CORPORATE PRESENTATION

Grupo Pão de Açúcar and Viavarejo

April, 2012

ABOUT GRUPO PÃO DE AÇÚCAR

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Data as of December 31, 20112 In the past 14 quarters, according to Brazilian Supermarket Association (ABRAS)

> Key figuresR$ 52.7 bi Sales

#1 Retailer in Brazil

Growth higher than

the 2nd player’s2

> Operational > 1.8k points of sales, located in

19 States and the Federal District

> Multi-format distribution

> 635 million tickets per year

> 2.8 million m² of sales area

NEW MANAGEMENT MODEL ADJUSTED IN 2011

3

MetricCommercial/Supply Chain

and IT

Corporate Services / Finance

People

Retail Cash & Carry

Metric Metric Metric Metric Metric

Metric

Metric

Metrics:1. Net Income2. Valuation/EVA3. ROCE4. Growth/Expansion5. Customer satisfaction6. Our people satisfaction

Corporate RelationsMarket Strategy

Management Control

CEONova

PontoComSpecialized Electronics

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GPA STORES AND FORMATS

Stores as of 4Q11.

# StoresG

PA F

OO

DEL

ECTR

ON

ICS

/ H

OM

E A

PPLI

AN

CE

Supermarkets

Cash & Carry

Hypermarket

Proximity

Gas stations andDrugstores

Specialized Stores

B2C

B2B

363

59

132

72

232

945

-

-

RETAIL MOMENTUM IN BRAZILRETAIL MOMENTUM IN BRAZIL

Rise of the Purchasing Power

Focus on Middle Class Population

Informality Reduction

Distribution Channels Diversification

2014 World Cup

2016 Olympic Games

BRAZILIAN SCENARIO

ECONOMIC SCENARIOECONOMIC SCENARIO

GDP Growth

Social Rise

Greater Credit Offer

2014: 5th largest consumermarket of the world

2020: expense of Brazilianhomes: R$ 5,000 bn

MACROECONOMIC ENVIRONMENT PROSPECTS UNTIL 2014

Source: IBGE / Forecast of Treasury Department of Brazil SPE – Márcio Holland (Julho 2011), Tendências Consultoria , Exame Magazine (June 29, 2011) and GPA Strategic Planning Analysis

Brazilian economy is going through a unique moment of stable growth and income distribution;It is expected that growth will continue despite recent uncertainty in the global market place;Interest and inflation should fall in the long term after monetary tightening of 2011;Continuity of income distribution with a significant migration of families to the higher-income groups;

HIGHLIGHTSHIGHLIGHTS

STABILITY INFLATION & INTEREST RATES

STABILITY INFLATION & INTEREST RATES

GROWTHGROWTH INCOME DISTRIBUTIONINCOME DISTRIBUTION

25,6 23,1 21,9 20,7 19,4

29,2 30,3 31,0 30,8 30,8

29,3 31,4 31,7 32,4 32,8

15,9 15,1 15,4 16,2 17,0

20142012201020082006

Class D / EClass C

Class BClass A

20142012201020082006

5.5%5.5%5.0%

4.5%

7.5%

‐0.6%

5.2%

6.1%

4.0%

GNP Growth(% Actual Growth)

Evolution of Total Income (%)

Projection Projection

Projection

4,5%5,9%

4,3%

5,9% 5,9%4,8% 5,0%

15,2%

12,4% 12,0%13,1%

11,7%

10%

8%

6%

16%

14%

12%

4%

2%

0%20142012201020082006

9.8%

3.1%

12.0%

10.0%

Nominal Interest Rate (Selic)Inflation (IPCA)

Social Class

Income(monthy)

A Above R$9,050

B From R$6,941 to R$9,050

C From R$1,610 to R$6,941

D From R$1,008 to R$1,610

E Below R$1,008

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MACROECONOMIC ENVIRONMENT EMPLOYMENT AND INCOME

HIGHLIGHTSHIGHLIGHTS

5,1%5,7%6,2%6,4%6,7%8,1%7,9%

9,3%10,0%

0%

2%

4%

6%

8%

10%

12%

2006 2007 2008 2009 2010 2011 2012 2013 2014

Analysts expect an unemployment level of around 5% for 2014;

Income and total payroll continue to follow an expansion path, but at a more modest pace than in 2010;

Increase in the minimum wage in 2012, estimated at 14%, will boost total income growth;

2013

1.568

2012

1.488

2011

1.409

2010

1.332

2009

1.235

2008

1.197

2007

1.122

2006

1.074

2014

1.659

Unemployment rate (IBGE %)

Projection

Projection CAGR 10-14 = 5.6%CAGR 06-10 = 5.5%Year Base 2009 Value (R$ Bn)

