1Q11 RESULTSGrupo Pão de Açúcar and Globex Utilidades

May 13, 2011

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

2

ENÉAS PESTANA

1Q11 Results

NEW MANAGEMENT MODEL

3

MetricSupply Chain

Corporate

Services /

Finance / IT

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

1Q11 Results

AGENDA – 1Q11 RESULTS

4

GPA F

OO

DELEC

TR

ON

ICS /

HO

UD

EH

OLD

APPLIA

NC

E

Supermarkets

Cash & Carry

Hypermarket

Proximity

Gas stations and

Drugstores

Specialized

Stores

B2C B2B

1Q11 Results

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

5

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

AGENDA – 1Q11 RESULTS

6

GPA F

OO

D

Supermarkets

Cash & Carry

Hypermarket

Proximity

Gas stations and

Drugstores

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

7

> 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

8

>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

9

> 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

10

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

11

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

1Q11 Results

AGENDA – 1Q11 RESULTS

12

ELEC

TR

ON

ICS /

HO

UD

EH

OLD

APPLIA

NC

E Specialized

Stores

B2C B2B

1Q11 Results

GLOBEX 1Q11 HIGHLIGHTS

RAPHAEL KLEIN

We report the first full quarter of Casas Bahia

13

> 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

1Q11 Results

GLOBEX 1Q11 HIGHLIGHTS

RAPHAEL KLEIN

> 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

14

1Q11 Results

GLOBEX 1Q11 HIGHLIGHTS

> 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

15

1Q11 Results

GLOBEX 1Q11 HIGHLIGHTS

16

Before

1Q11 Results

GLOBEX 1Q11 HIGHLIGHTS

17

After

1Q11 Results

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

18

> 10.9% SAME-STORE GROWTH

> HIGHLIGHT:

> End of the IPI tax reduction in 1Q10

GLOBEX

Gross Sales (R$ mn)

Globex

1 NCB is excluded for comparison purposes2 Comparable basis (Casasbahia.com.br is not included)

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%

19

> 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

GLOBEX

Gross Profit (R$ mn)

Globex

Ponto Frio and e-commerce1 Total Globex

Includes Casas Bahia

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)

+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

20

GLOBEX

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

Includes Casas Bahia

% of Net Sales

23.2%

17.7% 17.3%

1 NCB is excluded for comparison purposes

1Q11 Results

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

WITH MARGIN OF 3.8%

21

> IN 2011

> We reinforce the guidance for

margin from 4.5% to 6.0%

GLOBEX

1 NCB is excluded for comparison purposes2 Share of Nova Pontocom in the Globex’s gross revenue (not considering NCB)

Ponto Frio and e-commerce1 Total Globex

Includes Casas Bahia

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

22

> 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%

GLOBEX

Net Financial Expense1 (R$ mn)

Globex

1 NCB is included as of November, 2010

% 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

AGENDA – 1Q11 RESULTS

23

GPA F

OO

DELEC

TR

ON

ICS /

HO

UD

EH

OLD

APPLIA

NC

E

Supermarkets

Cash & Carry

Hypermarket

Proximity

Gas stations and

Drugstores

Specialized

Stores

B2C B2B

1Q11 Results

FIC IN THE 1Q11

24

> 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

25

GRUPO PÃO DE AÇÚCAR

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

26

GRUPO PÃO DE AÇÚCAR

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

1Q11 Results

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

gpa.ri@grupopaodeacucar.com.br

www.gpari.com.br

27

> 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).