São Paulo, Brazil, November 3, 2011 – Grupo Pão de Açúcar [BM&FBOVESPA: PCAR4 (PN); NYSE: CBD] announces its results for the 3^rd quarter (3Q11) and first nine months of 2011 (9M11), including Globex Utilidades S.A. [BM&FBOVESPA: GLOB3]. The Company’s operating and financial information was prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), the accounting practices adopted in Brazil (BRGAAP) and Brazilian Corporate Law, and is presented in nominal form and in Brazilian Reais, as follows: (i) on a “GPA Food” basis, which entirely excludes the operating and financial results of Globex Utilidades S.A. (including Nova Casas Bahia and Nova Pontocom), (ii) on a “GPA consolidated” (CBD) basis, which includes the full operating and financial results of Globex Utilidades S.A., and, as of November 2010, Nova Casas Bahia. All comparisons are with the same periods in 2010 (3Q10 and 9M10), except where stated otherwise.

GPA FOOD

These conversions are part of the business model defined in the last two years that meets the new consumer needs arising from the socio-economic changes, the upturn in the per capita earnings and the changes in the consumer profile of each former CompreBem and Sendas operational micro region. This model focuses on expanding the perishables sections, especially frozen food, fruit and vegetables, meat and dairy products.

In the third quarter, GPA Food posted gross sales of R$6.834 billion, 9.7% up on 3Q10, while net sales came to R$6.159 billion, up by 10.1%.

Excluding 2010 sales by Extra Eletro, whose operations were transferred to Globex in November of that year 2010, GPA Food’s gross and net sales grew by 11.8% and 12.3% year-on-year, respectively.

On a same store basis, gross sales moved up by 8.5% and net sales by 8.9%. In real terms, i.e. deflated by the IPCA⁽²⁾ consumer price, gross sales climbed by 1.2%. Also on a same-store basis, gross food sales increased by 8.2% over 3Q10, with perishables climbing by 9.6%, while non-food sales grew by 9.3%, led by gas stations (+14.5%) and electronics/household appliances (+12.6%).

The Group’s best-performing formats were Extra Supermercado and Assaí, which posted gross same-store sales growth of more than 15.0%.

⁽²⁾Like ABRAS (the Brazilian Supermarket Association), Grupo Pão de Açúcar has adopted the IPCA consumer price index as its inflation indicator, since it gives a more accurate reflection of the Company’s product and brand mix. The IPCA in the 12 months through totaled 7.31%.

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In the first nine months, gross sales amounted to R$20.402 billion, 8.2% up on the same period last year, while net sales totaled R$18.371 billion, up by 8.4%.

In same-store terms, gross sales climbed by 7.7%, while net sales moved up by 8.0%. Still on a same-store basis, gross food sales increased by 7.6%, while gross non-food sales grew by 8.0%.

In GPA Consolidated, all comparisons were impacted by the consolidation of Casas Bahia’s results in the third quarter and first nine months of 2011, which were not included in the same periods in 2010.

In the third quarter, GPA Consolidated’s gross sales, comprising all the Group’s formats and businesses, increased by 58.2% over the same period last year to R$12.571 billion in 3Q11, up year-on-year, while net sales climbed by 55.9% to R$11.085 billion.

In same-store terms, gross sales moved up by 9.5% and net sales by 10.6% over 3Q10. As of 3Q11, Casas Bahia’s operations have been included in the same-store concept. i.e. stores that have been operational for at least 12 months and now applicable to Casas Bahia, with whom Globex formed an association in July 2010.

In the first nine months, GPA Consolidated recorded gross sales of R$37.549 billion, 59.5% up year-on-year, while net sales increased by 57.8% to R$33.224 billion.

In same-store terms, gross and net sales climbed by 8.9% and 9.6%, respectively, over 9M10.

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GPA FOOD

The distinct nature of the Extra Supermercado business model, which has higher value-added categories, also contributed to the gross margin improvement.

In the first nine months, gross profit totaled R$4.731 billion, 11.2% up year-on-year, accompanied by a gross margin of 25.7%, 60 bps more than in 9M10.

In GPA Consolidated, all comparisons were impacted by the consolidation of Casas Bahia’s results in the third quarter and first nine months of 2011, which were not included in the same periods in 2010.

In the third quarter, consolidated gross profit came to R$3.085 billion, 76.1% up year-on-year, while the gross margin widened by 320 bps, from 24.6% in 3Q10 to 27.8% in 3Q11.

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In addition to the above-mentioned gains by GPA Food, this result was positively impacted by Globex, whose 3Q11 gross margin stood at 29.6%, chiefly due to commercial efficiency gains fueled by more advantageous price and sales conditions as well as greater product availability and assortment.

In the first nine months, consolidated gross profit totaled R$8.921 billion, a 76.4% improvement over the same period last year, with a gross margin of 26.9%, 290 bps more than the 24.0% posted in 9M10.

To comply with the new financial reporting standards (IFRS), expenses from “employees’ profit sharing”, previously recognized after “operating income before income tax”, are now recognized under “selling expenses” and “general and administrative expenses”.

In the third quarter, total operating expenses came to R$1.167 billion, representing 18.9% of net sales, 40bps more than in 3Q10, reflecting the upturn in personnel costs, marketing and IT expenses.

In the first nine months, these expenses totaled R$3.432 billion, 10.9% more than in 9M10, corresponding to 18.7% of net sales.

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In GPA Consolidated, all comparisons were impacted by the consolidation of Casas Bahia’s results in the third quarter and first nine months of 2011, which were not included in the same periods in 2010.

In the third quarter, total consolidated operating expenses came to R$2.363 billion, equivalent to 21.3% of net sales, 360 bps up on 3Q10. Globex’s operating expenses represented a higher share of net sales than GPA Food’s.

