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Exhibit 4(b)(1)

INVESTMENT AND JOINT VENTURE AGREEMENT

The companies named and identified below, collectively referred to as Shareholders, and individually and indiscriminately referred to as Shareholder,

On the one part,

Sendas S.A. (hereinafter, “SENDAS”), having its principal place of business in the City of São João de Meriti, in the State of Rio de Janeiro, at Rodovia Presidente Dutra No. 4674, Jardim José
Bonifácio, enrolled with the National Register of Legal Entities of the Ministry of Finance – CNPJ/MF under No. 31.911.548/0001 -17, 

On the other part,

Companhia Brasileira de Distribuição (hereinafter, “CBD”), having its principal place of business in the City of São Paulo, State of São Paulo, at Avenida Brigadeiro Luiz Antonio No. 3142,
enrolled with the National Register of Legal Entities of the Ministry of Finance –CNPJ/MF under No. 47.508.411/0001 -56, 

And, as Intervening Parties, collectively referred as such, 

SENDAS EMPREENDIMENTOS E PARTICIPAÇÕES LTDA., a private limited company, having its principal place of business in the City of São João de Meriti, in the State of Rio de Janeiro, at Rodovia Presidente Dutra No.
4674, Jardim José Bonifácio, enrolled with the National Register of Legal Entities of the Ministry of Finance – CNPJ/MF under No. 30.630.362/0001 -27 (hereinafter, “Sendas Empreendimentos”); 

ARTHUR ANTONIO SENDAS, Brazilian, married, businessman, resident and domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, holder of Identity Card No. 1.183.197, IFP/RJ, issued on July 17, 1967, enrolled with the Individual
Taxpayers Register of the Ministry of Finance – CPF/MF under No. 016.084.447 -91, (hereinafter, “Sendas Controller”); 

PÃO DE AÇÚCAR S.A. INDÚSTRIA E COMÉRCIO, having its principal place of business in the City of São Paulo, State of São Paulo, at Avenida Brigadeiro Luiz Antonio No. 3126, enrolled with the
National Register of Legal Entities of the Ministry of Finance –CNPJ/MF under No. 61.550.182/0001 -69, herein duly represented by its legal representative undersigned (hereinafter, “PAIC”); 

PEN¥NSULA PARTICIPAÇÕES LTDA., having its principal place of business in the City of São Paulo, State of São Paulo, at Avenida Brigadeiro Luiz Antonio No. 3126, 2nd floor, enrolled with the National
Register of Legal Entities of the Ministry of Finance – CNPJ/MF under No. 58.292.210/0001 -80, herein duly represented by its legal representative undersigned (hereinafter, “Península”); 

NOVA PENÍNSULA PARTICIPAÇÕES S.A., a company organized and existing under the laws of the Federative Republic of Brazil, having its principal place of business in the City of São Paulo, State of São Paulo, at
Avenida Brigadeiro Luiz Antonio No. 3126, 2nd floor, enrolled with the National Register of Legal Entities of the Ministry of Finance – CNPJ/MF under No. 66.056.524/0001 -02, herein duly represented by its legal representative
undersigned (hereinafter, “Nova Península”); 

ABILIO DOS SANTOS DINIZ, Brazilian, judicially separated, businessman, holder of Identity Card SSP/SP No. 1.965.961, enrolled with the Individual Taxpayers Register of the Ministry of Finance – CPF/MF under No. 001.454.918 -20, with
office in the City of São Paulo, State of São Paulo, at Avenida Brigadeiro Luiz Antonio No. 3142, (hereinafter, “CBD Controller”); and 

SENDAS DISTRIBUIDORA S.A., the new corporate name of Companhia Distribuidora Alves Furtado, a company having its principal place of business in the Municipality of São João de Meriti, in the State of Rio de Janeiro, at Rodovia
Presidente Dutra No. 4674, part, enrolled with the National Register of Legal Entities of the Ministry of Finance – CNPJ/MF under No. 06.057.223/0001 -71, herein duly represented pursuant to its By-laws, (hereinafter, “the
Company”); 

All of the above companies herein represented through their respective By-laws or articles of association, and have decided to execute the present Investment and Association Agreement (hereinafter, the “Agreement”), which shall be governed
by the following clauses and conditions: 

Clause One – Recitals

1.1. – On December 3, 2003, SENDAS and CBD executed a Letter of Intent, with the purpose of agreeing on the basic conditions pursuant to which they shall promote the union of the operating activities of the two chains in the State of Rio de
Janeiro. 

1.2. – SENDAS – which is controlled by  Sendas Controller through  Sendas Empreendimentos – has been operating in the Brazilian retail market for more than 43 years and currently operates, on an exclusive basis, in the State of Rio de
Janeiro, through a multi-format chain comprised by 68 stores, encompassing 6 hypermarkets and 62 supermarkets, with a total sales area of 229,000 m2, including gas stations, commercial galleries and drugstores, having an annual gross
invoicing, in 2003, in excess of R$ 2 billion. 

1.3. – CBD – which is controlled by  CBD Controller through PAIC, PENÍNSULA and NOVA PENÍNSULA – currently explores 496 stores in 12 Brazilian states, of which 38 are located in the State of Rio de Janeiro, being 9
hypermarkets and 29 supermarkets, with a total sales area of 94.905 m2, including gas stations, commercial galleries and drugstores, having an annual gross invoicing, in 2003, of R$ 1.5 billion. Of the abovementioned 38 stores, some are
explored by CBD through the company Novasoc Comercial Ltda. 

1.4. – The Shareholders have decided to take advantage of the operational synergy between SENDAS and CBD in the State of Rio de Janeiro, with the purpose of obtaining scale economy, through the organization of a new regional distribution
company. 

1.5. – The contemplated joint venture shall be effected as described in clause three of this Agreement, through the contribution to  Sendas Distribuidora S.A., of assets, rights and obligations relating to SENDAS and CBD retail activities in
the State of Rio de Janeiro, and which shall comprise a total of 106 stores, a sales area of 324,000 m2, with an estimated annual invoicing in excess of R$ 3.5 billion. 

1.6. – On July 15, 2002, SENDAS issued debentures convertible into shares, pursuant to the Deed of Issuance transcribed in book ST659, on pages 125/138, of the 23rd Notary Office of the City of Rio de Janeiro (Attachment
1.6); and almost all of such debentures were subscribed by BNDES Participações S.A. (BNDESPAR). 

1.7. – On August 20, 2002, BNDESPAR, Intervening Party Sendas Empreendimentos, in its capacity of direct controlling shareholder of SENDAS, and Mr. Arthur Antonio Sendas executed SENDAS’ shareholders agreement (Attachment
1.7), through which Sendas Empreendimentos undertook, among other obligations, (i) to maintain, during the term of the shareholders agreement, the ownership of at least 51% of the voting capital of SENDAS; and (ii) not to transfer, assign,
burden, encumber or in any other way dispose of, directly or indirectly, on a free of charge or cost basis, the totality or part of the shares or subscription rights corresponding to the shares mentioned in item (i) above. 

1.8. – BNDESPAR Executive Board, in a meeting held on September 22, 2003, issued decision number Dir. 055/2003, stipulating that, within the approximate term of ninety (90) days, SENDAS should submit a financial restructuring plan - the actions
and completion terms thereof having been established therein -,  which plan should enable the reduction and the extension of the restated liabilities of SENDAS, and should  be previously approved by BNDESPAR. 

1.9. – With a view to the financial restructuring mentioned in item 1.8. , SENDAS initiated negotiations with creditor banks, under the coordination of UNIBANCO;  such process includes the disposal of the shareholding SENDAS owns in Casa de
Show S.A., which shall not be included among the assets that shall integrate the joint venture. The costs incurred in the mentioned restructuring, including any compensation due by reason of consulting and assistance services, shall be borne by
SENDAS. 

Clause Two – Corporate Structure

2.1. – The Company was organized on December 18, 2003, under the corporate name of Companhia de Distribuição Alves Furtado, which has been altered to Sendas Distribuidora S.A., in an Extraordinary General Meeting held on January
28, 2004. 

2.2. – The Company is governed by the provisions of Law 6.404, of December 15, 1976, as amended. 

2.3. – Upon the asset contribution to be made by the Shareholders to the Company’s capital pursuant to clause three, the Company’s By-laws shall be modified to contemplate the provisions of the present Agreement, observing the terms
of the draft that constitutes Attachment 2.3. hereof, the parties having agreed as follows: 

(a) The administration of the Company shall be an incumbency of the Board of Directors, which shall be responsible for establishing the strategic guidelines, and of the Executive Board, which shall be responsible for the management of the
Company’s daily course of business. 

(b) CBD shall be fully responsible for the management and the administration of the Company, within the scope of the Executive Board. 

2.4. – Board of Directors – The Company’s Board of Directors shall be comprised of twelve (12) effective members and four (4) alternates, all of them shareholders, who shall be elected and may be dismissed by the Shareholders
Meeting, where: (i) four (4) effective members and two (2) substitutes shall be elected by appointment of SENDAS; (ii) four (4) effective members and two (2) substitutes shall be elected by appointment of CBD; and (iii) four (4) independent members,
with acknowledged experience and trustworthy reputation, without any connection with SENDAS or CBD, shall be elected through common agreement among the Shareholders. 

2.4.1. – The president of the Company’s Board of Directors shall be Mr. Arthur Antonio Sendas. 

2.4.1. – By reason of the intuitu personae nature of the appointment of Mr. Arthur Antonio Sendas to preside the Company’s Board of Directors, in the event of his death, incapacity or disqualification during the term of this
Agreement, the Shareholders shall, by mutual agreement and within thirty (30) days counted from the date of the event, elect a substitute. 

2.5. – Executive Board – The Company shall have an Executive Board comprised of at least three (3) and no more than five (5) members, who shall have a term office of two (2) years and may be reelected. From among the executive
officers one shall be the Chief Executive Officer and the others shall have no special designation.

2.5.1. – For the purposes of the provided in item 2.5, SENDAS hereby agrees to cause its representatives in the Company’s Board of Directors to vote along with CBD representatives, in relation to appointments of Officers made by CBD
representatives. 

2.5.2. – The Shareholders agree that the operating and administrative management of the Company shall be entirely incumbent upon CBD. Hence, CBD shall have complete freedom to make any and all decisions relating to the daily operations of the
stores of the Company, and the direct management of the businesses shall be assigned to experienced professionals, with trustworthy reputation and renowned technical capacity, who meet the qualification criteria needed to exercise their respective
functions. 

