São Paulo, Brazil, October 14, 2010. Grupo Pão de Açúcar [NYSE: CBD; BM&FBOVESPA: PCAR5 (PNA)] announces the change of the ratio of its ADR (American Depositary Receipt) program whereby one ADR (CBD) will represent one preferred share of CBD (PCAR5). This ratio change will result in a 2 for 1 split (one additional ADR for each ADR held). The depositary institution, The Bank of New York Mellon, will issue new ADRs and distribute them to the ADR holders as per the following schedule:

  • The record date, as of which the holders of CBD’s ADRs at the NYSE shall be entitled to the additional ADRs, at the ratio of 1 (one) additional ADR to each ADR already held, is October 14, 2010;
  • The payable date for the additional ADRs is October 15, 2010; and
  • The effective date for the ratio change is October 18, 2010.

The ADRs presently held by registered holders will not be called in for exchange and will automatically represent the new ratio. No action will be necessary on the part of the ADR holders. ADRs arising from the split approved herein will be of the same type and shall confer their holders the same rights of previously existing shares and ADRs.