1 st HALF OF 2005 RESULTS

Grandes marcas, preços baixos, todos os dias. Bovespa: LAME3 (CS) LAME4 (PS) 2 Operating Highlights Expansion of Store Network 8 new stores in the first half – 5 in 2Q05 An increase of 37 stores year-on-year Reduction of Operating Expenses Cash operating expenses fell 40 basis points Performance Relatively Weak Easter is a sales driver in April Cofins (sales tax) increased from 3% to 7.6% in Jan/01/05 Facilita was transferred to Americanas Taií

Grandes marcas, preços baixos, todos os dias. Bovespa: LAME3 (CS) LAME4 (PS) 3 Gross Revenues “Same stores sales” growth :- 4.2% New stores opening:+ 8 stores (5 in 2Q05) Americanas.com growth: % % Total Gross Revenues increase:+ 19.5% 235 m m m m m 2 96 stores 98 stores 111 stores 127 stores 164 stores 185 stores 1H011H021H031H041H052H05* Sales area (thousand m 2 )stores New stores Sales Area 1H05 x 1H04:+15.2% 2H05 x 1H05:+ 6.4%

Grandes marcas, preços baixos, todos os dias. Bovespa: LAME3 (CS) LAME4 (PS) 4 Costs and Expenses COGS (% of NR) SG&A Expenses (% of NR) 70.4% 69.5% 1H041H05 2.8% COGS Impact of COFINS tax rate increase and Facilita transference Sales Expenses (% of NR) 16.8%17.2% Selling Expenses 40 basis point improvement  costs control SG&A Expenses Constant, even considering the mismatch between new stores opening and revenues 1H041H051H041H basis point - 40 basis point Equal

Grandes marcas, preços baixos, todos os dias. Bovespa: LAME3 (CS) LAME4 (PS) 5 Operating Results EBITDA margin reduction due to Cofins / Facilita Nominal EBITDA increased 10.6% EBIT was impacted by depreciation and amortization of new stores, which take a certain time to achieve expected profitability EBITDA (R$ million) H041H05 EBIT (R$ million) H041H % +6.8% 10.0% 10.5%

Grandes marcas, preços baixos, todos os dias. Bovespa: LAME3 (CS) LAME4 (PS) 6 Net Debt and Capex R$ (71.9) MM R$ (71.9) MM The Company holds a net cash position in order to fund its future capital expenditures program or to make timely acquisitions such as Shoptime Net Cash (debt) (R$ million) , , H042H05 Gross DebtCash R$ 9.3 MM R$ 9.3 MM

Grandes marcas, preços baixos, todos os dias. Bovespa: LAME3 (CS) LAME4 (PS) 7 Net Income Variation The main effect in the first half was the capital gain arising from the transference of Facilita to Americanas Taií (R$ MM) Net Income 1H04 EBITFinancial Expenses, net Non Operating Results Tax/SC Participations Net Income 1H05 R$ 11.1 MM R$ MM

Grandes marcas, preços baixos, todos os dias. Bovespa: LAME3 (CS) LAME4 (PS) 8 Shoptime Acquisition The Deal in Figures Total value: R$ million Shoptime revenues: R$187 MM in 2004 and R$87 MM in 1H05 Multiple: 89% of 2005 forecasted net revenues Synergies and Best Practices Best practices exchange should benefit both companies Synergies: Shoptime EBITDA margin from 7.4% - LASA 12.1% Maintain 2 separate brands Complementary to LASA’s previous sales channels

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.