2.5.3. – The Executive Board shall have complete freedom to make any operating decisions, including, but not being limited to: (i) management and administration of the stores, including alterations in their respective formatting; (ii)
appointment and dismissal of other executives of the Company; (iii) hiring and dismissal of the Company’s employees, in general. 

2.5.4. - The Company’s Executive Board shall be comprised of professional executives originating from the chains of stores of the Shareholders or hired within the marketplace. 

2.5.5. – The members of the Executive Board shall be  assessed by the Board of Directors every other year, according to the performance indicators known as Key Performance Indicators (“K.P.I.”), such as defined in the Shareholders
Agreement mentioned in item 2.8 below (“Shareholders Agreement”), and based on the market best practices. 

2.6. – Committees – The Company shall have an Executive Committee, a Financial Committee, a Development and Marketing Committee and an Auditing Committee, the function which is to assist the interaction and cooperation between the
Executive Board and the Board of Directors. The Shareholders hereby agree to create a Special Committee to settle discrepancies on the terms of the Shareholders Agreement. 

2.6.1. – The Committees’ Coordinators shall be appointed as follows: (i) the Coordinator of the Executive Committee and of the Auditing Committee shall be appointed by CBD; and (ii) the Coordinator of the Financial Committee and of the
Development and Marketing Committee shall be appointed by SENDAS. 

2.6.2. – The Committees shall have the duties ascribed to them in the draft By-laws that constitute Attachment 2.3. 

2.7. – Election of the Initial Administrators – The Shareholders hereby agree: 

(a) To elect as members of the Company’s Board of Directors: (i) by appointment of CBD: (I) as Effective directors: Abílio dos Santos Diniz, Ana Maria Falleiros Diniz, Augusto Marques da Cruz Filho and Caio Racy Mattar; (II) as Alternate
directors: Enéas César Pestana Neto and Hugo Antonio Jordão Bethlem; (ii) by appointment of SENDAS: (I) as Effective directors: Arthur Antonio Sendas, who shall be the President of the Board of Directors, Arthur Antonio Sendas
Filho, Nelson Antonio Sendas and Aprígio Lopes Xavier; (II) as Alternate directors: Manoel Antônio Sendas Filho and Francisco Antônio Sendas; (iii) as independent directors: Maria Silvia Bastos Marques, Gerald Dinu Ress,
Marcílio Marques Moreira and Paschoal Ricardo Neto; 

(b) To cause their representatives at the Board of Directors to elect, as the initial executive officers of the Company, Messrs. Augusto Marques da Cruz Filho (as Chief Executive Officer), Arthur Antonio Sendas Filho, Aprígio Lopes Xavier and
Caio Racy Mattar. 

2.8. – Shareholders Agreement – On the Closing Date (as defined in item 11.1. below), the Shareholders shall execute the Shareholders Agreement, in the form of Attachment 2.8. 

2.9. – Management Agreement – SENDAS and CBD may render administrative services to the Company, and the services rendered by CBD shall be governed by the Management Agreement, the draft of which constitutes Attachment 2.9.

Clause Three – Implementation of the Joint Venture 

3.1. – The contribution, to the Company, of the assets, rights and obligations relating to the retail activities of SENDAS and CBD in the State of Rio de Janeiro shall be made in the form of Attachment 3.1. , thereby resulting in
the transfer, to the Company, of all the establishments explored by SENDAS and CBD in the State of Rio de Janeiro, substantially

observing the provisions of the Attachment to the Letter of Intent mentioned in item 1.1. , which integrates Attachment 3.1. hereof. 

3.1.1. – CBD hereby agrees, concomitantly with the contribution of the establishments it directly explores, to contribute also the establishments it explores through Novasoc Comercial Ltda., and CBD shall own the shares issued by the Company in
exchange for the contribution, in the form of Attachment 3.1. , of all establishments it directly or indirectly explores in the State of Rio de Janeiro. 

3.2. – In order to enable the immediate integration to the Company of the retail activities of SENDAS and CBD in the State of Rio de Janeiro, the Shareholders, Novasoc Comercial Ltda. and the Company have executed two commodatum agreements, the
subject matter of which are all the establishments explored by SENDAS and, directly or indirectly explored by CBD in the State of Rio de Janeiro, either those located in real properties owned by the latter two or those located in real properties
owned by third parties. 

3.3. – Once the contributions to capital mentioned in 3.1. have been effected, the capital of the Company shall be raised in an amount corresponding (a) to the value of the assets, rights and obligations provided for in Attachment 3.1. , which
includes (b) the amount of the credits mentioned in clause five of this Agreement, the capital of the Company then becoming divided into common shares, with voting rights, and preferred shares not entitled to vote and with exclusive priority in the
reimbursement of the capital, without premium. 

3.4. - Each Shareholder shall be assigned fifty percent (50%) of each kind of shares. 

3.5. – All common shares subscribed by the Shareholders and all preferred shares subscribed by CBD ("CBD Preferred Shares") shall be paid in upon subscription. The preferred shares subscribed by SENDAS (“Sendas Preferred Shares”), in the amount corresponding to the credits mentioned in letter “b” of item 3.3. shall be paid in according to the conditions contained in item 3.6. 

3.6. – The Sendas Preferred Shares, in the form of the respective subscription bulletin, shall be paid in within the maximum term of four (4) years, counted from the date of subscription, through contribution to the capital of the IPI (Excise
Tax) credits mentioned in clause five below, provided that the Company may use such credits in compliance with the legislation in force. Alternatively, at SENDAS discretion, such shares may be paid in, wholly or in partially: (a) in currency, and
(b) by means of the contribution, also at the current net value, of SENDAS credits duly acknowledged and resulting from the undue payment of contributions to INCRA (National Institute of Colonization and Agrarian Reform), also mentioned in clause
five. 

3.7. – Upon the payment of Sendas Preferred Shares, both the Sendas Preferred Shares and the CBD Preferred Shares shall be converted into common shares, where one common share shall be equivalent to each converted preferred share. For such
purpose, the Shareholders agree to call a Shareholders Meeting of the Company, and to vote therein for the approval of said conversion. 

3.8. – In order to preserve the equivalence of the Shareholders equity participation in the Company’s voting capital: 

(a) Any one of the Shareholders may only convert preferred shares into common shares when the other Shareholder, in the same act, also converts the same amount of preferred shares; 

 (b) If, upon the conversion, any one of the Shareholders becomes the owner of a lower quantity of paid-in preferred shares than the other Shareholder, then the quantity of preferred shares to be converted by each one of the Shareholders shall be
equal the quantity of the Shareholder with a lower quantity of paid-in preferred shares. 

3.9. – Until the end-date of the four-year (4-year) term provided for in item 3.6, the Shareholders shall approve the cancellation of all Sendas Preferred Shares, which are not paid-in until that time. 

3.10. – The cancellation of the Sendas Preferred Shares, described in item 3.9, shall be effected through a capital reduction, in the form of article 173, in fine, of Law 6404/76 (capital considered to be excessive), or through any other
mechanism encountered by mutual agreement of the Shareholders in any way preventing the possibility of default by SENDAS concerning the payment of the shares, and the consequences thereof. For such purpose, the Shareholders hereby agree timely to
call a Shareholders Meeting of the Company, and to vote therein for the capital reduction in the amount that is sufficient for the cancellation of the Sendas Preferred Shares that are not paid-in, or to approve some other mechanism to attain the
same purpose, that is, the cancellation of Sendas Preferred Shares. 

3.11. – The preferred shares assigned, on a fiduciary basis, to the Company’s council members may not ever be converted into common shares. 

Clause Four – Liability for Insufficient Assets or Supervening Liabilities 

4.1. – The Shareholders hereby agree to indemnify one another, as provided for in Clause Four, for the determination of insufficient assets or supervening liabilities, resulting exclusively from possible differences between the comparison of,
on throne side, the amount of the assets, rights and obligations contained in the balance sheets of SENDAS and CBD, which shall serve as a basis for the implementation of the asset contribution provided for in Attachment 3.1. (“Balance
Sheets”) and, on the other side, (a) the amounts of the assets and rights which, although described in the respective Balance, have not been transferred, wholly or in part, to the Company (Insufficient Assets) and (b) the obligations that, not
having been included in the respective Balance Sheet, or that, having been incorrectly accounted for, may be claimed from the Company (Supervening Liabilities). 

4.1.1. – Any possible Supervening Liabilities of SENDAS or CBD operations shall be the exclusive liability of the Shareholder that has given them cause. 

4.1.2. – For purposes of this Agreement, Supervening Liabilities shall be deemed to consist of liabilities resulting from an act or fact occurring prior to the asset contribution of equity mentioned in clause three, which have not been
accounted for or which have been incorrectly accounted for in the books of any of the Shareholders, and which may be claimed from the Company. 

4.2. – Any possible Insufficient Assets of SENDAS or CBD operations shall be exclusively supported by the Shareholder, which has contributed with the asset to the Company. 

4.2.1. – For purposes of this Agreement, Insufficient Assets shall be deemed to mean the inexistence, wholly or in part, of an asset contributed by any of the Shareholders to the capital of the Company. 

4.3. – In order to safeguard the efficacy of such undertakings, it is agreed that the Supervening Liabilities or the Insufficient Assets that are not compensated by means of a currency payment to the Company, shall be compensated, by the
Shareholder bearing the liability therefor by means of a proportionate reduction of its respective equity participation affecting exclusively its paid-in preferred shares of the Company, which shares shall be appraised at their Transfer Value, as
defined in the Shareholders Agreement. In such event, the Shareholders hereby agree that they shall practice all acts required to carry out said reduction in the equity participation. 

4.3.1. – Prior to any compensation by means of currency payment or application of the settlement mechanism provided for in item 4.3. above, the Shareholder may, at its own expense, administratively or judicially dispute the Supervening
Liabilities or Insufficient Assets it has caused, in which event it shall render  the guarantees that may be required for the continuation of the Company’s businesses, and shall be liable for the payment of court costs and fees of counsel. 

4.3.2. – If the Shareholder chooses to resort to the administrative or judicial dispute of Supervening Liabilities or Insufficient Assets, the payment or the settlement mentioned in item 4.3. shall be effected in the amount of the sentencing
only after the respective decision becomes final and unappealable. 