EMPLOYMENT EMPLOYMENT

REAL INCOME GROWTHREAL INCOME GROWTH

Source: Tendências Consultoria and GPA Strategic Planning analysis7

MACROECONOMIC ENVIRONMENTDEBT AND INCOME AVAILABLE FOR CONSUMPTION

HIGHLIGHTSHIGHLIGHTS

60%54%

49%46%41%

37%34%27%

24%

0%

10%

20%

30%

40%

50%

60%

2006 2007 2008 2009 2010 2011 2012 2013 2014

In the medium term the rate of granting credit shall resume previous levels with the reduction of interest rates after the monetary tightening cycle of 2011;

Thus, the level of debt shall rise significantly;

Even so, the income available for consumption should not be affected due to a change in the profile of this debt -more stretched, due to the expansion of mortgage credit, and cheaper because of the decline in interest rates;

874 929 987

2014

1.333

2013

1.261

2012

1.201

2011

1.154

2010

1.105

2009

1.020

200820072006

= Total Income Less Interest and Principal

ProjectionCAGR 10-14 = 4.8%CAGR 06-10 = 6.0%

Debt level = Debt stock as % Income

DEBTDEBT

REAL GROWTH OF INCOME AVAILABLE FOR CONSUMPTION

REAL GROWTH OF INCOME AVAILABLE FOR CONSUMPTION

Year Base 2009 Value (R$ Bn)

Projection

Source: Tendências Consultoria and GPA Strategic Planning analysis

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COMPANY CHANGES AS THE ENVIRONMENT MOVES

9Population in each social class (in million)

GPA: limited offering (only Food, 556 stores)

GPA: limited offering (only Food, 556 stores)

GPA: multiformat business for both Food and Electro, 1,647 stores

GPA: multiformat business for both Food and Electro, 1,647 stores

92,9MM

26,4MM

62,7MM 101,7MM

C

A/B

42,2MM

47,9MM

D/E

20052005 20102010

32mnEmerged only

in 2010

CA

SH &

CA

RRY

E-C

OM

MER

CE

CHANGE IN STORES FORMAT WITH IMPROVED ASSORTMENT OF HIGHER VALUE-ADDED PRODUCTS

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New layout favors categories with higher value-added

New layout favors categories with higher value-added

MerchandiseMerchandise PerishablesPerishables

Jun/10: conversion process begins

• 221 stores

Aug/11

• Increased exposure of higher value-added products

• 93 converted stores in July-August

• SSS >15% since 4Q10

Bakery

Checkouts

Groceries

FruitsVeg.

DairyProtein

Frozen Fish

Checkouts

Groceries

FruitsVeg.

DairyProtein

Fish

Bakery

Coffee

Froz

en

Conversion

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Sales Area : from 200 to 300m²Bakery : services and broaden assortmentof productsSliced cheese/meat : sliced at thepurchase moment , self-service exposureand broaden assortmentButchery : customized servicesGroceries : refined products lineFruits/Vegetables : day-by-day productsbetter exposed.Differentiation AB/CD income classesSKUs: 3,600

Groceries: 2,600Perishables: 1,000

Sales Area: from 150 to 200m² Bakery: baken product (self-service)

Sliced cheese/meat: ready-to-go (fromindustry)

Butchery: vacuum packedGroceries: day-by-day productFruits/Vegetables: day-by-day product

Low differentiation AB/CD income classesSKUs: 3,600

Groceries: 2,800Perishables: 800

Previous Format(Focus: groceries, self-service)

Previous Format(Focus: groceries, self-service)

New modelNew model

Conversion

CHANGE IN STORES FORMAT WITH MORE PERISHABLES AND SERVICES

RETAIL INNOVATION AND PIONEERING GOES ON

Fashion in Extra• New positioning: near to specialized stores in terms of collection, communication and suppliers, but with hypermarket pricing strategy

Private Label Development• Strategic approach due to higher margin, profitability and customer loyalty

• Focus to increase share, with product life cycle management, quality control and more innovation

Perfumery • Scenario: Competition against Pharmacy, D2D and Beauty Salons• Actions: Exclusive products and exposition, reference for New product launch, beauty Consultant, growth in high penetration categories

GROWTH HIGHER THAN THE 2ND PLAYER

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Same Store Sales

2nd player

14 Quarters

8.5%

4.3%

10.3% 10.4%

4.6%

13.2%

9.7%

10.6%

15.0%

9.9%

12.5%

11.5%

6,8%

10.1%9.5% 8.7%

7.1%

8.6% 8.4%

7.8%

2.3%

7.2%

3.9%4.8%

8.7%

2.9%

5.2% 5.6% 5.0%

7.1%5.7%

4.8%

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

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GPA STORES CHARACTERISTICS

GPA FOOD Public Stores

Avg Sales Area (m2)

ABCD classes 132 6,000

AB classes 159 1,500

BCD classes 204 1,500

TransformersFood service 59 4,000

ABCD classes 72 300

Public Stores

ABC classes 401

CD classes 544

VIAVAREJO

REGIONAL PRESENCE (STORES)

Stores as of 4Q11.Gas station and drugstores are not included.

