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ANALYST DAY
Macroeconomic Environment<br />
Retail Market<br />
Company Overview<br />
Financial Information<br />
Strategic Priorities and Outlook<br />
Opportunities<br />
Sustainability<br />
Q&A
Macroeconomic Environment<br />
Retail Market<br />
Company Overview<br />
Financial Information<br />
Strategic Priorities and Outlook<br />
Opportunities<br />
Sustainability<br />
Q&A
4<br />
RECENT HISTORY/ MAIN EVENTS<br />
GPD Growth<br />
15%<br />
10%<br />
5%<br />
0%<br />
-5%<br />
Military Government Re<strong>de</strong>mocratization Presi<strong>de</strong>nt FHC Presi<strong>de</strong>nt Lula<br />
1964 1974 1979 1982 1987 19931994 1997 1998 2009<br />
Global Events<br />
Domestic Events<br />
1st Oil Shock<br />
2nd Oil Shock<br />
External<br />
Debt Default<br />
Black<br />
Monday<br />
“Plano Real”<br />
Mexican<br />
Crisis<br />
Asian<br />
Crisis<br />
Russian/<br />
LTCM crisis<br />
Global<br />
Financial<br />
Crisis
RESILIENCE AGAINST CREDIT CRISIS<br />
THE “LIFO” EFFECT<br />
10,0%<br />
-5,0%<br />
-10,0%<br />
GDP growing above 4% from 2010 onwards<br />
Inflation rate below 5% (2010-2012)<br />
Interest rate slowly increasing, reaching 10.5% by 2012<br />
Exchange rate below R$ 2/US$ during the period (2010-2012)<br />
GDP Growth – QoQ Annualized<br />
5,0%<br />
0,0%<br />
-15,0%<br />
5<br />
7.8%<br />
6.1%<br />
5.3%<br />
1Q08 2Q08 3Q08 2Q09 3Q09 4Q09 e 1Q10 e 2Q10 e 3Q10 e 4Q10 e<br />
-12.9%<br />
-3.9%<br />
4Q08 1Q09<br />
7.8% 7.8%<br />
Global<br />
Financial<br />
Crisis<br />
6.1%<br />
4.9% 4.9% 4.9% 4.9%<br />
Source: IBGE and Itau Unibanco estimates
6<br />
BRAZILIAN POPULATION<br />
In 2008<br />
Poverty<br />
1991 – 35%<br />
2008 – 15,5%<br />
98,6% of the houses has Eletrictricity<br />
84% of the houses has Running Water<br />
78,1% of the population has Mobile Phones<br />
(168 million phones)<br />
Illiteracy<br />
1991 – 16,4%<br />
2008 – 9,1%
7<br />
CONSUMER TRENDS<br />
48.5%<br />
Expansion of the Middle Income Class<br />
4.5%<br />
17.6%<br />
30.9%<br />
33.8%<br />
13.2%<br />
4.6%<br />
28.4%<br />
45.8%<br />
19.5%<br />
2001 2008<br />
Source: Study “Brazil in focus IPC Target 2008” (Target Marketing) and IBGE 2001<br />
74.2%<br />
1.8%<br />
Income per Year<br />
A (US $70,000)<br />
B (US $22,275)<br />
C (US $8,515)<br />
D (US $4,390)<br />
E (US $2,470)<br />
Growth of<br />
Middle<br />
Income<br />
Classes
8<br />
Middle Income<br />
Class<br />
Over the last 2 years, 22,5 million people were<br />
ad<strong>de</strong>d to this segment<br />
The Middle Income Class pepople took advantage of<br />
this ascension to enjoy for the first time categories<br />
to witch they had no previous access<br />
1,5 million formal jobs were created in 2008,<br />
1 million in 2009 and more than 2 million are<br />
expected for 2010<br />
Social programs have enhanced the living<br />
standards of poor families:<br />
� Since 2003 the minimum wage has risen<br />
46% over inflation<br />
� Program “minha casa, minha vida” for<br />
people to acquire their first resi<strong>de</strong>nce
9<br />
GPA’S SHARES OUTPERFORM THE IBOVESPA, REFLECTING MARKET<br />
APPROVAL OF THE COMPANY´S INITIATIVES<br />
Stock Evolution<br />
200%<br />
180%<br />
160%<br />
140%<br />
120%<br />
100%<br />
80%<br />
60%<br />
40%<br />
Jan 2008<br />
Updated until November, 11th<br />