4.3.3. – For purposes of item 4.3. above, the Company shall notify the liable Shareholder in respect to any claim or process filed (i) within at most twenty-four (24) hours from the publication, or from when it becomes aware, of the
notification to list assets for attachment, or (ii) within at most forty-eight (48) hours from the receipt or awareness of any other notification or formal communication concerning the initiation of any proceeding, including tax, administrative,
judicial or amicable proceedings, directly or indirectly relating to the indemnification obligation undertaken by the Shareholders under the terms of this Clause. 

4.3.4. - If the Shareholder chooses to resort to administrative or judicial dispute of Supervening Liabilities or Insufficient Assets, the Company hereby agrees to grant a power of attorney to an attorney appointed by the Shareholder, in addition to
providing all the cooperation required to submit the defense against such claim. 

Clause Five – IPI Credits and INCRA contribution credits 

5.1. – The sum of the current net value, at the time of the respective contribution, of (a) IPI export premium credits relating to SENDAS operations to (b) the credits resulting from the payment of the contribution to INCRA, unduly made by
SENDAS shall have the approximate amount of two hundred million Reais (R$ 200,000,000.00) . 

5.2. – If the credits referred to in this clause do not become available within the term of four (4) years counting from the date of subscription of Sendas Preferred Shares, the provisions of items 3.9 and 3.10 above shall apply. 

Clause Six – Territory

The Company shall operate in the State of Rio de Janeiro, with the possibility of expanding its activities to the State of Espírito Santo (“Exclusive Territory”). 

Clause Seven – Leasing

7.1. – Initially, the Company shall not own real estate and, therefore, it shall execute leasing agreements for the totality of its operations. 

7.2. – The monthly rent for each store owned by any of the Shareholders shall be of one point five percent (1.5%) the amount of the respective gross sales, with the minimum guaranteed minimum monthly rent described in Attachment 7.5.

7.2.1. – The leasing agreements for the stores currently leased to SENDAS or CBD by their respective controllers shall be reviewed to adapt the conditions prevailing therein to the provision of item 7.2. , observing the particularities of each
case. 

7.2.2. – The minimum monthly rents mentioned in item 7.2. shall be adjusted by the IPC (Consumer Price Index) published by the Economic Research Institute Foundation - FIPE. 

7.3. – The standard draft for the leasing agreements constitutes Attachment 7.3. 

7.4. – The central structures currently used by SENDAS (offices and warehouse) shall be used by the Company, which shall pay the rents described in Attachment 7.5. 

7.5. - Attachment 7.5. lists all real properties owned by the Shareholders, which shall be used in the operation of the Company, as well as the respective rents (items 7.2. and 7.4. ). 

7.6. – If any one Shareholder ceases to be the holder of common and preferred shares of the Company, the leasing of the real properties it had leased to the Company shall be secured by the other Shareholder. The provision in this item shall
apply to SENDAS if it becomes the holder, solely, of Class A Common Shares, as defined  in item 1.1. (a) of the Shareholders Agreement. 

Clause Eight – Trademarks

8.1. – The Shareholders shall execute with the Company trademark license agreements , on a free of charge basis, for the term of fifty (50) years, with the purpose of enabling the Company’s operation in the Exclusive Territory. The
trademark licensing shall encompass the authorization to use the establishment titles pertaining thereto. 

8.2. – The trademarks to be licensed by the Shareholders to the Company, pursuant to the terms of this Agreement, are as follows: (i) SENDAS Trademarks: Bon Marché and Sendas; (ii) CBD Trademarks: Pão de
Açúcar, ABC, Barateiro, Comprebem, Extra, Extra Eletro, including products bearing SENDAS and CBD own trademarks. 

8.3. – The agreements described in item 8.1. above shall assure to the Company’s autonomy to use the respective trademarks at its sole discretion, and shall provide it with complete freedom to aggregate value to the products, provided that
the Company guarantees to preserve the respectability and reputation enjoyed by said licensed trademarks. 

8.4. – The agreements mentioned in this clause shall substantially observe the drafts constituting Attachment 8.4. 

Clause Nine – Advance Payment

The advance payment made by CBD to SENDAS, in the amount of R$ 50,000,000.00, duly adjusted by the IPC-Fipe, shall integrate the assets to be transferred by SENDAS and CBD to the Company, under the terms of Attachment 3.1. 

Clause Ten – Special Obligation of Controller CBD 

Until April 30, 2004, Mr. Arthur Antonio Sendas shall be elected to integrate CBD Board of Directors, by appointment of the Controller CBD. 

Clause Eleven – Term. Closing Date

11.1. – The Shareholders shall exert their best efforts towards practicing all other acts – and obtaining all internal authorizations that may be required – to implement the joint venture contemplated herein until March 15, 2004
(“Closing Date”). 

11.1.1. – The deadline for the Closing Date may be extended by common agreement of the parties, in view of the measures and actions required to implement the transaction. 

11.2. – Upon the Closing Date:

(a) The Shareholders shall practice all corporate acts required to carry out all operations mentioned in Attachment 3.1. ; 

(b) A Shareholders Meeting of the Company shall be held, with the purpose of (i) increasing the capital, with the contributions provided for in this agreement and described in Attachment 3.1. ; (ii) amending the By-laws, pursuant to the draft
constituting Attachment 2.3. ; and (iii) electing the members of the Board of Directors, with the respective effective directors taking office , subject to the provision of letter (a) of item 2.7. ; 

(c) The commodatum agreements mentioned in item 3.2 shall be terminated. 

(d) The establishment assignment agreement executed on December 17, 2003, between SENDAS and CBD, and the leasing agreements executed on that same date, shall be terminated; 

(e) A meeting of the Board of Directors shall be held to elect and give office to the Company’s Executive Board, subject to the provisions in letter (b) of item 2.7. ; 

(f) The Company’s Shareholders Agreement shall be executed, on the terms of Attachment 2.8 ; and 

(g) The following agreements shall be executed: (i) the lease agreements mentioned in item 7.2.1. , (ii) the management agreement mentioned in item 2.9, and (iii) the trademark license agreement mentioned in clause eight. 

Clause Twelve – Consent by BNDESPAR

12.1. – The Shareholders shall exert their best efforts to obtain, within the shortest possible term, the consent of BNDESPAR to (i) implementing the transaction that is the subject matter of this Agreement, and (ii) unencumbering the real
properties given as guarantee by SENDAS. 

12.2. –Obtaining BNDESPAR consent shall be incumbent upon the Shareholders, for which purpose both of them hereby agree to cooperate, on reasonable terms, to find a solution, which, without impairing the structure and the bases of the
transaction negotiated in this Agreement, accommodates the interests of BNDESPAR. 

12.3. – Should BNDESPAR not give its until the Closing Date, this Agreement shall become ineffective, and the Shareholders shall negotiate the best solution alternative with BNDESPAR. 

Clause Thirteen – Obligation to implement the transaction hereunder 

13.1. – The Shareholders hereby agree practice all acts and take all possible measures in a timely manner with the purpose of implementing the transaction hereunder. 

13.2. – Should the transaction hereunder be frustrated for reasons imputable to CBD, CBD shall lose, in favor of SENDAS, by way of fine, the advance payment in the amount of fifty million Reais (R$ 50,000,000.00) indicated in clause
nine. 

13.3. - Should the transaction hereunder be frustrated for reasons imputable to SENDAS, SENDAS hereby agrees, on an irrevocable and irreversible basis, to liquidate the advance payment of fifty million Reais (R$ 50,000,000.00) indicated in
clause nine, by means of accord and satisfaction as stipulated in the Agreement for the Assignment of Establishment executed on December 17, 2003, and described in letter (d) of item 11.2 above; in such event, SENDAS shall not have the right to
satisfy the debt in currency. 

Clause Fourteen – Reorganization of SENDAS debts 

The Shareholders shall establish by mutual agreement the form of continuing or discontinuing the understandings initiated by SENDAS with a view to reorganizing debt, as indicated in items 1.8 and 1.9. above. 

Clause Fifteen – Attachments

The following Attachments, duly initialed by the Shareholders, are an integral part of this Agreement: 

	Attachments	 	Contents
	 		 
	Attachment 1.6.	 	Deed of issuance debentures by SENDAS 
	 		 
	Attachment 1.7.	 	SENDAS Shareholders Agreement executed with BNDESPAR
	 		 
	Attachment 2.3.	 	Draft of the Company’s By-laws 

	Attachment 2.8.	 	Draft of the Company’s Shareholders Agreement
	 		 
	Attachment 2.9.	 	Draft of the Management Agreement
	 		 
	Attachment 3.1.	 	Scheme to be used in the asset contributions to the Company to be made by SENDAS and CBD, together with the Attachment to the Letter of Intent
	 		 
	Attachment 7.3.	 	Standard draft lease agreement
	 		 
	Attachment 7.5.	 	List of real properties owned by the Shareholders and to be leased to the Company
	 		 
	Attachment 8.4. 	 	Standard trademark license agreement 
	 		 

Clause Sixteen – Miscellaneous

16.1. – The Shareholders shall submit the terms of the present Agreement to the government antitrust agencies, as required by the applicable legislation. 

16.2. – The provisions in this agreement are irrevocable and irreversible, and binding on the Shareholders and their successors on any account. 

16.3. – The Shareholders shall exert their best efforts amicably to settle within a term of thirty (30) days any dispute arising out of this Agreement. Should such term elapse with no agreement having been achieved, either Shareholder may
submit the dispute to arbitration, on the terms of Law No. 9.307/96. The arbitration shall be administered by the Chamber of Conciliation and Arbitration of the Getúlio Vargas Foundation – FGV – according to its regulations. The
arbitration shall be carried out in the City of Rio de Janeiro. For precautionary measures prior to initiating the arbitration or for enforcement of the arbitration award, the competent venue shall be that of the City of Rio de Janeiro, with the
exclusion of all others no matter how much privileged they may be. 

IN WITNESS WHEREOF, the parties execute this instrument in two (2) counterparts, of equal content and effect, before two undersigned witnesses. 

Rio de Janeiro, February 5, 2004.

(sgd) (sgd) (sgd)

SENDAS S.A. 

