4Q06/2006 Results Conference Call

Friday, February 16, 2007

Time: 12:00 p.m. (US EST) / 3:00 p.m. (Brasilia Time)

Tel: + 1 (973) 935-8893

Code: 8448313

Replay: + 1 (973) 341-3080

Lojas Físicas

Varejo Multi-canal

Produtos FinanceirosComércio Eletrônico, TV, Televendas eCatálogos

Multi-channel Retailer

Bricks-and-Mortar E-commerce, TV, Telephone Sales and catalogues

Financial Products

2

237 stores at the close of 2006 (372.1 thousand m2 of total sales area)

Acquisition of BWU - former BLOCKBUSTER® master-franchisee in Brazil – in January/2007,

adding 127 stores to the Company’s stores network, equivalent to 32 thousand m2

2006 Overview

In November/2006 was announced the merger proposal between Americanas.com and the e-

commerce portal Submarino to form a single company called B2W

The integration of B2W’s operations will lead to value creation, giving the Company additional

competitive advantages in the dispute with Brazil’s established retail majors.

247 points of sale

More than 600 thousand issued cards and financing volume of R$180 million at year-end

Bricks-and-Mortar Stores

Electronic Commerce

Financial Products

3

Strong Operating Growth (2006 x 2005)

Same-store net revenue growth of 12.8%

Gross Revenue per Associate 25.6% higher

EBITDA 38% higher (R$ 455.1 million) and maintenance of EBITDA Margin at 12%.

Operating Result 38% higher (R$368.7 million)

Consolidated investments in permanent and deferred assets totaled R$ 159.7 million

Inauguration of 45 stores – 32 traditional and 13 Express

Americanas.com/Shoptime: Gross Revenue grew by 76.7% and EBITDA grew

by 85.1%, reaching a 13.4% EBITDA margin.

In September/2006, 100% tag along rights were approved for the Company’s

common and preferred shares.

2006 Operating Highlights

EBITDAR$ MN

+ 37.5%455.1

2005 2006

330.9

4

Consolidated Gross Revenue(R$ mn)

4Q064Q05

1,821

1,315

+ 38.5%

CAGR 02/06: 27.2%

20062002 2003 2004 2005

5,020

3,640

2,949

2,3251,918

+ 37.9%

“Same Store Sales” Net

Revenue Growth 4Q06 / 4Q05:

+16.4%

Quarterly Accumulated

5

Gross Margin(% of NR)

Accumulated

20062002 2003 2004 2005

30.8

30.330.9

30.229.5

Quarterly

4Q064Q05

32.6

31.6

+ 1.0 p.p.

6

Consolidate Gross Revenue per associate

(R$ thousand):

229 266 309 344 432

Operating Expenses(% of NR)

CAGR 02/06: 17.2%

20062002 2003 2004 2005

+ 25.6%

18.8%18.4%18.9%19.0%

20.8%

237105 121 156 193

20062002 2003 2004 2005

Accumulated

Number of Stores

7

EBITDA and EBITDA Margin(R$ MN)

4Q05

205.9

4Q06

152.8

+ 34.8%

15.3% 15.1%

4Q06 x 4Q05 – EBITDA grew by 34.8% and EBITDA margin remained at the same level of 4Q05

2006 x 2005 – EBITDA grew by 37.5% and EBITDA margin remained flat when compared to 2005

455.1

330.9274.7

217.6

142.8

9.1%11.2% 12.1% 12.0% 12.0%

+ 37.5%

20062002 2003 2004 2005

Quarterly Accumulated

8

Financial Position

Gross Debt of R$1.7 billion

Cash allocation priorities in the last 12 months:

Consolidated investments in permanent and deferred assets : R$ 159,7 million

Payment of gross dividends: R$ 110 million

Share buy-back: R$ 34.2 million

Buy-back of the stake in Americanas.com: R$ 5.1 million

Net Cash of R$ 608.9 million

9

Americanas Taií

Focus on increasing credit and financial services offer to Lojas

Americanas’ clients, besides facilitating payment terms at bricks-and-mortar

stores and Americanas.com

247 points of sale, including 10 own stores.

600 thousand issued cards:

Private Label: 375 thousand

Personal Loan: 223 thousand

Co-Branded Credit Card: 22 thousand

Financing volume of R$ 180 million at year-end

10

Americanas.com / Shoptime (pro forma)

Gross Revenue vs. EBITDA Acom/Shoptime

(R$ mn and % NR)

Gross Revenue vs. EBITDA Acom/Shoptime

(R$ mn and % NR)

Quarterly Accumulated

501.0

30.6330.6

49.5

4Q05 4Q06

EBITDAGross Revenue

51.5% 61.8%+1.2 p.p.

4Q05 4Q06

13.3%

14.5%

1,528.5

77.0864.8

142.5

2005 2006

EBITDAGross Revenue

76.7 %85.1%

+0.6 p.p.

2005 2006

12.8%

13.4%

“Pro forma” : Americanas.com/Shoptime results from January, 1 to December 31, 2006

11

Share Performance - 2006

67.2% preferred (LAME4) and 26.6% common (LAME3) shares appreciation vs.

IBOVESPA’s performance of 32.9%

Higher liquidity - LAME4’s annual traded volume jumped by 70% over 2005

LAME4 inclusion in IBRX-50 and IBVX-2 stock indexes

LAME3 and LAME4 inclusion in ITAG stock index

LAME3 x LAME4 x IBOVESPA

jan-01 jan-02 jan-03 jan-04 jan-05 jan-06

LAME4 LAME3 IBOVESPA

2001 2002 2003 2004 2005 2006

12

2007 Priorities

Growth of “same-store” sales and operating cash generation through continuous

operational improvement;

Continued expansion of the bricks-and-mortar store network;

Optimization of B2W operations (Americanas.com, Shoptime and Submarino);

Adjustment of the assortment in the BLOCKBUSTER® stores, capture of synergies and

the offer of new products;

Emphasis on associate training and improvement of the IT and logistics structure to

help the Company face the challenges posed by its growth trajectory.

13

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.

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

Lojas Físicas

Varejo Multi-canal

Produtos FinanceirosComércio Eletrônico, TV, Televendas eCatálogos

Multi-channel Retailer

Bricks-and-Mortar E-commerce, TV, Telephone Sales and catalogues

Financial Products