NorthHyper: 1

Cash & Carry: 1

Total: 2

Middle-WestSuper: 13

Hyper: 12

Electro: 82

Cash & Carry: 3

Total:11017

North-EastSuper: 29

Hyper: 17

Electro: 35

Cash & Carry: 6

Total: 87

South-EastSuper: 317

Hyper:100

Electro: 741

Cash & Carry: 49

Proximity: 72

Total: 1,279

SouthSuper: 4

Hyper: 2

Electro: 87

Total: 93

51 Distribution Centers in the country

GDP: 5.1%GDP: 5.1%

GDP: 9.2%GDP: 9.2%

GDP: 13.1%GDP: 13.1%

GDP: 56.0%GDP: 56.0%GDP: 16.6%GDP: 16.6%

REGIONAL PRESENCE (STORES)

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OWNERSHIP STRUCTURE

37%

63%

47%53%

50% 6%

44%

FICFinancial JV 14%

36%

Banco Itaú

50%

Free Float

Controlling Group

Casas Bahia FoundersKlein Family

Management

As of January 31, 2012.

4Q11 AND 2011 HIGHLIGHTS – GPA CONSOLIDATED

Conclusion of the conversion of 221 stores from CompreBem and Sendas;

Review of Assaí’s management model;

Review of management and positioning model of proximity format (Extra Fácil Mini Mercado Extra);

Intensification of the integration between Ponto Frio and Casas Bahia;

Adjustment in all formats’ assortment

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Operational EvolutionOperational Evolution

GPA CONSOLIDATED – HIGHLIGHTS 2011

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>GROSS SALES: R$ 52.7 bi +45.8% vs. 2010

>GROSS PROFIT: R$ 12.7 bi +61.3% vs. 2010

>EBITDA: R$ 3.0 bi +49.6% vs. 2010

GPA Food: R$ 28.4 bi – SSS: 8.0%Viavarejo: R$ 24.2 bi – SSS: 10.1% (inclusion of Casas Bahia in comparison base)

GPA Food: R$ 6.6 bi – Margin: 25.9%Viavarejo: R$ 6.0 bi - Margin: 28.8%

GPA Food: R$ 1.9 bi - Margin: 7.6% / Retail: 9.7% in 4Q11Viavarejo: R$ 1.1 bi – Margin: 5.2%

GPA FOOD: 4Q11 AND 2011 HIGHLIGHTS

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New layoutGreater participation of perishablesAssorment adjusted to the new consumer habits of the middle income class

New target: distributors and users Reduction of services renderedReformatting of sales area for inventory optimization (overground)

Before conversion: focus on groceriesAfter conversion: more perishable items and more services (bakery, butchery)Onset of accelerated expansion

Evolution ResultsGrowth in customer trafficTwo-digit growth in ‘same-store’ sales

Accelerated turnover and increased return on capital employedTwo-digit growth in same-store salesMargin gain from model adequacy

Increase in average ticket due to the addition of new categories and better assortmentIncreased frequency of purchaseTwo-digit growth in same-store sales

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Growth significantly above marketIncrease in sales, traffic and conversion rate

Net profit of R$ 27 million, up 1 p.p. in net margin

Stronger reliability in deliveryClassification Diamond and “Reclame Aqui” award

Evolution ResultsNew record – Black FridaySales mix improvement, with higher margin items – increase in participation of strategic categories

All e-commerce guidancesreached

Incremental sales and customer relationshipBest use of brand in social network – Social Media Week

Reputation

Growth

Profitability

NOVA PONTOCOM: 4Q11 AND 2011 HIGHLIGHTS

Consolidated Net Debt (R$ bi)

4,4 3,8 

3T11 4T11

Net Debt/EBITDA1

1.6x 1.2x

Net debt/EBITDA ratio: 1.2x

> 4Q11 net debt below 3Q11

1 Debt calculated through adding of debentures, loans and financing and paymentbook (CDCI). 12 months ended Dec. EBITDA

Adjusted Net Profit (R$ mi)

569,6

898,7

1,8%1,9%

2010 2011

57.8%

618,5718,2

1,9%1,5%

2010 2011

Accounting Net Profit (R$ mi)16.1%

GPA CONSOLIDATED: NET PROFIT AND DEBT

21

% of net sales

4Q113Q10

INVESTOR RELATIONS CONTACTS

Grupo Pão de Açúcar (GPA) | Viavarejo

Investor Relations TeamPhone: +55 (11) 3886‐0421 Fax: +55 (11) 3884‐2677

gpa.ri@grupopaodeacucar.com.brwww.gpari.com.br

FORWARD‐LOOKING STATEMENTS> The forward‐looking statements contained herein are based on our management’s currentassumptions and estimates, which may result in material differences regarding future results,performance and events. Actual results, performance and events may differ substantially from thoseexpressed or implied in these forward‐looking statements due to a variety of factors, such as generaleconomic conditions in Brazil and other countries, interest and exchange rate levels, legal andregulatory changes and general competitive factors (whether global, regional, or national).

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