In the first nine months, these expenses totaled R$6.975 billion, 85.9% up year-on-year, corresponding to 21.0% of net sales.

GPA FOOD

In the first nine months, EBITDA came to R$1.299 billion, 12.1% higher than in 9M10, while the EBITDA margin widened by 30 bps to 7.1%.

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In the third quarter of 2011, consolidated EBITDA totaled R$722.0 million, 46.5% up year-on-year, with a margin of 6.5%, 40 bps down on 3Q10, due to the consolidation of Globex, whose margin is lower (5.4%).

It is worth noting, however, that Globex’s EBITDA has been increasing steadily, having climbed from 3.3% in 1Q11 to 4.5% in 2Q11 and 5.4% in 3Q11, chiefly due to commercial efficiency gains.

In the first nine months, consolidated EBITDA totaled R$1.946 billion, 49.2% up year-on-year, accompanied by a margin of 5.9%, 30 bps less than in 9M10.

GPA FOOD

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In the third quarter, the financial result was a net expense of R$167.2 million, equivalent to 2.7% of net sales, in line with the previous quarter, and was the result of the following factors:

(i) interest on the net bank debt totaling R$84.2 million, corresponding to 1.3% of net sales, higher than the 1.1% recorded in 2Q11, due to the upturn in the SELIC base rate from 2.8% to 3.0%, and the increase in the net debt, which is presented in the next section.

(ii) discounted receivables cost of R$34.1 million, equivalent to 0.6% of net sales, identical to the 2Q11 ratio.

(iii) other assets and liabilities restated by the CDI interbank rate totaling R$48.9 million, or 0.8% of net sales, 20 bps down on the 1.0% of net sales recorded in 2Q11.

The 3Q11 net financial expense increased by 70.5% over the expense of R$98.1 million reported in 3Q10, reflecting the higher SELIC and the upturn in the net debt, the latter being chiefly due to: (i) the payment of Ponto Frio’s acquisition, (ii) acquisition of the remaining 40% of Assaí; and (iii) GPA’s capital injection into Globex through the association with Casas Bahia.

In the first nine months, the net financial result was an expense of R$495.2 million, equivalent to 2.7% of net sales.

In the third quarter, the consolidated net financial result was an expense of R$327.9 million, equivalent to 3.0% of net sales, in line with the previous quarter.

In the first nine months, there was a net financial expense of R$989.7 million, corresponding to 3.0% of net sales.

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GPA FOOD

On 09/30/2011, GPA Food’s net debt totaled R$2.275 billion, 3.9% up on 06/30/2011, broken down as follows:

GPA CONSOLIDATED

On 09/30/2011, consolidated net debt came to R$2.283 billion, 14.8% higher than at the close of 2Q11. The net debt/EBITDA ratio stood at 0.84x, greater than the 0.81x posted in the previous three months. The table below gives a breakdown of consolidated net debt:

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GPA CONSOLIDATED

In the third quarter, FIC (Financeira Itaú CBD), including Globex’s operations, had 8.1 million clients.

Equity income totaled R$11.3 million, very close to the 3Q10 figure, R$7.9 million of which came from GPA Food and R$3.4 million from Globex.

This result was in line with expectations and reflects the strategy adopted by FIC and GPA, according to which customers paying with private label and co-branded cards, especially in the non-food categories, are benefited from better payment conditions.

GPA FOOD

In the first nine months, net income totaled R$367.8 million, 4.5% up on the same period last year, while adjusted net income, excluding non-recurring expenses, came to R$411.9 million, with a margin of 2.2%.

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In GPA Consolidated, all comparisons were impacted by the consolidation of Casas Bahia’s results in the third quarter and first nine months of 2011, which were not included in the same periods in 2010.

In the third quarter of 2011, consolidated net income totaled R$133.5 million, 1.5% down year-on-year, with a net margin of 1.2%. This result was impacted by R$62.1 million in integration expenses of Globex. Of this total, R$48.7 million refer to expenses with the change of the front-office systems and R$13.4 million refer to other initiatives related to the integration process. Adjusted net income would be R$154.9 million and a net margin of 1.4%.

In the first nine months, consolidated net income stood at R$356.9 million, 2.5% down on the same period in 2010. Excluding the non-recurring effects in previous periods, adjusted net income amounted to R$460.9 million, accompanied by a margin of 1.4%.

In the third quarter, Assaí recorded gross sales of R$1.107 billion, including the stores in São Paulo, Ceará, Rio de Janeiro, Pernambuco and Tocantins, 35.6% up on 3Q10. This performance was mainly due to increase of 11 stores between organic growth and conversion in the last 12 months, and the format’s improved operating result. Net sales climbed by 36.9% over 3Q10.

In the first nine months, gross sales totaled R$3.046 billion, 36.1% up on the same period last year, while net sales grew by 37.0% to R$2.768 billion.

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On 11/03/2011, the Board of Directors approved the prepayment of interim dividends totaling R$22.6 million, in accordance with the Company’s Dividend Payment Policy, approved by the Board of Directors’ Meeting of 08/03/2009, equivalent to R$0.09 per preferred share and R$0.081818181818 per common share.

As for the fourth quarter, after the end of the fiscal year and the approval of the corresponding financial statements, the Company will pay shareholders the minimum mandatory dividends, calculated in accordance with Corporate Law, less the amounts prepaid throughout 2011.

Dividends in relation to the third quarter of 2011 will be paid on November 28, 2011. Shareholders registered as such on November 14, 2011 will be entitled to receive the payment. As of November 16, 2011, shares will be traded ex-dividends until the payment date.

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