3Q05 RESULTS

Grandes marcas, preços baixos, todos os dias. Bovespa: LAME3 (ON) LAME4 (PN) 2 Operating Highlights Profitability Consolidated EBITDA grew 17.9% over 3Q04 Stable EBITDA margin (10.2%) vs. 3Q04 (10.3%) Net Income - up 73% vs. 3T04 Greater Operating Efficiency Operating expenses fell 70 basis points compared to 3Q04 Gross revenues per associate went up 7.3% Expansion 8 store openings in 3Q05 and 3 more since then Scheduled openings: +18 stores before November 30 Total number of stores by 2005 year-end: 193 (+ 37 stores vs. 2004)

Grandes marcas, preços baixos, todos os dias. Bovespa: LAME3 (ON) LAME4 (PN) 3 3Q05 Gross Revenue Same stores sales:- 2.9% (up to June/05 = -4.2%) Store Openings:+ 42 stores (8 in 3Q05) Americanas.com/Shoptime Growth:+ 87,4% Total Gross Revenue Growth:+ 19.0% Sales Area (thousand m 2 )Stores Sales Area x Number of Stores Sales Area 3Q05 x 3Q04:+16.9% Stores 97 Stores 98 Stores 115 Stores 130 Stores 172 Stores 3Q003Q013Q023Q033Q043Q05

Grandes marcas, preços baixos, todos os dias. Bovespa: LAME3 (ON) LAME4 (PN) 4 Operating Expenses SG&A Expenses (% of NR) - 70 basis points Selling, General and administrative expenses 70 basis points improvement = costs control Q013Q023Q033Q043Q

Grandes marcas, preços baixos, todos os dias. Bovespa: LAME3 (ON) LAME4 (PN) 5 Operating Results EBITDA Growth – 17.9% in 3Q05 Stable EBITDA margin – just 10 basis points reduction in 3Q05 Adjusted EBITDA :+29.9% / Adjusted EBITDA Margin:+100 basis points EBITDA (R$ million) %10.2% 9.6% 6.1% 8.2% 3Q013Q023Q033Q043Q % 9.6% 3Q043Q05 Adjusted EBITDA Excluding Shoptime and Facilita (R$ million) %

Grandes marcas, preços baixos, todos os dias. Bovespa: LAME3 (ON) LAME4 (PN) 6 Synergies Operating Financial NPV: R$ 49 million Accumulated consolidated gross revenue growth: +95% Shoptime impact on 3Q05 results limited to one operating month (September 2005) = R$ 22.1 million Opportunity: To capture operating and financial synergies Americanas.com / Shoptime

Grandes marcas, preços baixos, todos os dias. Bovespa: LAME3 (ON) LAME4 (PN) 7 Working Capital - Inventory x Suppliers Improvement in 3Q05: R$ 19,4 million or 124% over 3Q04 Reduction of 10 days of inventory in relation to 3Q04 Sept/05Sept/04Change Inventory Suppliers Funding Inventory Financing (R$ Million)

Grandes marcas, preços baixos, todos os dias. Bovespa: LAME3 (ON) LAME4 (PN) 8 Net Debt* and Capex Net Debt (R$ million) Net debt reduction, despite of aggressive capex program: New stores Acquisition of Shoptime Capex related to Americanas Taií R$ 96.3 MM R$ 96.3 MM R$ 43.7 MM R$ 43.7 MM , , Q043Q05 Gross DebtCash * Considering Credit Cards Receivables

Grandes marcas, preços baixos, todos os dias. Bovespa: LAME3 (ON) LAME4 (PN) 9 Changes in Net Income “We Always Want More” Q043Q05 Quarterly Net Income (R$ Million) M049M05 Accumulated Net Income (R$ Million)

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.