2% 12,8% 15,0% 15,7%

2005 2006 2007 2008 2009 2010

1,2%

4,0% 3,2% 3,4% 3,2% 3,5%

2005 2006 2007 2008 2009 2010

Real income growth

Avaliable income1

Social Class

2009 2010 % Change

A/B R$ 680 R$ 991 46%

C R$ 204 R$ 243 19%

D/E R$ 61 R$ 104 70%

Total R$ 230 R$ 368 60%

1 Total income less all family expenses

Buying intention (% Δ 2011-2010)Based on yearly survey of buying intention for the year

per category.

Product A/B C D/E

Furniture 9 11 26

Home Appliances 19 0 23

Mobile Phone 5 4 40

TV/Video 26 24 25

R$36.1 BN OF GROSS SALES IN 2010

8

• 4Q10: 25.4%

GPA Food1: 26.0%

Globex2: 24.5%

• 2010: 24.5%

• 4Q10: R$12.6 bn

‘Same-store’ sales increased by 11.5%

• 2010: R$ 36.1 bn

‘Same-store’ sales moved up by 12.1%

• Nova Casas Bahia consolidation as of Nov, 2010

1 Refers to GPA consolidated excluding Globex2 Includes Nova Casas Bahia as of November, 2010

Gross

Sales

Gross

Margin

EBITDA OF R$2.1 BN IN 2010

9

EBITDA

Net Income

• 4Q10: R$769.3 mn 54.9% (margin of 7.0%)

• GPA Food1:R$567.1 mn (margin of 8.7%, the

highest of the last 15 years)

• Globex2: R$202.2 mn (margin of 4.5%)

• 2010: R$2.1 bn 37.5% (margin of 6.4%)

• 4Q10: R$447.0 mn (margin of 4.0%)

• 2010: R$722.4 mn (margin of 2.3%)

• Dividends of R$171.6 mi, R$0.69 per preferred share

1 Refers to GPA consolidated excluding Globex2 Nova Casas Bahia is included as of November, 2010.

10

GUIDANCE FOR NEW GLOBEXELECTRO – BRICKS AND MORTAR OPERATION

GROSS SALES (R$)Above

R$ 20 billion

Growth (SSS)

above the market

GROSS MARGIN(1)

EBITDA MARGIN(1) 4.5 to 6.0% Higher than 7.5%

Higher than 25.5% Higher than 26.5%

CAPEX R$ 100 mn to

R$ 120 mn

FINANCIAL RESULT(1) -3.5 to -4.5% Up to -4.0%

2011E Year Model

1 of net sales. Projections include estimated synergies.2 Includes Electronics, Home Appliance and Furniture operations

11

MAIN SYNERGIESELECTRO1

1 – Commercial and operating

management

2 – Management ofinfrastructure and

back-office

3 – Management of

financial and capital

structure

‣ Integrate the Ponto Frio operating management to Casas Bahia model

with margin and sales gains

‣ Centralization of purchase management with margin gains;

‣ Improvement of sales and pricing mix;

‣ Increase the penetration of services sales;

‣ Repositioning of Ponto Frio brand and maintaining strong the Casas Bahia

brand

‣ Centralization of the companies’ inventories and stock ups;

‣ Utilization of GPA’s back-office platform with Shared Services Center and

total integration among Casas Bahia, Ponto Frio and the other areas;

‣ Refine the operational processes;

‣ Take advantage of other synergies with GPA (logistics, IT etc);

‣ Manage the cash / Working Capital inside GPA platform;

‣ Reduction in funding costs / negotiation of financing instruments and

lines at GPA cost;

1 Includes Electronics, Home Appliance and Furniture operations

12

SYNERGIESGLOBEX

1.0% - 2.0%

(R$ 170 - 340 mn)

1.5% - 2.0%

(R$ 255 - 340 mn)

0.5% - 1.0%

(R$ 85 - 170 mn)

3.0% - 5.0%

(R$ 510 - 850 mn)

Potential per year – after total capture of synergies(1)

1 Synergy calculated over the net sales.2 Includes Electronics, Home Appliance and Furniture operations

1 – Commercial and operating management

2 – Management of infra-structure and back-office

3 – Management of

financial and capital

structure

Total

Formats

14

GPA STORES AND FORMATSG

PA F

OO

DELEC

TR

ON

ICS /

HO

ME

APPLIA

NC

E

Supermarkets

Cash & Carry

Hypermarket

Proximity

Gas stations and

Drugstores

Specialized

Stores

B2C B2B

375

59

114

67

230

977

# Stores

15

GPA FOOD RETAIL STORES CHARACTERISTICSGPA FOOD

Public Stores1Q11

Additions

Avg Sales Area

(m2)