(sgd) (sgd) 

COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO

(sgd) (sgd)

SENDAS EMPREENDIMENTOS E PARTICIPAÇÕES LTDA

(sgd) (sgd) 

ARTHUR ANTONIO SENDAS 

(sgd) (sgd) 

PÃO DE AÇUCAR S.A. INDÚSTRIA E COMÉRCIO

(sgd) 

PEN¥NSULA PARTICIPAÇÕES LTDA 

(sgd) 

NOVA PENÍNSULA PARTICIPAÇÕES S.A. 

(sgd) 

ABILIO DOS SANTOS DINIZ 

(sgd) (sgd) 

SENDAS DISTRIBUIDORA S.A. 

Witnesses:

1. (sgd)

Name: ADRIANA PASSOS RODRIGUES 

CPF (Individual Taxpayers Register) No.: 550.989.247.15 

2. (sgd)

Name: Anna Christina M. D. Travessa

CPF (Individual Taxpayers Register) No.:180.385.657.20 

All pages were initialed. 

rcr/textos5/pao39.doc 2/27/2004.Provided By MZ Data Products

Table of Contents

  Exhibit 4 (b)(2) 

1st ADDENDUM TO AND RESTATEMENT

OF THE SHAREHOLDERS AGREEMENT

OFSENDAS DISTRIBUIDORA S.A. 

By this private instrument, the undersigned, hereinafter collectively referred to as “Shareholders”: 

A) SENDAS S.A., a joint stock company with its principal place of business in the Municipality of São João de Meriti, State of Rio de Janeiro, at Presidente Dutra Highway, No. 4674, District of Jardim José Bonifácio,
enrolled with the National Register of Legal Entities of the Ministry of Finance under CNPJ/MF No. 31.911.548/0001 -17, herein duly represented pursuant to its By-laws (hereinafter referred to as “SENDAS”);

B) COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO, a joint stock company with its principal place of business in the City of São Paulo, State of São Paulo, at Avenida Brigadeiro Luiz Antônio No. 3142, enrolled with the
National Register of Legal Entities of the Ministry of Finance under CNPJ/MF No. 47.508.411/0001 -56, herein duly represented pursuant to its By-laws (hereinafter referred to as “CBD”); and 

C) SÉ SUPERMERCADOS LTDA., a limited liability business company with its principal place of business in the City of São Paulo, State of São Paulo, at Av. Brigadeiro Luiz Antonio No. 3172, enrolled with the National Register of
Legal Entities of the Ministry of Finance under CNPJ/MF No. 01.545.828/0001 -98, herein duly represented pursuant to its Articles of Association (hereinafter “SÉ”);

CBD and SÉ hereinafter collectively referred to as “CBD Companies”,

and, in the capacity of intervening consenting parties, 

E) SENDAS DISTRIBUIDORA S.A., a joint stock company with its principal place of business in the City of São João de Meriti, State of Rio de Janeiro, at Rodovia Presidente Dutra No. 4674 – part occupancy, enrolled with the National
Register of Legal Entities of the Ministry of Finance under CNPJ/MF No. 06.057.223/0001 -71, herein duly represented pursuant to its By-laws (hereinafter referred to as “Company”); 

F) ARTHUR ANTONIO SENDAS, Brazilian, married, businessman, resident and domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, bearer of Identity Card RG No. 1.183.197 IFP/RJ, issued on July 17, 1967, enrolled with the Individual
Taxpayers Register of the Ministry of Finance under CPF/MF No. 016.084.447 -91; 

G) SENDAS EMPREENDIMENTOS E PARTICIPAÇÕES LTDA, a limited liability business company with its principal place of business in the Municipality of São João do Meriti, State of Rio de Janeiro, at Rodovia Presidente Dutra No.
4674, Km 4.5, enrolled with the National Register of Legal Entities of the Ministry of Finance under CNPJ/MF No. 30.630.362/0001 -27, herein duly represented pursuant to its Articles of Association (hereinafter referred to as “SENDAS
EMPREENDIMENTOS”); 

H) PÃO DE AÇÚCAR S.A. INDÚSTRIA E COMÉRCIO, a joint stock company with its principal place of business in the City of São Paulo, State of São Paulo, at Avenida Brigadeiro Luiz Antonio No. 3126,
enrolled with the National Register of Legal Entities of the Ministry of Finance under CNPJ/MF No. 61.550.182/0001 -69, herein duly represented pursuant to its By-laws (hereinafter referred to as “PAIC”); 

I) PENÍNSULA PARTICIPAÇÕES LTDA., a limited liability business company with its principal place of business in the City of São Paulo, State of São Paulo, at Avenida Brigadeiro Luiz Antonio No. 3126, 2nd floor,
enrolled with the National Register of Legal Entities of the Ministry of Finance under CNPJ/MF No. 58.292.210/0001 -80, herein duly represented pursuant to its Articles of Association (hereinafter referred to as “PENÍNSULA”); 

J) NOVA PENÍNSULA PARTICIPAÇÕES S.A., a joint stock company with its principal place of business in the City of São Paulo, State of São Paulo, at Avenida Brigadeiro Luiz Antonio No. 3126, 2nd floor, enrolled with the
National Register of Legal Entities of the Ministry of Finance under CNPJ/MF No. 66.056.524/0001 -02, herein duly represented pursuant to its By-laws (hereinafter referred to as “NOVA PENÍNSULA”); and 

L) ABILIO DOS SANTOS DINIZ, Brazilian, legally separated, businessman, bearer of Identity Card RG SSP/SP No. 1.965.961, enrolled with the Individual Taxpayers Register of the Ministry of Finance under CPF/MF No. 001.454.918 -20, with offices in the
City of São Paulo, State of São Paulo, at Avenida Brigadeiro Luiz Antônio No. 3142. 

Whereas:

	
1)      		
Subject to the terms and conditions of the Investment and Joint Venture Agreement executed by CBD and SENDAS on February 5, 2004 (hereinafter the “Investment Agreement”), by means of which the parties have agreed on a joint venture to act
joint in the States of Rio de Janeiro and Espírito Santo;	
	 	 
	
2)      		
On February 29, 2004 the Shareholders entered into a Shareholders Agreement (hereinafter the “Shareholders Agreement”) regulating the exercise and controlling interest in the Company in a shared form;	
	 	 
	
3)      		
The Shareholders, the Company and Controllers CBD and GEM Fund Holdings B, LLC, Gem Parallel Holdings B, LLC; BSSF Holdings B, LLC; AIG Brazil Special Situations Parallel Fund, C.V.; and GEM II Investments, LLC (hereinafter, jointly, the
“Investor”) have executed on November 30, 2004, an Investment Agreement (hereinafter the “AIG	Investment Agreement”) for the Investor to acquire 157,082,802 Class B Preferred Shares and 2,000 Class A Common Shares, representing 14.86% of the total capital stock of the Company; 
	 	 
	
4)      		
The Shareholders, the Investor and the Company have on the date hereof executed a Shareholders Agreement (hereinafter the “AIG Shareholders Agreement”) to regulate their respective rights and obligations in their capacity as shareholders
of the Company;	
	 	 
	
5)      		
The Shareholders, the Company, the CBD Controllers and the Investor have on the date hereof executed the Divestment Agreement (hereinafter the “AIG Divestment Agreement”) to regulate the mechanism through which the Investor shall implement
the divestment of its equity interest in the Company;	
	 	 
	6)	To enable the investment by the Investor in the Company, in a Special Shareholders Meeting (hereinafter the “AGE”) held on the date hereof, the Shareholders resolved to convert into Class B Common Shares a total of 58,229,050 preferred
shares issued by the Company, of which 29,114,525 shares owned by SENDAS, the payment of which is pending, and 29,114,525 shares owned by SÉ; 
	 	 
	
7)      		
Pursuant to the terms and conditions of the AIG Investment Agreement, Segisor and/or Spice Investimentos Ltda. and/or Casino Guichard Perrachon or any affiliate thereof, herein understood to mean any individual or legal entity directly or indirectly
controlling, or controlled by, or under common control with Segisor and/or Spice Investimentos Ltda. and/or Casino Guichard Perrachon (hereinafter “Casino”) may until June 30, 2005 purchase subscription bonuses especially issued by the
Company during the AGE held on the date hereof, which shall grant to its owner the right to subscribe 59,377,299 Class C Preferred Shares issued by the Company (hereinafter the “Subscription Bonuses”) until June 30, 2005.	
	 	 
	
8)      		
The capital stock of the Company on the date hereof is composed as indicated in the chart included in item 3.2 below;	
	 	 
	
9)      		
The Shareholders, as specified in the chart included in item 3.2 below, are the holders of 99.99% of the voting capital stock of the Company;	
	 	 
	
10)      		
SENDAS EMPREENDIMENTOS exercises direct Equity Control in SENDAS, and is the lawful holder and possessor of 90,230,408 common shares, all of which have no par value and represent approximately ninety-point-two-three percent (90.23%) of the voting
capital and total capital of SENDAS;	
	 	 
	
11)      		
ARTHUR ANTÔNIO SENDAS holds 759,094,476 quotas, representing approximately 65.09% of the total quota capital of SENDAS EMPREENDIMENTOS;	
	 	 
	
12)      		
PAIC, PENÍNSULA, NOVA PENÍNSULA and ABÍLIO DINIZ jointly (hereinafter collectively the “CBD Controllers”), are the lawful holders and possessors on the date hereof of 45,046,424,065 common shares and 7,340,566,125 preferred
shares issued by CBD, representing 79.95% of the voting capital and 46.16% of the total capital of CBD;	
	 	 
	
13)      		
CBD controls SÉ and is the holder of 897,126,019 shares issued by SÉ	
	 	 
	
14)      		
For purposes of this Agreement, CBD and SÉ shall be deemed to be one and only shareholder; therefore, whenever this Agreement refers to “Shareholder”, such reference shall be taken to mean SENDAS, severally, or CBD Companies,
jointly; and	
	 	 
	
15)      		
Given the premises above, the Shareholders hereby intend to improve the regulation of their rights as shareholders of the Company, for such purpose including additional provisions relating to the exercise of voting rights and to the management and
shared control of the Company;	

The Shareholders hereby resolve for the purposes and effects of Article 118 of Law No. 6404, of December 15, 1976, to enter into to this 1st Addendum to the Shareholders Agreement, in order to amend and restate the Shareholders Agreement executed by
the parties on February 29, 2004, whereby the Shareholders Agreement becomes effective in accordance with the clauses and conditions established below, which have been freely covenanted among the Shareholders and the

intervening consenting parties, all of whom undertake to observe them and cause them to be observed.