PCAR -9,1% e<br />
Ibovespa -41,2%<br />
PCAR +103,4% e<br />
Ibovespa +82,4%<br />
PCAR +84,8% e<br />
Ibovespa +7,2%<br />
PCAR R$34,08 e Ibovespa 63.886 points<br />
PCAR R$30,97 e Ibovespa 37.550 points<br />
PCAR R$63,00 e Ibovespa 68.512 points<br />
Ibovespa<br />
Jan 2009<br />
PCAR<br />
CBD (ADR)+100,4%<br />
Dow Jones -21,7%%<br />
Dec 2009
10<br />
Dollar Rate (1 US$ / R$)<br />
2,5<br />
2,4<br />
2,3<br />
2,2<br />
2,1<br />
2<br />
1,9<br />
1,8<br />
1,7<br />
1,6<br />
1,5<br />
1/1/2008<br />
R$ 1,77<br />
R$ 2,30<br />
1/1/2009 7/12/2009<br />
R$ 1,72
Macroeconomic Environment<br />
Retail Market<br />
Company Overview<br />
Financial Information<br />
Strategic Priorities and Outlook<br />
Opportunities<br />
Sustainability<br />
Q&A
12<br />
13,3%<br />
10,4%<br />
10,4%<br />
65,9%<br />
CBD<br />
Market Share 2008(1)<br />
13,8%<br />
14,1%<br />
11,0%<br />
2006 2007 2008<br />
(1) Source: ABRAS – Associação Brasileira <strong>de</strong> Supermercados<br />
13,2%<br />
14,2%<br />
10,7%<br />
61,1% 61,9%<br />
Carrefour Wal-Mart Others<br />
FOOD RETAIL MARKET<br />
Formal Sector: R$ 158.5 billion – 5.5% do PIB<br />
Informal Sector accounts for approximately<br />
50% of total food consumption<br />
Fragmented Market: Small / Medium Chains<br />
Increasing formalization of the market<br />
8,5%<br />
7,1%<br />
4,3%<br />
LFL Sales<br />
10,3%<br />
8,6% 8,4%<br />
7,8%<br />
10,4%<br />
4,6%<br />
2,3%<br />
13,2%<br />
7,2%<br />
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09<br />
GPA Carrefour<br />
9,7%<br />
3,9%
ELECTRO & ELETRONIC<br />
STORES<br />
POTENCIAL AND MARKET SIZE<br />
(R$ BILLION)<br />
Source: Accenture<br />
13<br />
30<br />
34 40 45 50<br />
2002 2003 2004 2005 2006 2007 2008 2013E<br />
59<br />
68<br />
134<br />
AVERAGE GROWTH<br />
2002a – 2007a - 15,0%<br />
2008e – 2013e - 14,6%
14<br />
ELECTRO &<br />
ELETRONIC STORES<br />
16%<br />
Casas<br />
Bahia<br />
7%<br />
Ponto<br />
Frio<br />
3% 3% 3%<br />
Magazine<br />
Luiza<br />
Pernam_<br />
bucanas<br />
R$ 68 billion Income in 2008<br />
Ricardo<br />
Eletro<br />
Market Share<br />
2008 (1)<br />
(1) Jornal Valor Econômico’s 2008 Ranking of the Electronics Sector
NON-FOOD EXPANSION STRATEGY<br />
Strategic <strong>de</strong>cision ma<strong>de</strong> in 2007 to expand non-food<br />
operations and reinforce/protect core business of<br />
GPA<br />
First major strategic move ma<strong>de</strong> in June when GPA<br />
announced the acquisition of Ponto Frio<br />
Casa Bahia: Complementary market positioning in<br />
the durable<br />
goods segment:<br />
• Ponto Frio: focus on classes A, B and C<br />
• Casa Bahia: focus on classes C and D<br />
15<br />
Key <strong>de</strong>dicated players’ market share and positioning<br />
Ranking<br />
1. Bahia<br />
2. Ponto Frio<br />
3. Magazine Luiza<br />
4. Pernambucanas<br />
5. Ricardo Eletro<br />
6. Insinuante<br />
Positioning by social class<br />
A B C D E
PONTO FRIO<br />
A successful turnaround<br />
16<br />
REVERSAL OF THE SALES DOWNTREND<br />
POSITIVE EBITDA<br />
MOTIVATED TEAM<br />
INTEGRATION WITH GPA<br />
SYNERGIES Logistics & IT<br />
Commercial<br />
Head Office Redundancy
INTEGRATION CASAS BAHIA<br />
GPA - 83% ¹ CB - 17%<br />
1) Does not consi<strong>de</strong>r Management stock option<br />
2) Consi<strong>de</strong>rs total adhesion of Globex to PTO<br />
17<br />
Nova.com - 100%<br />