ABCD classes 114 +4 6,000

AB classes 151 +2 1,500

BCD classes 118 +17 1,500

TransformersFood service

59 +2 4,000

ABCD classes 67 -1 300

16

GLOBEX STORES COUNTELECTRONICS1

Public Stores1Q11

Additions

ABC classes 453 -53

CD classes 524 -2

1 Includes Electronics, Home Appliance and Furniture operations

17

GLOBEX STORES COUNTGLOBEX

Free float

Controlling group

Casas Bahia Founders

Klein Family

Management

38%

62%

47%53%

50%

Globex

NovaPontoCom

6%

44%

Nova Casas

Bahia

100%

FICFinancial JV

14%

36%

Banco Itaú

50%

18

REGIONAL PRESENCE

North

Super: 0

Hyper: 1

Electro: 0

Total: 1

North-East

Super: 29

Hyper: 16

Electro: 26

Total: 71

South-East

Super: 329

Hyper: 84

Electro: 755

Total: 1,168

GDP: 5.1%

GDP: 13.1%

GDP: 56.0%

Middle-West

Super: 13

Hyper: 11

Electro: 83

Total: 107

GDP: 9.2%

South

Super: 4

Hyper: 2

Electro: 113

Total: 119

GDP: 16.6%

Nova Pontocom

20

CONSISTENT SALES GROWTHNOVA PONTOCOM

Gross Revenues (in R$ Mn)Under Nova Pontocom management

* Source: e-bit.

14

51

640

366

1087

637

2009 2010

Full year May to December Only December

Sales GrowthGross Revenue - Annualized (comparable basis)

640

1087

530

833

84

213

458

534

2009 2010

1.731

2.695

Δ E-commerce71%

2009 2010

21

IMPROVEMENT IN OPERATING PROFITABILITYNOVA PONTOCOM

* Amounts without Stock Option non-cash expenses.

Gross Profit (R$ Mn)

100

328

2009 2010

18,6% 19,2%

Operating Expenses (R$ Mn)*

17,6%

14,5%

95

248

2009 2010

Gross margin has grown, despite VAT tax

change (“Substituição Tributária”)

• Better negotiations / beginning of the

expansion of the assortment

• Still little synergy from groups commercial

conditions

Expenses reduction of more than 3 pp. in 2010

• Strong fixed expenses dilution

• Greater variable expenses efficiency Synergies

with the group

22

INCREASING EBITDA AND BREAK-EVEN IN NET INCOME

NOVA PONTOCOM

EBITDA (R$ Mn)*

EBITDA has approached 5% in 2010 with

gains in both margin and expenses

5

80

2009 2010

1,0%

4,7%

Net income (R$ Mn)**

Operation in the break-even point

of Net Income

0,2

0,0%

-2,3%

2009 2010

* Amounts without Stock Option non-cash expenses.

** Amounts without Stock Option non-cash expenses; 2009 pro-forma: adjusted amounts for the

current deferral aaccounting practice.

23

2010 GUIDANCES’ FEEDBACKNOVA PONTOCOM

Achieved

Free cash flow generation:- Growing EBITDA margin

- Capex at low levels

- Working capital efficiency

Consistent EBITDA growth, working

capital under control and low capex

Grow 50% above marketGrowth of 71% in e-commerce

(compared to market growth of 40%)

2010 EBITDA margin in the same level

as GlobexEBITDA of 4.7% (Globex 4.0%) ¹

Casas Bahia and Wholesale operation

integration in 2010.100% integrated in Nov„2010

Guidance

¹ % of the net revenue

24

GUIDANCES 2011NOVA PONTOCOM

Guidance

GROSS SALESAnnual growth between

2011-13

B2C Grow at least 30% to 50% above market (e-bit)

Wholesale Grow above inflation

EBITDA MARGIN2011 Between 6.0% and 7.0%¹

2013 Between 8.0% and 10.0%¹

WORKING CAPITALInventory financing

Keep, at least, +20 days in inventory financing

(suppliers - inventory)

