1Q07 Results Conference CallFriday, May 11, 2007

11:00 a.m. US EDT / 12:00 p.m. (Brazil) Telephone: +1 (973) 935-8893 l Code: 8783964

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This presentation contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of B2W. These are merely projections and, as such, are based exclusively on the expectations of B2W’s management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitors’ pressures, the performance of the Brazilian economy and the industry, among other factors and risks disclosed in B2W’s filed disclosure documents and are, therefore, subject to change without prior notice.

The merger between Submarino and Americanas.com was approved at the Extraordinary Shareholders Meeting held on December 13, 2006. However, for comparison purposes, the comments on performance hereby compare 1Q07 results with pro-forma unaudited income statements for the first quarter of 2006 (1Q06) of Americanas.com, Shoptime and Submarino. Such pro-forma information does not replace audited Financial Statements filed at the Brazilian Stock and Exchange Commission (CVM).

Forward-looking statements

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1Q07 Overview

Sales growth associated with high operational standards;

We have mapped financial and operating synergies with Net Present Value 10% higher than the R$800 million initially estimated;

Concentration Act is still under analysis by Brazilian antitrust agencies (CADE, SDE and SEAE);

Within the next few months, B2W’s shares will be listed for trading at Bovespa under the BTOW3 ticker;

Ingresso.com, Submarino Viagens and Submarino Finance reached important operational marks, with very motivating results.

B2W begins 2007 with solid results, encouraged by integration and synergies opportunities

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1Q07 Operating Highlights

• Solid operating growth

Gross Revenue increased by 57%

Gross Margin moved up 30 bps, and reached 30.7%

Growth of 160 bps in EBITDA Margin, reaching 12.9%.

Comments based on 1Q07 results and 1Q06 pro-forma statements.

158,6

101,6

30.7%

30.4%

1Q06 1Q07

Gross Profit (R$ MM) Gross margin (%)

740.4

471.1

1Q06 1Q07

Gross Revenue (R$ MM)

57%

30 bps

160 bps

37.8

66.6

12.9%

11.3%

1Q06 1Q07

EBITDA (R$ MM) EBITDA Margin (%)

160 bps

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Gross Revenue

In the 1Q07, Gross revenue was only 5% down on the 4Q06, which is historically the Company’s highest sales period

These results demonstrate our continuous search for growth, allied to constant operating improvement

522.0

780.0

4Q05 4Q06

49%

'

740.4

471.1

1Q06 1Q07

57%

1Q07 Gross Revenue 4Q06 Gross Revenue

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Operating ExpensesOur permanent cost-cutting culture allows us to reach new result baselines

Selling Expenses G&A Expenses

79.1

53.8

15.3%16.1%

1Q06 1Q07

R$MM % NR

13.09.9

2.5%

3.0%

1Q06 1Q07

R$MM % NR

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EBITDA (R$MM) and EBITDA Margin (%)

• EBITDA and EBITDA Margin aligned with:

Initial capture of merger synergies;

Constant search for profitability growth alternatives;

Rapid response and challenge overcoming abilities.

EBITDA and EBITDA Margin

66.6

37.8

12.9%

11.3%

1Q06 1Q07

EBITDA (R$MM) EBITDA Margin

76%

+160 bps.

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Indebtedness and Financial Results

B2W closed the 1Q07 with a R$138.6 million net cash, versus R$704.1 million in the 4Q06.

Net cash decrease reflects the R$441.0 million capital reduction occurred on January 30, 2007, as well as the business’ natural seasonality.

Indebtedness Net Financial Result

22.0

33.76.6% 6.5%

1Q06 1Q07

Net Financial Result R$MM % NR

4Q06 1Q07

Total Cash and Cash Equivalents 1,014 400

310 262(-) Gross Debt

Net Cash 704 139

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Synergies

Fixed expenses and cost reduction

Variousfinancial and

operatinglevers

identified

Scale gainswith

technology and freight costs

Rationalizationof our

distributioncenters

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We have reached the milestone of almost 100 thousand cards issued

The credit card holders are enrolled with a Reward Program, and are entitled to participate in special promotions on the website

We have reached more than 1,000 movie theaters in Brazil

Submarino Viagens reached the EBITDA breakeven point in February 2007

1Q07 booking volume was 100% up on the 1Q06

Subsidiaries

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Continuous synergies mapping and capturing process;

Maximization of our businesses (Ingresso.com, Submarino Viagens and Submarino Finance);

Optimization of logistics operations;

Staff training and technological structure improvement to support the challenges in the Company’s growth path;

Maintenance of our international expansion plan, without losing focus on local opportunities and delivering synergies.

Next quarters perspectives and priorities

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THANK YOU