Investor Presentaiton

AN Pão de Açúcar DISCLAIMER Statements contained in this release regarding the Company's business outlook, projections of operating financial profit and loss, the Company's growth potential, and related to market and macroeconomic estimates constitute mere forecasts and were based on the beliefs, intentions, and expectations of the Management regarding the future of the Company. Those estimates are highly dependent on changes in the market, the general economic performance of Brazil, the industry, and international markets and, therefore, are subject to change. GPA 2

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