Receivables discount expense (100% of receivables) Between 3.5% and 4.5%¹

CAPEX Up to 2.0%²

FOCUS ON CASH GENERATION

¹ % of net revenue

² % of net revenue; does not consider M&A transactions

1Q11 Results

1Q11 HIGHLIGHTS

> Consolidation as the largest Brazilian retailer with 17.9%

of market share> 2010 Abras Ranking : GPA with 17.9% (+310 bps vs. 2009)

> 23 conversions of CompreBem and Sendas stores> Completion of the process in the 3Q11

> Integration of Casas Bahia and Ponto Frio> Higher gross margin and lower need for working capital

> Synergies in expenses are identified and in capture process

> E-commerce with strong growth (+118%) in the 1Q11

with market share gains> Nova Pontocom Day held with more business disclosure

26

GPA IN THE 1Q11: GROSS SALES OF R$ 12.4 BN

27

The figures presented in this document already reflect the IFRS change in 2010

and 2011 and it changes Company’s already published figures

Globex figures does not have between 1Q11 and 4Q10 because of the

consolidation of Casas bahia

>GROSS SALES

R$ 12.4 bn, + 58.9% vs. 1Q10

GPA Food1: Same-store growth of 8.4% in the 4M11

Globex2: Same-store growth of 10.9% in the 1Q11

>GROSS PROFIT

R$ 2.8 bn +70.5% vs. 1Q10

Margins: GPA Food1: 25.7% +110 bps

Globex2: 26.9%

>EBITDA

R$ 609 mn +40.5% vs. 1Q10

Margins: GPA Food1: 7.2% +20 bps

Globex2: 3.6%

1 Refers to GPA Consolidated without Globex

2 Considers Ponto Frio and e-commerce, excluding Casasbahia.com.br

1Q11 Results

Highlights with same-

store growth >15%

GROSS SALES OF R$ 6.6 BN, SAME-STORE SALES

INCREASED 8.4% IN THE FIRST FOUR MONTHS

28

> IN THE 1Q11

> Growth is higher than the 2nd player’s

for the 11th quarter in a row

GPA FOOD

6.342

6.640

1Q10 1Q11

Gross Sales (R$ mn)

(ex-Globex)

Gross Sales – 4 months1 (R$ mn)

(ex-Globex)

8.140

9.164

Jan-Apr/2010 Jan-Apr/2011

12.6%

1 The first four months were considered to purge the Easter seasonal effect between

2010 and 2011. 4M10 was adjusted to Company’s new report structure which

excludes Extra Eletro and Extra.com.br in order to allow better comparison

9,9%7,7% 7,2% 8,4%

2Q10 2Q10 4Q10 Jan-Apr/2010

SSS grew by 8.4% in the first four months

(ex-Globex)

1Q11 Results

GROSS MARGIN CLIMBS BY 110 BPS

29

>Margin increase:> Pricing tool with an important role in the

main categories in super and hypermarkets

> Better mix, with greater share of higher-

margin categories

> Improvement of business management and

relationship with suppliers

> Maintenance of competitiveness in relation

to competitors

GPA FOOD

Gross Profit (R$ mn)

(ex-Globex)

Gross Margin (R$ mn)

(ex-Globex)

1 GPA Food excluding cash-and-carry operation (Assaí)2 Cash-and-carry operation share in GPA Food net sales

1.406

1.537

1Q10 1Q11

9.3%

24.6%25.7%

1Q10 1Q11

10.6% 13.9%Cash & Carry2

25.8%

27.6%

Categories with better margin

and fastest-growing

Perishables General Mechandise

1Q11 Results

IN THE 1Q11, OPERATING EXPENSES TOTALED R$ 1.1 BN

30

> Seasonal effect

of Easter

Impact: 40 bps

>Other impacts: 50 bps

> IT outsourcing 30 bps

> Operating expenses of new

stores 20 bps

>Margin reconciliation:

GPA FOOD

Operating Expenses (R$ mn)

(ex-Globex)

1.005

1.106

1Q10 1Q11

18.5%17.6%

% of Net Sales

1Q10 1Q11

17.6% 18.5% Margin

-0.4% Easter Effect

-0.5% Other impacts

17.6% 17.6%

1Q11 Results

EBITDA MARGIN OF 7.2% IN THE 1Q11

31

GPA FOOD

EBITDA (R$ mn)

(ex- Globex)

EBITDA Margin (R$ mn)

(ex-Globex)

7.0%7.2%

1Q10 1Q11

10.6% 13.9%Cash & Carry2

7.4%

8.1%

400431

1Q10 1Q11

Improvement in the EBITDA margin is a result of the better gross margin,

even with the increased share of Assaí in the Group’s sales.

