The document provides highlights and financial results from Grupo Pão de Açúcar's (GPA) earnings release for fiscal year 2012. - GPA saw 20.9% revenue growth to R$3,094.3 million in 2012, with same-store sales growth of 14.1%. - Adjusted EBITDA increased 23% to R$191 million in 2012 with margins of 6.2%. - GPA opened 96 new owned stores in 2012 and ended the year with 708 owned stores and 388 franchise stores. - Capex was R$135 million in 2012 focused on organic growth, store renovations, and new distribution centers.

1. Earnings
Release
FY2012 / 4Q12
March 28, 2013

2. 2012 HIGHLIGHTS
TIMELINE
RESULTS
 Gross revenues of R$3,094.3 million, an increase of 20.9%
over 2011.  Acquisitions: Big Ben and Sant’ana
 Total SSS (same-store sales) in the year of 14.1%, with 8.2%  Debentures Issuance
for mature stores
 Inauguration of the SSC
 Gross margin of 30.6% in line with our expectations  Beauty’in acquisition
 1,000 stores milestone
 Adjusted EBITDA of R$191.0 million, an increase of 23.0%
over 2011  Follow-on
 Big Ben & Guararapes Integration
 Adjusted EBITDA margin of 6.2%, against 6.1% in 2011
 Inauguration of 2 Distribution Centers
 Adjusted net income of R$70.1 million  Sant’ana’s corporate restructuring
 2012 Integration Schedule completed
 Opening of 96 new owned stores in 2012
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3. OUR OWNED STORE PLATFORMS AND
FRANCHISES
1
248 Owned stores¹
114 20 1 12
15 78 118 lOwned stores
2 7
13 118
92 132 Owned stores
REGIONS 25
Owned Stores
Footprint
North 117 210 Owned stores
Northeast 251
Midwest 130
9 388 Franchises
Southeast
201
South 210
708 Owned stores
05 Distribution Center 388 Franchises
1,096 stores
1- Includes 38 stores of the Guararapes platform.
3

4. STORE OPENING AND MATURATION PROFILE
Owned stores base evolution
29 708
96 29
15 2
249 15
67 67 681 29 681 29 29 681 29 708 29 708 708
1 708
67 67 67681 681 248
249 249 249 24913 249 13 13 2 2 2 2 2
13 13
248 248 248 248
378 118
378 378 378 378 378 118 118 118
118
210
210 210 210 210
132
132 132 132 132
co Fechamento 2011 Acquisitiongrowth Acquisition Acquisition 9M12
2011 Acquisition
2011
2011 Organic Organic growth growthorgânico growth growth
2011 Organic Organic growth
2011Acquisition Organic Closing
AquisiçãoClosing Cresc. orgânico9M12 Fechamento
Cresc. Closing Closing growth 2012
Organic growth 9M12
Closing Closing Organic 9M12
Fechamento 9M12 Closing Closing growthCresc. orgânico
Organic Organic 2012Organic 2012
growth Closing2012
Closing 2012
Owned Stores by Maturation Stage
13.6%
Stores with less than 12 months  29 openings in 4Q12
17.2% Stores with 12 to 24 months  96 openings in 2012
56.9%
12.3%
Stores with 24 to 36 months  43.1% of our store-count not yet at a mature stage
Stores with more than 36 months
1- Includes 38 stores of the Guararapes platform.
4

5. ANALYSIS OF RESULTS
Gross Revenues
(R$ Million)
+20.9%
3,094.3
3,094.3
3,094.3
3,094.3
+17.3% 2,558.4
2,558.4
2,558.4
2,558.4
719.0
719.0
719.0 843.7
843.7
843.7
843.7
719.0
4Q11
4Q11
4Q11
4Q11 4Q12
4Q12
4Q12
4Q12 2011
2011
2011
2011 2012
2012
2012
2012
Same Store Sales (SSS) - Total and Mature Stores 16.2%
15.1%
(%) 13.8%
12.4% 12.1% 12.0%
16.2%
10.0% 15.1%
13.8% 9.1%
12.4%
8.9% 8.6% 8.6% 14.1%
12.1% 12.0%
12.0% 7.8% 8.6%
10.0%
8.9% 8.6% 8.6% 5.8% 9.1% 6.1% 5.7% 9.8%
7.8% 8.6% 5.2% 8.2%
5.8% 6.1% 5.7% 6.6%
5.2% 5.7% 5.2%
1Q11 2Q11 3Q11 1Q11
4Q11 1Q12 2Q11 2Q12 3Q11
3Q12 4Q11
4Q12 1Q12
4Q11 4Q122Q12 3Q12 2011 4Q12 2012 4Q1
SSS Total SSS mature stores (36 months or above)
SSS Total SSS mature stores (36 months or above)
5