CB.com<br />
INTERNET INCLUDES:<br />
Extra.com<br />
Ponto Frio.com<br />
PF Wholesale<br />
CB.com<br />
GPA - 51%² CB - 49%²<br />
Globex- 100%<br />
NCB<br />
STORE OPERATIONS<br />
INCLUDE:<br />
Extra Eletro<br />
Ponto Frio<br />
Casa Bahia
18<br />
DEAL<br />
R$ MILLION
19<br />
SHAREHOLDERS’ AGREEMENT<br />
Term: 6 years<br />
Governance: <strong>de</strong>cisions taken by simple majority<br />
Chairman: Michael Klein<br />
GPA: 5 members<br />
Casa Bahia: 4 members<br />
Senior management 1 st mandate (2 years):<br />
CEO: Raphael Klein<br />
VPs: Jorge Herzog, Roberto Fulcherberguer<br />
CFO: GPA<br />
Sale of shares:<br />
GPA – as of 3 rd year<br />
Casa Bahia:<br />
�12-month lock-up<br />
� from 12 to 48 months: 29%<br />
� from 49 to 72 months: 49%<br />
� as of the 73 rd month: 100%<br />
JOINT VENTURE AGREEMENT<br />
Globex and Casa Bahia guarantee respective<br />
liabilities<br />
Globex: GPA<br />
Casa Bahia: properties and Globex shares<br />
Properties:<br />
Lock-up: 6 years;<br />
Sale after lock-up: preemptive right for Globex<br />
Total rental cost: approx. R$ 130m / year<br />
Bartira: R$ 234 m:<br />
Put of 25% in 3 years<br />
Call of 75% in 3 years<br />
Shared services: centralization<br />
Accounting(GPA)<br />
Treasury (GPA)<br />
Suppliers (Globex)<br />
Logistics(Globex)
SETTING-UP OF NEW<br />
CASA BAHIA (NCB)<br />
CB brings operational assets to NCB;<br />
CB brings assets and the CB.com brand<br />
to the subsidiary;<br />
CB<br />
Stores + DCs (~1.4 million m 2 )<br />
75% stake of Bartira (furniture factory)<br />
Receivables ~ R$ 1 billion<br />
Other non-operational assets<br />
NCB<br />
Operational assets / liabilities<br />
Approximately R$ 950 million Net Debt<br />
Lease Agreement 10 years + 10<br />
� Approximately R$ 130 million/year;<br />
25% furniture factory<br />
Furniture supply agreement for 3 years<br />
� Cost price;<br />
� Fixed fee: R$ 18 million/year<br />
20
SETTING-UP<br />
OF GLOBEX<br />
21<br />
GPA brings Extra Eletro operations to Globex;<br />
Globex split up: PF.com + wholesale/<br />
Ponto Frio + Extra Eletro;<br />
GPA brings Extra.com to PF.com;<br />
PF.com inclu<strong>de</strong>s<br />
• Extra.com<br />
• Wholesale<br />
Globex inclu<strong>de</strong>s<br />
• Ponto Frio<br />
• Extra Eletro<br />
1 Consi<strong>de</strong>rs total adhesion of Globex to PTO and<br />
does not consi<strong>de</strong>r management stock option<br />
2 Consi<strong>de</strong>rs total adhesion<br />
of Globex to PTO
CASAS BAHIA RATIOS (2008)<br />
Market lea<strong>de</strong>r in durable goods segment<br />
� 513 stores (3Q09);<br />
� Approximately 57,000 employees;<br />
Strong brand, largest advertiser in<br />
Brazil<br />
Strong partnership with suppliers<br />
Well structured business<br />
(commercial, operations, logistics, IT,<br />
contact center, furniture factory)<br />
Focus on low-income<br />
segments (C / D classes)<br />
Largest Consumer Finance operation<br />
in retail: database of 30 million clients<br />
22<br />
Gross Rev. (R$ Bn - exc<br />
interest)<br />
Casa<br />
Bahia<br />
13.9<br />
Merchandise 12.7<br />
Services 1.2<br />
Stores 548<br />
Sales Area (thousand m²) 1,005<br />
Gross Revenue (R$ mm) /<br />
Stores<br />
25.2<br />
Gross Revenue (R$) / m² 13,766<br />
Sales Area m²/Stores 1,834<br />
SALES MIX (2008)<br />
9%<br />
19%<br />
9%<br />
3%<br />
32%<br />
28%<br />