1 GPA Food excluding cash-and-carry operation (Assaí)2 Cash-and-carry operation share in GPA Food net sales

7.7%

1Q11 Results

FINANCIAL RESULT

32

GPA FOOD

Resultado Financeiro Líquido (R$ mi)

(sem Globex)

>Financial expense represents 2.7%

of net sales in the quarter :

> Increase in:

> Selic rate from 10.75% to 11.25%

> Interest on restatement of

contingency (“Refis”), R$37.7 mn

> Cost of discounted receivables in

the 4Q10

> Maintenance of:

> Interest on debt, R$76.2 mn

Net Financial Result (R$ mn)

(ex-Globex)

131

162

4Q10 1Q11

2.7%

2.0%

% of Net Sales

GLOBEX 1Q11 HIGHLIGHTS

We report the first full quarter of Casas Bahia

33

> Full quarter report with all businesses included

> Macro measures taken by the government

> Company is aware of the first impact and monitoring roll outs

> Message from Management already indicates impacts on

durable goods sector if government takes additional

intervention

> Acceleration of integration processes – Focus on synergies

capture:

> Change of all the Corporate Taxpayer’s Registries (“CNPJ”) of

Nova Casas Bahia’s stores and Distribution Centers

> Creation of a Committee in the Board of Directors to study

partner banks for the credit area, which includes cards


> Progress in the financial and commercial areas:

> Redefinition of the commercial policy with shorter average

payment period and in the share of non-interest bearing sales

with low impact on sales growth

> Reduction in the cost of discounted receivables, despite the

upturn in Brazil’s base rate (SELIC)

> Reduction in general and administrative expenses of the business

and joint purchase of indirect materials

> New positioning for the Ponto Frio brand: opening of the first

concept store in São Paulo and another in Rio de Janeiro

> Synergies are identified and in capture process in the year curve

in accordance with the guidance

> Nova Pontocom: Integration of the Casasbahia.com.br website

> 100% integrated logistics and inventory

34


> Reference and technology and launches showcase

> More welcoming and cozy environment, enhancing

the use of the brand inside the store

> Better communication with integration among the

products categories

> Lightness, tasting, movement and light

> An aspirational store that meets its market niche,

differentiated from its major competitors

> NEW PONTO FRIO FORMAT: ENVIRONMENT

THAT EXPRESSES THE BEST SHOPPING

EXPERIENCE FOR CONSUMERS

35


36

Before


37

After

1Q11 Results

GROSS SALES OF R$5.7 BN, SAME-STORE CLIMB BY 10.9%

38

> 10.9% SAME-STORE GROWTH

> HIGHLIGHT:

> End of the IPI tax reduction in 1Q10

ELECTRONICS3

Gross Sales (R$ mn)

Globex

1 NCB is excluded for comparison purposes2 Comparable basis (Casasbahia.com.br is not included)3 Includes Electronics, Home Appliance and Furniture operations

e-commerce:

+33.0% 2

Ponto Frio and e-commerce1 Total Globex

Includes Casas Bahia

1.4432.065

5.733

1Q10 1Q11 1Q11

43.1%

1Q11 Results

ADJUSTED GROSS PROFIT OF R$1.3 BN IN 1Q11,

MARGIN OF 27.0%

39

> 31.2% OF GROSS MARGIN IN

CASAS BAHIA

> Greater share of furniture

in the mix

> PONTO FRIO: THE MIX

ADJUSTMENT OF EXTRA

ELETRO IMPACTED - R$8.4 MN

IN THE 1Q11

ELECTRONICS3

Gross Profit (R$ mn)

Globex



242363

1.320

1Q10 1Q11 1Q11

The improvement in

margin already

reflects the beginning

of commercial

synergy gains

% of Net Sales

1 NCB is excluded for comparison purposes2 Share of Nova Pontocom in the Globex’s gross revenue (not considering NCB)3 Includes Electronics, Home Appliance and Furniture operations