6. SALES MIX AND AVERAGE TICKET
Average Ticket
ales
(R$)
+4.4% +3.4%
Generic penetration in medi
45.9% 30.7
30.5
Generic penetration in medi
16.7%
29.5 46.6%
29.4
37.4%
2012 4Q11 4Q12 2011 2012 16.7%
46.6%
Sales Mix
Generic penetration in medicine sales
(%) 36.7%
16.7%
2011
Generic penetration in medicine sales
36.7%
Non-medicines
46.6% 45.9% Generic Medicine 30.7
2011
Branded medicine
16.7% 16.7% Non-medicines
Generic Medicine
29.4
36.7% 37.4% Branded medicine
2011 2012 4Q11 4Q12
Non-medicines 6

7. GROSS PROFIT
Gross Profit and Gross Margin (% of Gross Revenues)
(R$ Million)
31.5% 30.2% 30.1% 30.7% 31.5%
31.3% 30.6%
948.0
801.5
226.8 224.5 247.1 265.3
211.0
4T11 1T12 2T12 3T12 4T12 2011 2012
Drivers
 Procurement Department Integration
 Inauguration of the new distribution center in Camaçari, state of Bahia
 Sales Mix
 Trade Marketing
7
7

8. SG&A EXPENSES
Selling, General and Administrative Expenses (SG&A)
(R$ Million)
756.9 756.9
25.5% 25.5% 24.9% 24.9% 25.3% 25.3% 24.5% 24.5%
646.2 646.2
18.7% 18.7% 18.6% 18.6% 17.9% 17.9% 17.8% 17.8%
550.4 550.4
457.8 457.8
183.2 209.8209.8 6.8% 6.8% 7.4% 7.4% 6.7%
183.2 6.3% 6.3% 6.7%
134.5 156.8156.8 188.4 188.4 206.5 206.5
134.5
48.7 48.7 53.1 53.1
4Q114Q11 4Q124Q12 2011 2011 2012 2012 4Q11 4Q11 4Q12 4Q12 2011 2011 2012 2012
General & Administrative
General & Administrative Sales Sales expenses
expenses G&A %G&A %
Sales expenses % SG&A total % total %
Sales expenses % SG&A
G&A Dilution
4Q11 1Q12 2Q12 3Q12 4Q12 2011 2012
G&A Dilution (R$'000)
Proforma Proforma Proforma Proforma
Gross Revenues 719,032 699,349 746,855 804,393 843,697 2,558,435 3,094,293
General and administrative expenses (48,731) (51,464) (51,889) (50,123) (53,065) (188,432) (206,540)
% Gross Revenues 6.8% 7.4% 6.9% 6.2% 6.3% 7.4% 6.7%
8

9. ADJUSTED EBITDA AND ADJUSTED NET
PROFIT
Adjusted EBITDA and Adjusted EBITDA Margin (% of Gross Revenues)
(R$ Million)
07%
6.6%
07%
6.1% 6.1% 6.2%
06%
06%
191.0
05%
155.4
05%
04%
43.6 55.5 04%
03%
4Q11 4Q12 2011 2012
Adjusted Net Profit (R$) and Adjusted Net Margin (% of Gross Revenues)
(R$ Million)
4,0% 3,6%
2,3% 3,1%
1,0% 92.2 1,1%
70.1 -0,9%
-2,9%
-4,9%
28.8
8.8 -6,9%
-8,9%
4Q11 4Q12 2011 2012
9

10. DEBT & CASH CYCLE
Debt
(R$ Thousand)
Cash position and indebtedness (R$'000) 3Q11 4Q11 3Q12 4Q12
(+) Loans and financing 70,788 64,374 149,124 177,049
Short term 22,968 22,367 43,953 83,229
Long term 47,820 42,007 105,171 93,820
(+) Debentures 260,759 253,642
Short term 12,461 5,237
Long term 248,298 248,405
(+) Accounts payable for investment acquisition 70,387 54,380 333,591 345,333
Short term 17,701 17,692 97,971 99,711
Long term 52,686 36,688 235,620 245,622
(=) Total Indebtedness 141,175 118,754 743,474 776,024
Short term (%) 28.8% 33.7% 20.8% 24.2%
Long term (%) 71.2% 66.3% 79.2% 75.8%
(-) Cash and cash equivalents (324,001) (263,555) (404,783) (368,751)
(=) Net Debt (182,826) (144,801) 338,691 407,273
Net debt/Adjusted EBITDA (LTM) n/a n/a 1.9 X 2.1 X
Cash Cycle
(Days)
Working capial 4Q11 3Q12 4Q12
Accounts receivable 21 24 23
Inventories 114 95 95
Suppliers 62 49 58
Working capital in days 72 70 60
10