White goods Furniture Electronics<br />
Hard & Software Telecom Others<br />
30%<br />
24%<br />
PF + EE<br />
4.2<br />
4.1<br />
0.1<br />
505<br />
365<br />
8.3<br />
11,525<br />
723<br />
46%<br />
Household appliances & furniture<br />
Electronics<br />
Photo, vi<strong>de</strong>o, telecom, software
23<br />
The New Company<br />
Main Synergies<br />
Centralized purchases<br />
Integration of headquarters,<br />
logistics and IT<br />
E-commerce platform integration<br />
Partnerships with suppliers<br />
Scale gains on advertising in<br />
CBD as a whole<br />
Improved financial services<br />
Rationalization of logistics<br />
New Company’s<br />
magnitu<strong>de</strong><br />
R$ 18.1 Bn<br />
Gross Revenue<br />
5% normalized¹<br />
EBITDA Margin<br />
Estimated Net<br />
Present Value of<br />
Synergies:R$ 2 Bn<br />
Subject to the approval of Brazilian antitrust authorities<br />
1) % of net sales
NEXT STEPS<br />
24<br />
December 4, 2009:<br />
D + 20: January 11, 2010<br />
Before Closing:<br />
SCHEDULE<br />
Signing Day<br />
Disclosure to Market<br />
CBD Extraordinary<br />
Sharehol<strong>de</strong>rs’ Meeting<br />
Creation of NCB<br />
Separation of dot.com assets<br />
Contribution of Extra Eletro to Ponto Frio<br />
up to D + 120 : Closing (merger date)
Lea<strong>de</strong>rship in the retail durable<br />
goods segment with approximately<br />
R$ 18,1 billion revenue (including ecommerce)<br />
1.015 stores (3Q09)<br />
28 Distribution Centers<br />
Approximately 68.000 employees<br />
E-commerce Income 2010<br />
R$ 2 bi (including<br />
wholesale)<br />
Subject to the approval of<br />
Brazilian antitrust authorities<br />
25<br />
Highlights<br />
THE NEW COMPANY
27<br />
16%<br />
ELECTRO &<br />
ELETRONIC MARKET<br />
Casas<br />
Bahia<br />
7%<br />
Ponto<br />
Frio<br />
3% 3% 3%<br />
Magazine<br />
Luiza<br />
Pernam_<br />
bucanas<br />
Ricardo<br />
Eletro<br />
26%<br />
GPA<br />
(with Casa<br />
Bahia and PF)<br />
Market Share<br />
2008 (1)<br />
R$ 68 billion Income in 2008 (1) Jornal Valor Econômico’s 2008 Ranking of the<br />
Electronics Sector
28<br />
RANKING GLOBAL<br />
Source: Accenture<br />
Rank Company Headquarter<br />
1<br />
2<br />
3<br />
4<br />
5<br />
6<br />
7<br />
8<br />
9<br />
10<br />
11<br />
Best Buy<br />
Media-staturn<br />
Expert<br />
DSG International<br />
Euronics<br />
Yamada Denki<br />
Gome<br />
Suning<br />
Kesa Electricals<br />
Nova Globex<br />
Edion<br />
USA<br />
Germany<br />
Switzerland<br />
UK<br />
Netherlands<br />
Japan<br />
China<br />
China<br />
UK<br />
Brazil<br />
Japan<br />
Sales 2008<br />
(US Bi)<br />
45.1<br />
33.0<br />
21.7<br />
20.3<br />
19.1<br />
16.6<br />
15.7<br />
15.5<br />
11.4<br />
10.3<br />
7.8<br />
Stores<br />
4,096<br />
768<br />
6,902<br />
1,638<br />
11,824<br />
1,360<br />
1,263<br />
820<br />
713<br />
1,015<br />
1,178<br />
R$ Bi 1 US$/ R$<br />
Nova Globex 18.5 1.8
Macroeconomic Environment<br />
Retail Market<br />
Company Overview<br />
Financial Information<br />
Strategic Priorities and Outlook<br />
Opportunities<br />
Sustainability<br />
Q&A
30<br />
GPA<br />
Current Profile<br />
With Ponto Frio and Without Casas Bahia<br />
Gross Sales<br />
(annualized based in 2008):<br />
R$ 26 billion<br />
1.069 stores, located in 18<br />
States and the Fe<strong>de</strong>ral District:<br />
More than 80.000 employees<br />
520 million tickets per year<br />