+50.3%

27.0%

19.2%20.0%

24% 37% Nova Pontocom2

1Q11 Results

223315

1.133

1Q10 1Q11 1Q11

OPERATING EXPENSES REPRESENTED 23.2% OF NET

SALES IN THE 1Q11

40

ELECTRONICS2

Seasonality in the

1Q11 with lower level

of sales reduces the

dilution of expenses

compared to the 4Q10

Operating Expenses (R$ mn)

Globex

Ponto Frio and e-commerce1

Total Globex


% of Net Sales

23.2%

17.7% 17.3%

1 NCB is excluded for comparison purposes2 Includes Electronics, Home Appliance and Furniture operations

1Q11 Results

ADJUTED EBITDA OF R$187 MN IN THE 1Q11,

WITH MARGIN OF 3.8%

41

> IN 2011

> We reinforce the guidance for

margin from 4.5% to 6.0%

ELECTRONICS3

1 NCB is excluded for comparison purposes2 Share of Nova Pontocom in the Globex’s gross revenue (not considering NCB)3 Includes Electronics, Home Appliance and Furniture operations



Adjusted EBITDA (R$ mn)

Globex % of Net Sales

19

49

187

1Q10 1Q11 1Q11

EBITDA:

1) Greater gross margin

2) Seasonal effect with less

expense dilution

3) Greater share of Nova

Pontocom

1.5%2.7%

3.8%

24% 37% Nova Pontocom2

1Q11 Results

FINANCIAL RESULT: FOCUS OF THE COMPANY

42

> Reduction in the 1Q11 even

with increase in the Selic rate in

the period:

> Reduction in the average payment

period in 2 months

> Reduction in the share of non-

interest bearing sales, without

losing sales growth

> Lower discounted receivable rates

> Increase in the share of interest-

bearing sales

> Financial expense of 3.4% of net

sales:

> Discounted receivables from credit

card operations: 2.5% of net sales

> Indebtedness: 0.3%

> Others: 0.6%

ELECTRONICS2

Net Financial Expense1 (R$ mn)

Globex

1 NCB is included as of November, 20102 Includes Electronics, Home Appliance and Furniture operations

% of Net Sales

2Q10 3Q10 4Q10 1Q11

4.9%

3.4%

5.8% 5.9%

Financial expense as

percentage of net sales is

below guidance (between

3.5% and 4.5%)

1Q11 Results

> 2010 IN FIGURES:

> 50% of the current clients have

hired services (insurance, etc.)

> 50% of the use of the cards is out

of GPA

FIC IN THE 1Q11

43

>17% SHARE OF TOTAL SALES1

> + than 8 million active clients

> EQUITY INCOME: R$10.5 MILLION

IN THE 1Q11

> GPA Food: R$7.5 mn

> Globex (Ponto Frio): R$3.0 mn

GRUPO PÃO DE AÇÚCAR

1 Considers only those business where FIC operates (GPA Food, including Assaí, Ponto

Frio and e-ommerce)

1Q11 Results

NET CONSOLIDATED RESULT

44


1 End of the period

> HIGHER NET FINANCIAL EXPENSES, OF

R$101 MN IN 1Q10 TO R$326 MN

> Impact of ~R$160 mn net of income tax

> Selic Rate1 from 8.75% to 11.25%

> IFRS EFFECTS (~R$40 MN)

> Equity Income

> Depreciation

Adjusted Net Income1 (R$ mn)

155

1Q11

2.6%% of Net Sales

1Q11 Results

CONSOLIDATED NET DEBT

45


Consolidated Net debt evolution1 (R$ bn)

1 Dívida líquida no final do período

1,5

2,3

4Q10 1Q11

> DEBT INCREASE IS RELATED

TO :

> Assaí and Sendas aquisiton

payments, R$ 223 mn

> Seasonality of working

capital need, R$375 mn

CONTACT – INVESTOR RELATIONS

Grupo Pão de Açúcar (GPA)

Globex Utilidades S.A.

Investor Relations Team

Phone: +55 (11) 3886-0421

Fax: +55 (11) 3884-2677

[email protected]

www.grupopaodeacucar.com.br/investor

46

> FORWARD –LOOKING STATEMENTS

The forward-looking statements contained herein are based on our management’s current assumptions and estimates, which may result in material differences regarding future results, performance and events. Actual results, performance and events may differ substantially from those expressed or implied in these forward-looking statements due to a variety of factors, such as general economic conditions in Brazil and other countries, interest and exchange rate levels, legal and regulatory changes and general competitive factors (whether global, regional, or national).

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