“ARTICLE I 

DEFINITIONS"

	
1.1.      		
For the purposes of this Agreement, the following definitions are adopted, without prejudice to other definitions established herein:	

“Common Class C Share” is a common share, of the Class C type, to be issued on the terms of Article 16, III, of the Corporation Law, which assures for the holder thereof the right to elect, in a separate voting act, one (1) member of the
Board of Directors of the Company; 

“Shareholder” is SENDAS, severally, or the CBD Companies, jointly, while “Shareholders” for the purposes hereof is a collective reference to SENDAS, CBD and SÉ jointly; 

“Offered Shareholder” has the meaning that is ascribed to it in letter (a) of item 6.2 below; 

“Offering Shareholder” has the meaning that is ascribed to it in letter (a) of item 6.2 below; 

“Shares” are (i) all of the Common Shares and all of Preferred Shares issued by the Company held, or that may be held in the future, by any one of the Shareholders, for any reason and on any account, including, but not limited to, the
subscription, purchase, split, distribution of stock dividends, distribution of dividends with payment in shares and capitalization of profits or other reserves, or that may be held by any one of the Shareholders as a result of mergers,
consolidations or spin-offs; (ii) securities that are convertible into common and/or preferred shares issued by the Company held, or that may be held in the future, by the Shareholders; (iii) options for purchase of common and/or preferred shares
issued by the Company; (iv) subscription bonuses and subscription rights for common and/or preferred shares of the Company held, or that may be held in the future, by the Shareholders; and (v) any other shares to which voting rights have been
ascribed, whether by virtue of legal and/or statutory provisions; 

“Common Shares” are the Class A Common Shares and the Class B Common Shares and, when issued, the Class C Common Shares, to which the rights foreseen in the By-laws have been ascribed; 

“Class A Common Shares” are the common shares of Class A issued by the Company, which are registered shares with no par value and grant to the holders thereof the right to vote in shareholders meetings of the Company;

“Class B Common Shares” are the common shares of Class B, which are registered shares with no par value and grant to the holders thereof the right to vote in shareholders meetings of the Company and the other rights foreseen in its
By-laws;

“Preferred Shares” are the Class A Preferred Shares and the Class B Preferred Shares and, when issued, the Class C Preferred Shares, to which the rights foreseen in the By-laws have been ascribed; 

“Class A Preferred Shares” are the registered preferred shares of Class A issued by the Company, without voting rights, with priority in the reimbursement of capital in the event of liquidation of the Company and the other rights foreseen
in its By-laws;

“Class B Preferred Shares” are the registered preferred shares of Class B issued by the Company, without voting rights, with priority in the reimbursement of capital in the event of liquidation of the Company and the other rights foreseen
in its By-laws; 

“Class C Preferred Shares” are the registered preferred shares of Class C, to be issued by the Company, without voting rights, with priority in the reimbursement of capital in the event of liquidation of the Company and the other rights
foreseen in its By-laws; 

“Agreement” means this 1st Addendum and Restatement of Shareholders Agreement of Sendas Distribuidora S.A.; 

“AIG Shareholders Agreement” has the meaning ascribed to it in the 4th Recital hereinabove;

 “AIG Divestment Agreement” has the meaning ascribed to it in the 5th Recital hereof;

 “Investment Agreement” has the meaning
ascribed to it in the 1st Recital hereof;

 “Acquirer” has the meaning ascribed to it in item 6.6.1 below;

 “AGE” has the meaning ascribed to it in the 6th Recital hereof; 

“Dispose of” is the act of selling, assigning, contributing to the capital of another company and/or any other act that results in the transfer or disposal of the rights relative to any Share, while “Disposal of” is understood as
being the effect of any such acts; 

“Subscription Bonuses” has the meaning ascribed to it in the 7th Recital hereof;

 “Casino” has the meaning ascribed to it in the 7th Recital hereof;

 “Committees” has the meaning ascribed to it in item 4.1.11 below;

“Recitals” are the recitals contained in the preamble of this Agreement;

 “AIG Investment Agreement” has the meaning ascribed to it in the 3rd Recital hereof;

“SENDAS Controller” is Mr. ARTHUR ANTONIO SENDAS, or any company that is or may become directly or indirectly controlled by him; 

“CBD Controller” is Mr. ABÍLIO DOS SANTOS DINIZ, or any company that is or may become directly or indirectly controlled by him; 

“CBD Controllers” has the meaning ascribed to it in the 12th Recital hereof;

“Equity Control” means the direct or indirect title to ownership rights that on a permanent basis assure preponderance in corporate resolutions and the power to elect the majority of the administrative officers; 

“By-laws” means the By-laws of the Company approved by the AGE, as well as subsequent statutory amendments that may be implemented;

“Encumbrance” is the generic name given to any type of burden, lien or encumbrance, irrespective of title and/or nature, including, but not limited to, pledge, bond, usufruct and chattel mortgage; 

“Investor” has the meaning ascribed to it in the 3rd Recital hereof; 

“IPC” is the Consumer Price Index published by the Economic Research Institute Foundation (local acronym FIPE); 

“Key Performance Indicators (KPIs)” are measures of the performance of the Company’s administrative officers, calculated based on sales per square meter, sales per employee, man-hours effectively worked, check-out and, in respect of
the Company, based on earnings before interest, tax, depreciation and amortization (EBITDA), earnings before interest and taxes (EBIT), net income (local acronym LL) and return on capital employed (ROCE); 

“Corporation Law” is Law No. 6404/76, as subsequently amended; 

“Joint Equity Participation” is the sum of the participations of the Shareholders in the voting capital of the Company; 

“Term for First Refusal” has the meaning ascribed to it in letter (c) of item 6.2 below; 

“Annual Investments Program” is the program approved by the Board of Directors of the Company, defining at the beginning of each fiscal year the Company’s plan for investments and strategic activities; 

“Exclusive Territory” is the Company’s territory of operation, i.e., the State of Rio de Janeiro, with possibility of expansion into the State of Espírito Santo; and 

“Transfer Value” is the fair market price of the Shares, on a given date (“Date”), calculated by a prime investment bank experienced in appraising companies in the retail field and with proven independence in relation to the
Shareholders, selected by mutual agreement between the Shareholders; if the latter fail to agree on the choice, it shall be made by the Chairperson of the Chamber of Conciliation and Arbitration of Getúlio Vargas Foundation and, should he not
be able to so choose, then by the Chairperson of the Chamber of Arbitration of the Market, of the Bovespa (São Paulo Stock Exchange), with such calculation being made based on one of the following criteria, or on a combination of any of them,
taking into account that the Company, unlike other companies in the sector, has no real estate properties of its own: (i) multiple of sales, (ii) multiple of EBITDA, and (iii) discounted cash flow. Regardless of the criterion adopted for assessment,
the Transfer Value shall have a minimum value (“Minimum”), which shall be the value that results from the application of a multiple of forty percent (40%) of the Company’s gross sales for the twelve (12) months prior to the Date. If
the Transfer Value is greater than the Minimum, the Transfer Value shall be limited to a maximum value (“Maximum”), which shall be the market value of CBD on the Date, as assessed by the same investment bank, using any one of the above
criteria or a combination of any of them. If the assessed Transfer Value is greater than the Minimum, the Transfer Value may not surpass the Maximum. The assessment of the Transfer Value shall be completed within a period of thirty (30) calendar days counting from the date of contracting of the mentioned investment bank by the Shareholders. 

“CBD Companies” are CBD and SÉ, when referred to jointly. 

ARTICLE II 

BASIC PRINCIPLES OF THE COMPANY 

	
2.1.      		
This Agreement has the purpose of disciplining the relations between the Shareholders in their capacity as holders of Shares of the Company, thereby establishing the terms and conditions to which certain matters of interest to the Company shall be
conducted, as established in this Agreement and in its By-laws. For such purpose, the Shareholders hereby covenant that the following basic principles shall serve as guidelines for the manner of action of the Shareholders of the Company during the
term of effectiveness of this Agreement:	
	 

	
(a)      		
the equity control of the Company shall be exercised in a shared form between, on the one part, SENDAS, and, on the other part, CBD Companies;	
	 	 
	
(b)      		
to elect a Board of Directors and Executive Committees, so as to ensure for the Shareholders efficient mechanisms for the monitoring of the Company’s performance, by adopting the best corporate governance practices;	
	 	 
	
(c)      		
to maintain and enhance the identity of the Company as a Company that is active in the retail market of the State of Rio de Janeiro and, in the future in the State of Espírito Santo, through multi-format stores;	
	 	 
	
(d)      		
CBD shall be fully responsible for the operating and administrative management of the Company, having complete freedom to take decisions concerning the day-to-day operations of the Company’s stores, with the direct management of the businesses
being assigned to experienced professionals having flawless reputation and renowned technical competence and who have the necessary qualifications for performance in their respective positions;	
	 	 
	
(e)      		
strategic decisions concerning the Company as well as the human resources policy shall always be oriented to the best interests of the Company;	
	 	 
	
(f)      		
management of the Company shall always seek levels of profitability, efficiency, productivity and competitiveness that are compatible with best practices in the relevant field of business, thereby ensuring the continuity of its operations; and	
	 	 
	
      (g)      	
	
      any business relations between the Shareholders and the Company shall always be conducted and performed on market-based conditions.	

     

	
2.2.      		
Each one of the Shareholders undertakes to exercise its voting rights in the Company’s shareholders meetings, as well as ensure that its representatives on the Company’s Board of Directors act and vote in the relevant body, always in a
form that can ensure observance of the basic principles established in item 2.1 above and the compliance with all of the other	terms of this Agreement, and any act that does not totally conform to this Agreement is strictly forbidden. 

ARTICLE III 

CAPITAL STOCK 

3.1. Pursuant to the AGE, the capital stock of the Company, which is fully subscribed, is divided into one billion, fifty-seven million, eighty-four thousand, eight hundred and two (1,057,084,802) shares, being five hundred million and two thousand
(500,002,000) Class A Common Shares, fifty eight million, two hundred and twenty-nine thousand and fifty (58,229,050) Class B Common Shares, three hundred and forty-one million, seven hundred and seventy thousand, nine hundred and fifty
(341,770,950) Class A Preferred Shares and one hundred, fifty-seven million, eighty-two thousand, eight hundred and two (157,082,802) Class B Preferred Shares, all of which are registered and have no par value. 