1,7 million sqm of sales areas
STORE LOCATION MAP<br />
31<br />
99<br />
26<br />
193<br />
Nov<br />
2009<br />
13<br />
106<br />
13<br />
West Northeast<br />
São Paulo<br />
63<br />
49<br />
47<br />
5<br />
156<br />
9<br />
103<br />
15<br />
142 106 173 57 34 49 47 453<br />
8<br />
21<br />
2<br />
51<br />
15<br />
3<br />
3<br />
Rio<br />
14<br />
6<br />
57<br />
Gas Drugstore<br />
78 147
SUPPLY CHAIN<br />
SP - DF<br />
Distance Between<br />
Paris and Berlin<br />
1011 Km<br />
32<br />
SP - BA SP - PE SP - CE<br />
Distance Between<br />
Paris and Lisbon<br />
1979 Km<br />
Distance Between<br />
Paris and Athens<br />
2667 Km<br />
Distance Between<br />
Paris and Moscow<br />
3121 Km
33<br />
LOYALTY PROGRAM<br />
PÃO DE AÇÚCAR MAIS<br />
First loyalty program in Brazil -<br />
9 years ago<br />
Special offers to clients divi<strong>de</strong>d<br />
in 11 behavior segments<br />
2,1 million members – 45% of<br />
the banner sales<br />
Evolution to Dunnhumby
34<br />
STRENGHTENING OF EXCLUSIVE BRANDS<br />
Taeq is Lea<strong>de</strong>r or second<br />
brand in 52% of subcategories<br />
Qualitá is Lea<strong>de</strong>r or second<br />
brand in 49% of subcategories<br />
Participation in GPA’s total<br />
income: 5%<br />
5.000 SKU´s<br />
222 SKU´s <strong>Casino</strong>
Macroeconomic Environment<br />
Retail Market<br />
Company Overview<br />
Financial Information<br />
Strategic Priorities and Outlook<br />
Opportunities<br />
Sustainability<br />
Q&A
36<br />
2009 KEY<br />
PERFORMANCE<br />
INDICATORS<br />
SALES<br />
All stores<br />
Without Ponto Frio<br />
GROSS SALES<br />
7%<br />
16.460 17.643<br />
18%<br />
20.857<br />
11%<br />
CAGR 12%<br />
23.000<br />
2006 2007 2008 2009e
37<br />
FOOD AND NON-FOOD<br />
SALES PERFORMANCE<br />
(Like for Like Sales in Nominal Terms)<br />
5,9%<br />
4,5%<br />
3,9%<br />
3,7%<br />
3,3%<br />
-2,4%<br />
Obs: Like for Like Sales inclu<strong>de</strong> only the stores with 12 months or more in operation<br />
*2009 – Acumulado até Setembro<br />
1,1%<br />
11,4%<br />
7,6%<br />
0,6%<br />
10,4%<br />
2,4%<br />
16,1%<br />
8,5%<br />
11,0%<br />
10,1%<br />
9,7%<br />
3,1%<br />
14,3%<br />
12,8%<br />
1T07 2T07 3T07 4T07 1T08 2T08 3T08 4T08 1T09 2T09 3T09<br />
11,9%<br />
9,0%<br />
Food<br />
Non-Food
38<br />
2009 KEY<br />
PERFORMANCE<br />
INDICATORS<br />
P&L<br />
GPA Consolidated without<br />
Ponto Frio – Historical evolution
39<br />
THE CHALLENGE IS FINDING THE RIGHT EQUATION<br />
BETWEEN MARGINS AND SALES GROWTH<br />
Margins Sales<br />
SG&A<br />
Expenses<br />
EBITDA
40<br />
2009 KEY<br />
PERFORMANCE<br />
INDICATORS<br />
P&L<br />
GPA Consolidated without<br />
Ponto Frio – Historical evolution
41<br />
2009 KEY<br />
PERFORMANCE<br />
INDICATORS<br />
Financial KPIs<br />
GPA Consolidated – Historical evolution<br />
with the effects of Ponto Frio acquisition
42<br />
2009 KEY<br />
PERFORMANCE<br />
INDICATORS<br />
Financial KPIs<br />
GPA Consolidated – Historical evolution<br />
with the effects of Ponto Frio acquisition
Macroeconomic Environment<br />
Retail Market<br />
Company Overview<br />
Financial Information<br />
Strategic Priorities and Outlook<br />
Opportunities<br />
Sustainability<br />
Q&A
44<br />
Focus on Sales Pillars<br />
Sales are a consequence of<br />
successful work on these pillars<br />
Assortment Pricing Communication<br />