11. CAPEX & CAPITAL ALLOCATION
CAPEX
(R$ Million)
22 8 135
10
28
67
Organic growth Reform SAP DC/Logistics Others Capex
CAPITAL ALLOCATION
(R$ MILLION)
208 1 700
356
135
Capex Acquisition Working Capital Others Total
11

12. CASH FLOW
(R$ Thousand)
Cash flow Statement (R$'000) 4Q11 4Q12 2011 2012
EBT 686 (13,330) 19,035 13,359
(+) Depreciation and amortization 9,297 20,815 25,494 62,542
(+) Others 1,866
- (22,017)
- 8,988 32,267
Operating cash generation 11,849 (14,532) 53,517 108,168
(+) Change in working capital (11,739) 5,770 (117,331) (208,285)
(+) Change in other non current assets and liabilities (18,082) #REF!
- (22,560) (39,295) (64,545)
Cash consumption (29,821)
- (16,791) (156,626) (272,830)
Net cash generated by operating activities (17,972) (31,322) (103,109) (164,662)
(-) Capex from operations (18,146) (38,849) (77,618) (135,224)
(-) Acquisitions (16,884) (7,693) (230,289) (356,051)
Net Cash from investing activities (35,030) (46,542) (307,907) (491,275)
(+/-) Loans and financing (6,926) 41,344 (73,863) 279,957
(+) Equity funding (518) 487 729,674 481,176
Net Cash from financing activities (7,444) 41,831 655,811 761,133
Change in cash and cash equivalents (60,446) (36,033) 244,795 105,196
Cash and cash equivalents - opening balance 324,001 404,783 18,760 263,555
Cash and cash equivalents - closing balance 263,555 368,751 263,555 368,751
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13. ADMINISTRATIVE INTEGRATION: SSC
2012 Schedule 100% completed
March 2012
September 2012
December 2012
2014
13

14. COMMERCIAL INTEGRATION: PROCUREMENT
August 2012 November 2012 December 2012 2014
2012 Schedule 100% completed
14

15. COMMERCIAL INTEGRATION: LOGISTICS
• Jaboatão dos Guararapes, PE
• 13,000 Sku’s
• Storage area of 3,240 m²
• Belém, PA
• 50,000 Sku’s
• Storage area of 10,800 m²
• Brasília, DF
• 13,000 Sku’s
• Storage area of 4,800 m²
• Camaçari, BA
• 15,000 Sku’s
• Canoas, RS • Storage area of 9,000m²
• 12,000 Sku’s
• Storage area of 5,600 m²
Distribution center inaugurated in 2012
15

16. COMMERCIAL INTEGRATION: TRADE
MARKETING
Check-out display: high turnover products Category management : intelligence
to encourage impulse purchases organization depending on consumption drive
Gondola point: clusterizing stores by
Dermocosmetics space to display customer profile to maximize potential of
Premium products product exposure
16

17. OPERATIONAL INTEGRATION: TRAINING
Team development
 Over 58,000 employees trained in 2012
 Over 412,000 hours of training in 2012 ( an average of
26 hours of training per employee in 2012)
 Over 615,000 hours of training expected in 2013
(+50% vs 2012)
Culture
 New employee Integration Program
 Etics code
 Integration event
 Climate working place survey
 Culture Brazil Pharma Roadshow
 Store visit with the Company Leaders
17

18. FARMAIS
EVOLUTION OF FARMAIS STORE BASE
388
358 359
2010 2011 2012
FARMAIS EXPANSION
2012
 52 new franchises
 42 new franchisees
 Presence in more than 150 cities
 Organic expansion towards Northeast region
18