3.2. The Shares are distributed among the Shareholders as follows: 

  	Shareholder 
	Registered 

        Common

       Class A 	% 	Registered

         Common 

      Class B 	 	 	 	 	 	 	 
	CBD 
	27,022,136 	5.40 	0 	 	 	 	 	 	 	 
	Sé 
	222,977,864 	44.60 	29,114,525 	 	 	 	 	 	 	 
	Sendas 
	250,000,00 0 	50.00 	29,114,525 	 	 	 	 	 	 	 
	GEM 
	723 	0.00 	0 	 	 	 	 	 	 	 
	GEM 

      Parallel 
	77 	0.00 	0 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Total 	500,002,000 	100. 00 	58,229,050 	 	 	 	 	 	 	 

  

    
    

  

  
    3.2.1. All of the Shares held by the Shareholders at any time shall be subject to this Agreement. The Shareholders shall exercise their voting rights in relation to the Shares they own pursuant to the terms and conditions hereof.

   3.3. In connection with the provisions of Clauses 3.5 through 3.10 of the Investment Agreement – wherein any reference to “Sendas Preferred Shares” is hereafter understood to mean the “Sendas Class A Preferred Shares and Sendas
    Class B Common Shares” and any reference to “CBD Preferred Shares” is hereafter understood to mean the “CBD Class A Preferred Shares and CBD Class B Common Shares” – the Shareholders agree to proceed pursuant to the
    provisions of items 3.3.1 through 3.3.9 below.

  
    3.3.1. The Class B Common Shares and the Class A Preferred Shares shall be entitled to full dividends, even if not paid in. 

  
    3.3.2.  Upon the payment of the SENDAS Class B Common Shares or of the Class A Preferred Shares, to be made within the term and in the manner stipulated in Clause 3.6 of the Investment Agreement, the provisions of Clauses 3.7 and 3.8 of the
    Investment Agreement shall apply, and the conversion of Class A Preferred Shares into Class A Common Shares foreseen therein shall be implemented.

  
    3.3.3.  SENDAS shall only pay in the Class A Preferred Shares after having paid in all of the Class B Common Shares held by it.

   3.3.4. In the event that SENDAS should fail to pay its Class B Common Shares and Class A Preferred Shares within the term stipulated in Clause 3.6 of the Investment Agreement, it shall have an additional term to pay the said Class B Common Shares
    and Class A Preferred Shares (hereinafter the “Additional Payment Term”), which shall begin on the business day following the end of the term of Clause 3.6 of the Investment Agreement and shall end on the date of the purchase by CBD of the
    Class B Preferred Shares held by the Investor and of the Class C Preferred Shares held by Casino (“Date of Withdrawal of the Investor”). 

  
    3.3.5. In the event that SENDAS should fail to pay all or part of its Class A Preferred Shares until the Date of Withdrawal of the Investor, then all Class A Preferred Shares held by SENDAS on the Date of Withdrawal of the Investor, which are not
    paid in, shall be cancelled on the terms of Clause 3.10 of the Investment Agreement.

   3.3.6. In the event that SENDAS should fail to pay all or part of its Class B Common Shares until the Date of Withdrawal of the Investor, the Additional Payment Term relating to the Class B Common Shares shall again be extended (“Second
    Additional Payment Term”) for a term that shall begin on the business day immediately following the Date of Withdrawal of the Investor and shall end on the date of implementation of the conversion into Class A Preferred Shares, on the terms of
    due regard for Paragraph 2 of article 15 of the Corporation Law, of a quantity of CBD Class B Common Shares (on the bases of one Preferred Class A Share for each Common Class B Share held by CBD) that shall correspond to the quantity of SENDAS Class
    B Common Shares that still not paid in on that date (hereinafter the “End of the Payment Term”).

  
    3.3.7. On the End of the Payment Term, concomitantly with the conversion mentioned in clause 3.3.6 above, the SENDAS Class B Common Shares that have not been paid in during the Second Additional Payment Term, shall be cancelled on the terms of
    Clause 3.10 of the Investment Agreement.

    
      

  
    3.3.7.1. The cancellation of SENDAS Class B Common Shares provided for under item 3.3.7 above is not conditioned upon the conversion stipulated in 3.3.6 above.

  
    3.3.8. Irrespective of the term extensions foreseen in this item 3.3 and sub-items, on the termination date of the term foreseen in Clause 3.6 of the Investment Agreement, both the By-laws of the Company and this Shareholders Agreement shall be
    amended to set forth that only paid in Shares shall be entitled to a dividend.

  
    3.3.9. The above cancellation of the Class B Common Shares and of the Class A Preferred Shares shall be accomplished by means of a capital reduction pursuant to article 173, in fine, of Law No. 6.404/76 (excessive capital) or by means of any other
    mechanism mutually covenanted by the Shareholders, on the terms of Clause 3.10 of the Investment Agreement. 

  
    3.4. With due regard for the provisions of the AIG Investment Agreement, the Company shall issue fifty-nine million, three hundred and seventy-seven thousand, two hundred and ninety-nine (59,377,299) Class C Preferred Shares especially for
    subscription by the holder of Subscription Bonuses, should the same exercise the right granted by such Subscription Bonuses, of subscribing for Class C Preferred Shares until June 30, 2005.

  
    ARTICLE IV 

    MANAGEMENT 

  

  4.1. Board of Directors 

  

  
    4.1.1. The Board of Directors of the Company is made up of thirteen (13) regular members and five (5) deputies, with terms of office of two (2) years, to which offices they may be reelected. 

  
    4.1.2. The Board of Directors shall meet on a regular basis every sixty (60) days, and on a special basis at any time when called by the Chairperson, or further when called by one third (1/3) of the Board Members in office. The Board of Directors of
    the Company shall be chaired by Mr. ARTHUR ANTONIO SENDAS. 

  
    4.1.2.1. In view of the intuitu personae nature of the appointment of Mr. ARTHUR ANTONIO SENDAS for Chairperson of the Board of Directors of the Company, in the event of his death, incapacity or non-qualification during the term of effectiveness of
    this Agreement, the Shareholders shall elect his substitute by mutual agreement, within thirty (30) days counting from the relevant event. 

  
    4.1.3. The Shareholders may determine the creation of Committees within the ambit of the Board of Directors of the Company, with the purpose of examining specific matters, the analysis of which presumes technical knowledge that is peculiar to the
    committee members. 

   4.1.4. SENDAS and the CBD Companies shall each have the right to individually designate four (4) regular members of the Board of Directors of the Company and two (2) deputies associated to them; the Investor shall have the right to separately
    appoint one (1) Board member (hereinafter “Investor’s Board member”) and one (1) alternate thereof (hereinafter “Investor’s Alternate”), on the terms contained in the AIG Investment Agreement; the four (4) remaining
    members – who shall have no deputies – shall be designated by mutual agreement by the Shareholders, from among professionals in the market that have no link with the Shareholders (“Independent Board
    Members”). If any one of the Shareholders should have its participation reduced to less than fifty percent (50%) of the Joint Equity Participation, its right to designate board members shall follow the table below: 

	Shareholders’ Participation in the Joint Equity 

  Participation 
	Number of board members to be

    designated  
	More than 40% and less than 50% 	Three (3)
	More than 25% and less than 40% 	Two (2)
	More than 12.5% and less than 25% 	One (1)

  

  

   4.1.4.1. If SENDAS, due to the exchange described in item 6.9.3 below, should become the owner of one (1) Class C Common Share, SENDAS shall have the right to elect, in a separate voting act, for as long as the Company exists, only one (1) member of
    the Board of Directors of the Company, with all other members of the Board of Directors being elected by CBD Companies, except for the Investor’s Board member and the Investor’s Alternate. 

   4.1.5. The Shareholders undertake to exercise there voting right in the Company’s shareholders agreements so as to ensure that the members of the Board of Directors are elected as provided under item 4.1. 

  
    4.1.5.1. A Shareholder that exercises the right to designate board members based on the provisions of this Agreement may not concomitantly use the right to elect a board member in a separate voting act, as provided in the Corporation Law. 

   4.1.6. A Shareholder may at any time substitute any board member that it has designated, and both Shareholders undertake to exercise the voting rights in the Company’s shareholders meetings so as to ensure the election of the substitute. 

   4.1.7. In the event of temporary vacancy, removal, resignation, substitution, or any event that implies the need to substitute one of the members of the Board of Directors of the Company, the Shareholder that designated such member shall have the
    right to designate his/her relevant substitute, and the Shareholders agree to vote in the Company’s shareholders meeting, and the board members shall vote in the meetings of the Board of Directors so as to ensure the election of the designated
    member. 

  
    4.1.8. The Shareholders shall resolve as to the form for use of their vote so as to ensure the fulfillment of the objective established in the items of this Article IV, it being certain, however, that none of the Shareholders shall request the
    adoption of the multiple vote process. For resolutions of the Board of Directors, each board member, including the Chairperson, shall have the right to one vote. 

   4.1.9. The meetings of the Board of Directors shall be installed with the presence of the majority of the members in office and, with due regard for the provisions of item 4.1.9.2 below, its resolutions, including proposals to be submitted to the
    shareholders’ meeting of the Company, shall be approved by the majority vote of the board members present. 

  
    4.1.9.1. In addition to the attributions conferred on it by law, it shall be incumbent upon the Board of Directors:

    
    

  

	
(a)      		
to authorize the granting or assumption of loans, financing, leasing, guarantees or assumption of a thirty party debts, including the issuance of debentures, when the amount of the transaction is greater than twenty million Reais (R$
20,000,000.00), duly restated by the variance of the IPC;	
	 
	
(b)      		
to authorize the performance of acts that are alien to the activities comprised in the business purpose of the Company;	
	 
	
(c)      		
to approve or to revise the Annual Investments Program;	
	 
	
(d)      		
to resolve on the acquisition, sale or encumbrance of the Company’s businesses or assets, when the individual amount exceeds twenty million Reais (R$ 20,000,000.00), duly restated by the variance of the IPC.	
	 

  
    4.1.9.2. None of the matters listed in item 4.1.9.1 may be approved if there should be dissenting votes of two (2) board members designated by SENDAS, or dissenting votes of two (2) board members designated by CBD Companies. In exercising a
    dissenting vote, the board member shall explain the reasons for his/her decision. 