“Back to Basics”<br />
Strategy<br />
Customer<br />
Service
45<br />
RE-ENFORCE ITS<br />
FOUNDATIONS TO<br />
SUSTAIN GROWTH<br />
WITH PROFITABILITY<br />
New Management Mo<strong>de</strong>l<br />
Simplicity, focus, agility, integration<br />
and empowerment<br />
Multi-disciplinary groups<br />
Pursuit of efficiency<br />
Strengthening regional commercial offices<br />
Clusterization<br />
Aggressive variable compensation<br />
EBITDA based bonus driven by collective<br />
and individual goals<br />
Solid structure<br />
Strengthening cash position before the crisis<br />
and strong investments in IT & Logistics<br />
Conservative Financial Policy
46<br />
CAPEX (R$ million)<br />
2008 2009e<br />
New Stores 156 280<br />
Sites 95 154<br />
Renovations 143 154<br />
Infra-structure 109 167<br />
GPA 503 755
47<br />
• Maintain Financial and<br />
economic health<br />
• Scale gains increasing<br />
productivity of existing stores<br />
• Market Share Growth<br />
• Expansion in consolidated<br />
formats<br />
MEDIUM TERM<br />
OUTLOOKS
Macroeconomic Environment<br />
Retail Market<br />
Company Overview<br />
Financial Information<br />
Strategic Priorities and Outlook<br />
Opportunities<br />
Sustainability<br />
Q&A
49<br />
E-COMMERCE<br />
2008 164% of sales growth<br />
The biggest among the players<br />
Market Share<br />
1.0%<br />
6.2%<br />
9.3%<br />
2005 2009 E<br />
2012 E<br />
R$ 2 billion sales in 2010<br />
Consolidated position as Brazil’s<br />
second larger e-Commerce player<br />
High growth potential<br />
� Extra.com<br />
� Ponto Frio.com<br />
� Ponto Frio wholesale<br />
� CasasBahia.com
FIC<br />
50<br />
+<br />
8 million cardhol<strong>de</strong>rs<br />
12% participation of total sales<br />
R$ 2,8 billion receivables<br />
INVESTCRED<br />
+R$ 10 billion credit approved<br />
for customers<br />
Itaú had 24 million clients by<br />
the end of 2008<br />
Itaú + GPA believe this could be one of the<br />
largest financing companies in Brazil<br />
R$ 600 million<br />
to GPA from the<br />
new agreement
51<br />
REAL ESTATE<br />
Target<br />
To make the maximum use of our<br />
real estate assets linked with our<br />
retail projects in <strong>Grupo</strong> Pão <strong>de</strong><br />
Açúcar expansion plan<br />
Businesses<br />
19 businesses opportunities<br />
i<strong>de</strong>ntified, 3 of which are being<br />
studied in further <strong>de</strong>tail<br />
“Sweat the asset” Program
52<br />
CASE EXTRA BARRA (RJ)<br />
Current situation<br />
EXTRA store<br />
Av. das Américas
53<br />
CASE EXTRA BARRA (RJ)<br />
Project<br />
New Extra<br />
store<br />
Illustrative Perspective<br />
Commercial<br />
buildings<br />
Av. das Américas
Macroeconomic Environment<br />
Retail Market<br />
Company Overview<br />
Financial Information<br />
Strategic Priorities and Outlook<br />
Opportunities<br />
Sustainability<br />
Q&A
55<br />
Adding Quality of Life<br />
Marathon Relay<br />
Pão <strong>de</strong> Açúcar Kids<br />
Race<br />
Alimenta Bem Program<br />
Sponsoring athletes<br />
SUSTAINABILITY<br />
Share with the community<br />
Collecting Donations<br />
NATA<br />
Orchestra<br />
Educational Programs<br />
Multiply consciousness<br />
in consumption<br />
Reusable bags<br />
Green Box<br />
Caras do Brasil<br />
Recycling Station<br />
Carbon emission
56<br />
Q & A
ANALYST DAY
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