19. 2000,0
10000,0
1000,0
BRAZIL: USA 15 YEARS AGO...
0,0 0,0
1987
1988
1989
1990
1991
1992
1993
1994
1996
1997
1998
1999
2000
2001
2002
2003
2005
2006
2007
1995
2004
MKT CAP market cap EV/EBITDA P/E EBITDA EBITDA
(U$'000) (U$'000)
45.6
60000 CVS 7000
50000 34.0 33.3 6000
30.7
26.7 25.7
40000 21.9 5000
19.0 17.5 19.1 18.0 19.2 Drivers
14.3 4000
9.9 11.0 10.4 12.0 11.7 12.4 12.3 11.8 12.3
30000 19.2 SSS double digits
13.9 15.2 7.0 3000
11.8 11.8 10.6 9.0 9.5 11.4 7.1
20000 8.5 9.3 Acquisitions
5.8 6.2 6.0 6.3 6.5 5.8 5.8 6.7 8.3
2000
10000 Organic growth
1000
0 0 National Footprint
50000 37.5 4500
WAG 34.8 Generics
4000
30.4 29.8 29.9
40000 3500
26.3 PBM
24.6 24 22.9 23.8 3000
30000 21 21.1
19.2 18.9 18.6 18.8 2500
16.2 16.6 16.2 22.8
14.2 14.1 21.3 2000
20000 11.4 18.5 18.9 18.1
15.1 14.6 14.0 15.6 14.8
1500
10000 10.8 11.8 1000
10.4 10.3 9.2
8.9 7.8 7.9 9.2 8.8 7.5
500
6.2
0
0
1992
1996
2000
1987
1988
1989
1990
1991
1993
1994
1995
1997
1998
1999
2001
2002
2003
2004
2005
2006
2007
Fonte: IMS Health; CVS research estimates.
19

20. BRPH & SECTOR MOMENTUM
STRATEGIC PILLARS
Market Growth
Organic Growth Market
Consolidation
Greater population insertion in our regions
Gains of scale and eficiency
Regulation in favour of formal players
Higher competition
Operational Differentiation
Efficiency
Cost pressures
20

21. CAPITAL MARKETS
BPHA3
180 Brazil Pharma
IBOV
160 170
140
120 107
100
80
60
Jan-12
Apr-12
Feb-12
Mar-12
Sep-12
Nov-12
Jul-12
Aug-12
May-12
Dec-12
Jun-12
Oct-12
BPHA3 12.31.12 Market closure
Shares outstanding 254,649,970
Price (R$/share) R$14.40
2012 Perfomance 69.5%
Ibovespa Index 7.4%
Performance since IPO 67.1%
Ibovespa Index -0.1%
Market Cap 3.7 Billion
Average Daily Volume (R$ Million) 5.4 Million
Source: Bloomberg, December 31, 2012
21

22. IMPORTANT NOTE
This document may contain forward-looking statements in relation to the Company and its subsidiaries which reflect the
current outlook and/or expectations of the Company and its management for its performance and its business and in
relation to future events. These forward-looking statements are subject to risk and uncertainty in respect of factors which
cannot be controlled or precisely estimated by the Company, such as market conditions, competitive environment,
currency fluctuations and changes in the inflation rate, alterations in regulatory and governmental bodies and other
factors affecting the Company's operations. As a result, the Company's future results may show material differences
from these projections.
The reader is warned not to take any investment decision exclusively on the basis of these forward-looking statements.
The forward-looking statements do not represent and should not be interpreted as a guarantee of future performance.
The Company does not undertake to publish any revision of these forward-looking statements, or to update them in the
face of events or circumstances which may arise after the date of this document.
This document contains operational information and other proforma management information which is internal to the
Company and not derived directly from the financial statements. This information has not been specially reviewed by the
Company’s independent auditors and may involve assumptions and estimates adopted by the management. This
information should not be considered as sufficient in isolation for any investment decision and should be read in
conjunction with the Company’s financial information that has been subject to limited review or audit and which is filed
with the Securities Commission (CVM).
No responsibility will be accepted by the Company and its subsidiaries, or by their board members, officers, agents,
employees, advisers or representatives, for any loss or prejudice arising from the use of the information presented or
contained in this document, or for any damage resulting, corresponding or specific thereto. Data included in this
document was obtained by means of internal research, market surveys, information in the public domain and business
publications; the Company has not confirmed the reliability of this data with the respective sources.
22

23. IR CONTACT
Renato Lobo
Investor Relations Director
Otavio Lyra
Investor Relations Manager
Marina Sousa
Investor Relations Coordinator
Daniel Alves
Investor Relations Analyst
Phone: +55 (11) 2117- 5299
E-mail: ri@brph.com.br
Website de RI: www.brph.com.br
23