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This presentation contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of B2W. These are merely projections and, as such, are based exclusively on the expectations of B2W’s management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitors’ pressures, the performance of the Brazilian economy and the industry, among other factors and risks disclosed in B2W’s filed disclosure documents and are, therefore, subject to change without prior notice.

The merger between Submarino and Americanas.com was approved at the Extraordinary Shareholders Meeting held on December 13, 2006. However, for comparison purposes, the comments on performance hereby compare 3Q07 and 9M07 results with pro-forma unauditedincome statements for the thirdd quarter and first nine monts of 2006 (3Q06 and 9M06) of Americanas.com, Shoptime and Submarino compounded. Such pro-forma information does not replace audited Financial Statements filed at the Brazilian Stock and Exchange Commission (CVM).

Forward-looking Statements

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B2W ends the 9M07 with solid results, proving that the company continues to capture synergies resulting from the merger

Highlights

• Growth of sales associated to high operating efficiency standardsGross Revenue - growth of 45% in relation to 9M06Gross Margin - reached 30.2% of net revenue in 9M07, up 50 basis pointsOperating Expenses - reached 16.6% of net revenue in 9M07, down 110 basis pointsEBITDA - reached R$ 220 million in 9M07, representing a growth of 63%EBITDA Margin - reached 13.7% of net revenue in 9M07, increase of 170 basis pointsNet Working Capital – improvement of 22 days

• CADE approves the merger On November 7th, CADE approved the merger without restrictions.

• Submarino CardSubmarino Card share in the sales of Submarino website surpasses the milestone of 10% in September.

• Expansion of B2W ViagensLaunch of Americanas Viagens and Shoptime Viagens.

• Reformulation of Americanas.com websiteAmericanas.com launches new website layout.

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335

487

123 172

30.2%

29.9%29.7%

29.2%

9M06 9M07 3Q06 3Q07

70 bps

50 bps

Gross Revenue (R$MM) Gross Profit and Gross Margin(R$ MM and %NR)

1,583

2,301

598821

9M06 9M07 3Q06 3Q07

37%

45%

Gross Revenue, Gross Profit and Gross Margin

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199

267

7088

17.7%16.6% 16.6%

15.4%

9M06 9M07 3Q06 3Q07

-110 bps -120 bps

135

220

5384

12.0%13.7%

12.6%14.6%

9M06 9M07 3Q06 3Q07

200 bps170 bps

Operating Expenses(R$MM)

EBITDA and EBITDA Margin(R$ MM and %NR)

Operating Expenses and EBITDA

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EBITDA and EBITDA Margin

37.844.0

53.4

71.766.6

69.7

83.7

11.3%12.0%

12.6%13.2% 12.9% 13.4%

14.6%

1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07

EBITDA (R$ MM) EBITDA (% NR)

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(R$ million) 2Q07

Inventory Processing PeriodPayables Payment Period

Credit Card Receivables Collection Period

3Q07

55

83

140

55

78

157

(R$ million) 2Q07

Total Cash and Cash Equivalents( - ) Gross Debt

NET CASH

3Q07

396294

102

396265

131

Cash Conversion Cycle 112 134

Indebtedness

Working Capital

Indebtedness and Working Capital

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. EBITDA grows 248% in 9M07

. EBITDA Margin in 9M07 reaches 43.1%, up 280 basis points

. Launch of Ingresso at Americanas.com

. Pilot Ingresso.com at kiosks in Lojas Americanas

. Exclusivity in sales of tickets for the concert of the band The Police

. Gross Bookings grows 153% in 9M07 and reaches R$67.8 million

. EBITDA Margin in 9M07 reached 15.3%, surpassing 20% in 3Q07

. Launch of Americanas Viagens and Shoptime Viagens

Subsidiaries

. 175 thousand cards issued in 1 year of operation, 121 thousand cards in 9M07

. Aggressive marketing campaign, with league programs and astonishing discounts for purchases made on Submarino website

. Submarino Card share in the sales of Submarino website surpasses the milestone of 10% in September

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Americanas Viagens Shoptime Viagens

Expansion of B2W Viagens

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4.76.9

10.4 11.1

15.1

23.3

29.5

1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07

Gross Bookings Growth Fast EBITDA Margin Evolution

Averag

e Growth of 3

0% Q

uarter

749898

1,225

1,8132,054

2,373

3,370

-74%

-16%

-40%

-21%

-4%

22% 22%

1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07Net Revenue (R$ million) EBITDA Margin

B2W Viagens Performance

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Americanas.com launches new website layout Highlights

Browsing 70% faster;

Google® search engine, which makes searching by product easier;

Enhancement of the product’s display;

Better shopping experience;

Reformulation of Americanas.com Website

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Continuous synergies implementation process

Constant search for profitability increase

Working capital maximization

Maximization on our business (Ingresso.com, B2W Viagens e Submarino Finance)

The implementation of Blockbuster’s operation to rent out DVDs online

Optimization of logistics and technology platforms

Staff training and technological structure improvement to support the challenges in the Company’s growth path

Maintenance of our international expansion plan, focusing on local opportunities and delivering synergies

Next Quarters Priorities