  
    4.1.9.3. In the event of a tie for a resolution concerning a matter that is not listed under item 4.1.9.1, the Board of Directors shall meet within the ensuing fifteen days for a new resolution. If the impasse persists, the position to be adopted
    shall be defined by the Special Committee, as provided under Article VII below. 

  
    4.1.10. Each Shareholder shall assign and transfer, on a fiduciary basis, six (6) of the Preferred Shares that it holds to six Board Members, one for each one of them. For the purposes of this Agreement, the Preferred Shares assigned to the Board
    Members shall be considered to be property of the assigning Shareholder. Each Shareholder agrees to obtain from each Board Member to whom it has transferred a Preferred Share a power of attorney granting full powers to transfer in return such
    Preferred Share in the event that the assignee for any reason should cease to be a Board Member or should be hindered from fully performing his/her attributions in the relevant position. 

   4.1.11. The Company shall have an Executive Committee, a Finance Committee, a Development and Marketing Committee and an Auditing Committee (hereinafter referred to as “Committees”), which shall have the duty of assisting in the
    interaction and cooperation between the Executive Board and the Board of Directors. In addition to the above Committees, the Company shall have a Special Committee for solution of divergences, on the terms of Article VII below. 

  
    4.1.12. Each Committee shall be made up, at the discretion of the Board of Directors, of four (4) or of six (6) members, with half of the members of each Committee being designated by each one of the Shareholders, CBD Companies designating the
    Coordinators of the Executive Committee and of the Auditing Committee, and SENDAS designating the Coordinators of the Finance Committee and of the Development and Marketing Committee. The Coordinators shall be members of the Board of Directors. The
    terms of office of the members of each Committee shall coincide with those of the members of the Board of Directors. 

   4.1.13. The Committees, which shall always act under supervision of the Board of Directors with the purpose of monitoring the tasks of the Company’s Executive Board, shall have the following attributions, on the terms of the Company’s
    By-laws:
    
    

  

	
I)      		
The Executive Committee shall meet monthly at the Company’s headquarters and shall have the following attributions:	
	 

	
(a)      		
to monitor the work of the Executive Board in preparing the annual/pluriannual budget and relevant revisions;	
	 
	
(b)      		
to monitor the work of the Executive Board in the preparation of the Annual Investments Plan;	
	 
	
(c)      		
to submit proposals to the Board of Directors concerning the total annual compensation of the administrative offices, for approval by the Shareholders Meeting of the Company;	
	 
	
(d)      		
to monitor the work of the Executive Board as regards the attainment of targets and results;	

	 

	
II)      		
The Finance Committee shall meet quarterly at the Company’s headquarters and shall have the following attributions:	
	 

	
(a)      		
to monitor the work of the Executive Board in revising the Company’s cash flow and capital structure;	
	 
	
(b)      		
to monitor, jointly with the Executive Board, the implementation of and compliance with the Annual Investments Program; and	
	 
	
(c)      		
to monitor the average cost of the capital structure, based on data provided by the Executive Board, suggesting alterations to the structure, whenever necessary.	
	 

  III) The Development and Marketing Committee shall meet quarterly at the Company’s headquarters and shall have the following attributions; 

	
(a)      		
to monitor, jointly with the Executive Board, the evolution of own brands, as well as to define their architecture;	
	 
	
(b)      		
to monitor the work of the Executive Board in revising the Company’s marketing policy;	
	 
	
(c)      		
to monitor the work of the Executive Board in developing, preparing and implementing the Company’s marketing plans; and	
	 
	
(d)      		
to monitor the work of the Executive Board in the development of proposals for new targets concerning the Company’s institutional marketing.	
	 

	
IV)      		
The Auditing Committee shall meet quarterly at the Company’s headquarters and shall have the following attributions:	
	 

	
(a)      		
to monitor the work of the Executive Board in the review of the accounting practices and procedures adopted by the Company; and	
	 

	
(b)      		
to monitor the work of the Executive Board in the preparation of the Company’s balance sheets and financial statements.	
	 

	
V)      		
The Special Committee shall meet in the Company’s headquarters whenever a divergence should arise, on the terms of Article VII of this Agreement.	
	 

  
    4.1.14. The meetings of each Committee shall be installed with the presence of the majority of the members in office. 

   4.1.15. In the event of a vacancy, whether for reasons of impediment (either temporary or definitive), of termination or of resignation of any one of the members of the Committees, his/her substitution shall be provided for by the same Shareholder
    that designated him/her originally. 

  4.2. Executive Board 

  

  
    4.2.1. Each one of the Shareholders undertakes to exercise its rights stipulated in this Agreement, and to determine that its representatives on the Board of Directors of the Company exercise their voting rights, so as to ensure the election of the
    Executive Board on the terms of this item 4.2. 

  
    4.2.2. The Company shall have an Executive Board made up of at least three (3) members and at most five (5) members, with terms of office of two (2) years, to which offices they may be reelected, among whom one of them shall be the Chief Executive
    Officer and the others shall have no special title. 

   4.2.2.1. The Chief Executive Officer shall establish the individual attributions of the executive officers and of the members of the Company’s top staff, and may for such purpose develop Internal Rules, submitting them for resolution by the
    Board of Directors. 

  
    4.2.2.2. The Chief Executive Officer shall designate, choosing from among the executive officers, which one shall substitute him/her during occasional impediments. 

  
    4.2.3. The Executive Officers shall be elected by the Board of Directors in accordance with designations made by CBD Companies, either chosen from among the staff of professionals of any one of the Shareholders or recruited in the market, in either
    case being professionals who have renowned competence and flawless reputations. 

  
    4.2.4. The Executive Officers shall be appraised six-monthly by the Board of Directors of the Company, according to the Key Performance Indicators (KPIs), using as a basis the best practices in the market. 

   4.2.5. The Shareholders agree that the operating and administrative management of the Company shall fall under full responsibility of CBD. Thus, CBD shall have total freedom to take any and all decisions concerning the day-to-day operations of the
    Company’s stores, with the direct management of the businesses being conducted by experienced professionals with flawless reputation and renowned technical competence who have the qualifications that are necessary for performance in their
    relevant positions. 

  
    4.2.5.1. The Executive Board shall have total freedom in taking any operating decisions, including, but not limited to: (i) designation and removal of the other executives of the Company,

    
    

  

   (ii) alterations to the formatting of the stores, and (iii) decisions in the processes for hiring and terminating the Company’s employees in general. 

   4.2.6. SENDAS agrees to ensure that its representatives on the Board of Directors of the Company vote together with the representatives of CBD Companies in respect of the designation and/or removal of the Executive Officers that may be proposed by
    CBD Companies’ representatives. 

  
    ARTICLE V 

    EXERCISE OF VOTING RIGHTS 

  

   5.1. Except for resolutions concerning the election of members of the Board of Directors, in respect of which the provisions of Article IV above shall apply, each one for the Shareholders shall exercise its voting rights in the Company’s
    shareholders meetings, and shall ensure that their representatives on the Board of Directors of the Company exercise their voting rights, in compliance with the provisions of this Article V. 

  
    5.2. For as long as each Shareholder holds fifty percent (50%) of the Joint Equity Participation, the resolutions of the Shareholders Meetings of the Company shall be taken by consensus of the Shareholders. 

  
    5.3. If the equity participation of any one of the Shareholders should result less than fifty percent (50%) of the Joint Equity Participation, such Shareholder shall then have veto rights in the Shareholders Meetings of the Company for resolutions
    that have as their subject-matter the following topics: 

	
(a)      		
increase of the Company’s capital by issuance of common shares, or reduction of the Company’s capital;	
	 
	
(b)      		
transformation, consolidation, merger and spin-off involving the Company;	
	 
	
(c)      		
dissolution and liquidation, election and removal of liquidators;	
	 
	
(d)      		
filing for the Company’s self-bankruptcy or composition with creditors;	
	 
	
(e)      		
any alteration to the Company’s policy for distribution of dividends;	
	 
	
(f)      		
providing for the Company’s capital to go public;	
	 
	
(g)      		
creation of founders shares;	
	 
	
(h)      		
alteration to the corporate name;	
	 
	
(i)      		
alteration to the preferences ascribed to the Preferred Shares;	
	 
	
(j)      		
any statutory alteration that could affect the rights and obligations of the Shareholders that derive from this Shareholders Agreement; and	
	 
	
(k)      		
authorization for execution, amendment or termination of any agreement or contract between, on the one part, the Company, and on the other part, any one of the shareholders of	the Company, their relatives or related parties, or Companies that may be controlled by them either directly or indirectly.
	 

  
    
    5.3.1. The veto rights referred to in item 5.3 above shall last only for as long as the participation of the Shareholder is greater than or equal to twenty-five percent (25%) of the Joint Equity Participation. In exercising its veto rights, the
    Shareholder shall explain the reasons for its decision.

  
    5.3.2. The Shareholders agree that they shall not be granted the right to veto any transactions of increase of capital through the issuance of Preferred Shares, except if the Preferred Shares that are to be issued have, or may have in the future,
    voting rights. 

  
    5.4. Failure to attend the Shareholders Meetings of the Company or the meetings of the Board of Directors, as well as abstention from voting by any one of the Shareholders or by members of the Board elected on the terms of this Agreement, shall
    assure for the harmed Shareholder the right to vote with the Shares that pertain to the absent or remiss Shareholder and, in the case of the Board of Directors, the board members elected by the harmed Shareholder shall have the right to vote for the
    absent or remiss Board Members, on the terms of Article 118, Paragraph Nine of the Corporation Law. 

  
    ARTICLE VI 

    RIGHTS OF FIRST REFUSAL, 

    OF SELLING OPTION (“PUT”), OF EXCHANGE

    AND OF JOINT SALE 

  

  
    6.1. Each one of the Shareholders hereby undertakes (i) to refrain from Disposing of its Shares without first assuring for the other Shareholder the rights of first refusal and of joint sale on the terms of this Article VI; and (ii) to refrain from
    creating any type of Encumbrance on its Shares, without prior written consent of the other Shareholder. 

