2Q06 Results Conference Call

Friday, August 11, 2006

Time: 11:30 a.m. (US EST) / 12:30 p.m. (Brasilia Time)

Tel: +1 (973) 935-8893 / Code: 7715040

Replay: +1 (973) 341-3080 / Code: 7715040

2

Substantial Growth of Operating Indicators (vs. 1H05)

35.8% growth of Consolidated Net Revenue

EBITDA 34.4% higher (R$156.2 million)

Operating Income 35% higher (R$116.1 million)

Opening of 44 stores in the last 4 quarters (8 in 2Q06)

Gross Revenue (R$641.8 million) 96% higher

EBITDA Margin around 13%

Capture of new sinergies from Shoptime incorporation

Approval of the incorporation of Americanas.com remaining shares

Americanas Taií regulation concluded

Launching of Private Label and Personal Loan cards

EBITDAR$ mn

+ 34.4% 156.2

1H05 1H06

1H06 Operating Highlights

3

Gross Revenue

Sales Area (thousand m2):

CAGR 01/06: 21.7%

1H01 1H02 1H03 1H04 1H05

2,074.5

1H06

1,527.6

1,278.1

961.6832.7775.8

+ 35.8%R$ mn

235 235 248 263 303 343

CAGR 01/06: 7.9%

+ 13.2%

“Same Store Sales” Net Revenue

Growth 1H05/1H06: 10.9%

4

Revenue per Associate (R$ thousand):

1H01 1H02 1H03 1H04 1H05

22.1%

1H06

22.2%22.5%23.5%

24.5%

27.4%

-0.1 p.p.

% of Net Revenue

72.5 86.9 111.1 146.1 157.5 192.7

Operating Expenses

Impacts:

Shoptime Acquisition

44 New Stores

CAGR 01/06: 21.6%

+ 22.3%

5

EBITDA and EBITDA Margin

1H01 1H02 1H03 1H04 1H05

156.2

1H06

116.2105.1

75.9

52.4

21.7

+ 34.4%R$ mn

34.4% growth in 1H06 and margin maintenance at the same level

Considers the implementation of two new businesses

3.4%

7.7%9.4%

10.5% 10.0% 9.9%

6

Net Income

1H01 1H02 1H03 1H04 1H05

14.2

1H06

115.0

11.1

31.521.8

2.1

Net IncomeR$ mn

Adjusted Net Income*R$ mn

+ 74.3%

12.9

1H05 1H06

*Excludes effects of non-operating results and income taxes / social

contribution

7.4

Includes R$105.8 million Non-Operating

Result

7

Financial Position

Gross DebtR$ mn

Stable Gross Debt

Priorities of Cash allocation:

R$315 million of investments, composed of:

Shoptime acquisition

Opening of 44 new stores

Improvement of Operational and Tecnological Processes

Capitalization of Americanas Taií

Increase of equity participation on Americanas.com

Payment of dividends: R$ 120 million

Buy-back Program: R$ 25.9 million

Net Debt of R$246.7 million on 06/30/06

Reduction of the ratio Net Debt/Equity of 2.3 p.p.

1H05 1H06

1,188.6

1,187.7

8

Launching of Private Label and Personal Loan cards in May/2006

135 thousand Private Label cards and 60 thousand Personal Loan cards issued

Projection of 1 million cards in 12 months

Sales made through Private Label card already represent 2.5% of parent company sales

First Private Label to be accepted at the Internet

Launching of cobranded card Americanas Itaú (Mastercard/Visa) in July and international version in 2H06

Americanas Taií

Co-Branded international card (Visa/ MC)

Co-Branded card (Visa/ MC)

Personal Loan cardPrivate Label card

2H06July/2006May/2006May/2006

9

First management month, synergies initially projected: R$ 49 mn (present value)

In 10 months, synergies already captured, “best practices”: R$ 160 mn (present value)

Investments in Shoptime acquisition: R$117.8 mn (3,5 x EBITDA 2006 projected for

Shoptime)

1H06 Consolidated Gross Revenue: R$641.8 million – 96% higher than 1H05

Consolidated EBITDA grew by 93%, with EBITDA Margin around 13% of NR

Americanas.com / Shoptime

10

Statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Lojas Americanas, eventually expressed in this release, are merely projections and, as such, are based exclusively on the expectations of Lojas Americanas’ management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and are, therefore, subject to change without prior notice.

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The use of Morgan Stanley Capital International Inc.´s ("MSCI") trademarks and index names does not constitute a sponsorship, endorsement or promotion by MSCI, any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI index. The MSCI indices are trademarks of MSCI or its affiliates and have been licensed for use for certain purposes by Lojas Americanas S.A.

Investor Relations

Murilo Corrêa

Phone: (+55 21) 2206-6505 / Fax: (+55 21) 2206-6898

e-mail: investidores@lasa.com.br

IR website: http://ir.lasa.com.br