  
    6.2. With the purpose of ensuring the right of first refusal established in this Agreement, the Shareholders undertake to observe the following: 

	
(a)      		
a Shareholder that wishes to Dispose of the totality or a portion of its Shares (hereinafter referred to as “Offering Shareholder”), on the terms of a proposal received from an interested third party (hereinafter referred to as
“Proposal”), shall notify the other Shareholder (hereinafter referred to as “Offered Shareholder”), with a copy to the Chairperson of the Board of Directors of the Company, informing (i) the name and identification of the
interested third party; (ii) the number of Shares held by it that it intends to dispose of (hereinafter referred to as “Offered Shares”); and (iii) the price and other payment terms;	
	 
	
(b)      		
unless expressly authorized by the Offering Shareholder, the Offered Shareholder may only exercise its right of first refusal for purchase of the totality of the Offered Shares;	
	 
	
(c)      		
the Offered Shareholder that wishes to exercise its right of first refusal shall notify the Offering Shareholder, with a copy to the Chairperson of the Board of Directors of the Company, within thirty (30) days counting from receipt of the Proposal
(“Term for First Refusal”), manifesting its irreversible and unconditional commitment of acquiring all of the Offered Shares for the price and on the terms of the Proposal;	
	 

	
(d)      		
if the Offered Shareholder manifests its commitment of acquiring the Offered Shares within the Term for First Refusal, the Shareholders shall complete the transaction of purchase and sale of the Shares on the exact terms of the Proposal; lack of
manifestation concerning the exercise of the right of first refusal, in respect of each Proposal, within the Term for First Refusal, shall give rise to irrevocable and irreversible waiver by the Offered Shareholder, exclusively in respect of such
specific Proposal, regarding the right of first refusal referred to in this item 6.2;	
	 
	
(e)      		
if the Offered Shareholder fails to exercise the right of first refusal within the Term for First Refusal, the Offering Shareholder shall have the right to Dispose of the Offered Shares to the interested third party on the exact terms of the
Proposal, provided that such Disposal is completed within a maximum of sixty (60) days counted from expiration of the Term for First Refusal;	
	 
	
(f)      		
if the Disposal is not completed within the term established in item (e) above, the procedure described in this item 6.2 shall be repeated; and	
	 
	
(g)      		
if any one of the Shareholders should partially Dispose of to third parties its Shares on the terms of this item 6.2, for purposes of this Agreement such acquiring third party shall be considered (jointly with the Offering Shareholder) as one single
party, extending to the group thus formed the rights and obligations attributed by this Agreement to the Offering Shareholder.	
	 

  
    6.3. Should the Shares owned by any one of the Shareholders be subject to seizure, attachment or judicial pledge, such Shareholder shall immediately inform the other Shareholder as to such occurrence. If the judicial measure is not released within
    thirty (30) days counting from its effectiveness, the Shareholder that is holder of the Shares shall notify the other Shareholder in this regard. Such notice shall be considered to be an offer for sale of such Shares for their Transfer Value. A
    Shareholder that accepts the offer may, in order to acquire the Shares that are subject to judicial restriction, deposit in court the amount that is necessary for release of the attachment. If the disbursement made by the Shareholder for release of
    the mentioned restriction, for any reason, exceeds the Transfer Value, the other Shareholder shall effect spot cash reimbursement within a term of thirty (30) days from the date of the payment effected by the Shareholder for release of the mentioned
    judicial restriction. If the Transfer Value of the Shares surpasses what is necessary for release of the restriction, the acquiring Shareholder shall pay the difference directly to the disposing Shareholder on the same date that it effects the
    deposit in court, if the Transfer Value has already been assessed, or in up to ten (10) days after the date of assessment of the Transfer Value. 

  
    6.4. Any one of the Shareholders that intends to Dispose of, wholly or in part, the subscription rights that derive from the Shares that it holds shall assure for the other Shareholder the right of first refusal, by applying what is provided under
    item 6.2. of this Agreement, except as regards the terms established therein, which shall be of ten (10) days. 

  
    6.5. The transfer of the Shares shall only be valid and effective if the acquirer adheres in advance, in writing and without restrictions to the terms and conditions of this Agreement. 

  
    6.6. The obligation of assuring the right of first refusal established in this Article VI shall not apply: 

  
    
    

  

	
(a)      		
to the transfer on a fiduciary basis by the Shareholders to the board members of Preferred Shares, in the form provided under 4.1.10 above; or	
	 
	
(b)      		
to the Disposal of the Shares by any one of the Shareholders to any party that (i) exercises Equity Control over such Shareholder; or (ii) if it is under the Equity Control of such Shareholder.	
	 

   6.6.1. With due regard for the provisions of item 6.2.2 below, the Shares that may be subject to Disposal by any one of the Shareholders in the cases established in letters (a) or (b) of item 6.6. above shall remain entirely bound by this Agreement,
    which shall be extended to the relevant acquirer of the Shares (hereinafter referred to as “Acquirer”) in all of their rights and obligations. 

  
    6.6.2. A condition precedent for the effectiveness of the relevant Disposal of Shares, in the cases provided under letters (a) and (b) of item 6.6 above, is the execution by the relevant Acquirer of an instrument by which he/she/it adheres to this
    Agreement, undertaking irrevocably and irreversibly to unconditionally observe all of its terms and provisions, including, but not limited to, the rights of first refusal and of joint sale established in this Article VI. 

   6.6.3. If any one of the Shareholders should Dispose of its Shares, as provided under letters (a) and (b) of item 6.6, to more than one Acquirer, for all purposes of this Agreement such Acquirers shall be all treated (jointly with the disposing
    Shareholder, if such Shareholder remains as holder of a portion of the Shares) as one single party, in which case the term “Shareholder”, defined in letter (b) of item 1.1 above, shall thereinafter mean all of the Acquirers jointly (and
    also the disposing Shareholder, if it remains as holder of a portion of the Shares). 

   6.6.4. In the case of letter (b) of item 6.6 above, if the disposing Shareholder ceases to hold any participation in the voting capital of the Company, the Acquirers shall designate, by means of notice to other Shareholder, with a copy to the
    Chairperson of the Board of Directors of the Company, to be made effective within a maximum term of five (5) days counting from the date on which the disposing Shareholder ceases to hold Shares of the Company, the name and address of the Acquirer
    that individually shall represent all of the other Acquirers in respect of any and all issues concerning this Agreement. 

  6.7. Disposal of the Equity Control of any of the CBD Companies 

  

  
    6.7.1. If the CBD Controller should transfer, either directly or indirectly, the Equity Control of any of the CBD Companies, it shall notify SENDAS in writing informing (i) the name and identification of the third party to which the control is being
    transferred; and (ii) that the acquirer of the control has assumed an irrevocable and irreversible obligation of acquiring, if SENDAS should exercise the right provided under 6.7.2, the totality of the Shares owned by SENDAS for the Transfer Value,
    to be paid spot cash on demand. 

   6.7.2. SENDAS, if it wishes to sell the totality of the Shares that it owns, on the conditions established above (“put”), within the thirty (30) days following receipt of the notice referred to item 6.7.1, it shall manifest in writing to
    CBD its irreversible and irrevocable decision of selling the totality of the Shares that it owns; the formalization of the transfer of the Shares, with payment of the Transfer of Value, shall be effected within thirty (30) days counting from the
    communication from SENDAS to CBD or, if upon expiration of such term the Transfer Value has not yet been assessed, within ten (10) days following the assessment. 

  
    
    

  

   6.7.3. Lack of manifestation regarding the exercise of the “put” within the term established in item 6.7.2 above shall give rise to irrevocable and irreversible waiver on the part of the SENDAS, exclusively for such specific proposal. 

  6.8. Disposal of the Equity Control of SENDAS or of SENDAS EMPREENDIMENTOS 

  

   6.8.1. If the SENDAS Controller should receive from a third party a proposal (hereinafter referred to as “Proposal”) for Disposal of the Equity Control of SENDAS and/or of SENDAS EMPREENDIMENTOS, it shall notify CBD in writing informing
    (i) the name and identification of the acquiring third party; (ii) the number of SENDAS shares and/or SENDAS EMPREENDIMENTOS quotas that it intends to dispose of and the percentage that they represent in the voting capital of such Companies; (iii)
    the conditions of any voting agreement to be executed with the acquiring third party; and (iv) the price and other payment terms. 

  
    6.8.2. Within a term of thirty (30) days counting from the date of receipt of the notice referred to in item 6.8.1 above, CBD shall have the right to, at its exclusive discretion, notify the SENDAS Controller manifesting its irrevocable and
    irreversible commitment of: (i) exercising the right first refusal for acquisition of the SENDAS shares and/or the SENDAS EMPREENDIMENTOS quotas, on the same terms and conditions of the relevant Proposal; or (ii) exercising the right of acquiring
    from SENDAS the totality of the Shares of the Company held by SENDAS, for the relevant Transfer Value. 

  
    6.8.3. If CBD manifests its intention of acquiring: (i) the SENDAS shares and/or the SENDAS EMPREENDIMENTOS quotas in the case of exercising the right of first refusal referred to in item 6.8.2 (i) above; or (ii) the Shares of the Company held by
    SENDAS, in the case of exercising the right of purchase of the Shares described in item 6.8.2 (ii) above, the relevant purchase and sale shall be completed within a maximum term of thirty (30) days counting from the date of remittance of the notice
    referred in item 6.8.2 above. 

   6.8.4. Lack of manifestation regarding the exercise of first refusal and/or the right of purchase of the Shares, within the term established in item 6.8.2 above, shall give rise to irrevocable and irreversible waiver by CBD of the relevant right of
    first refusal and right of purchase of the Shares held by SENDAS, exclusively in respect of such specific proposal. 

  6.9. Exchange of Shares 

  

   6.9.1. As from February 1, 2007, SENDAS, at its exclusive discretion, may at any time exercise the right to exchange the totality or a portion of the paid-in Shares that it owns for preferred shares representing the capital stock of CBD (“CBD
    Preferred Shares”), provided that it notifies CBD in writing at least ninety (90) days in advance of the date of the mentioned act of exercise, and CBD undertakes to provide for the necessary measures to finalize the exchange. 

   6.9.1.1. If SENDAS exercises the right of exchange mentioned in item 6.9.1, within the term of ninety (90) days referred to therein, CBD shall perform the obligation, at its exclusive discretion, by one of the following alternative ways, having the
    right to make a combination thereof: (a) to carry out the exchange; and/or (b) to purchase, spot cash – for the Transfer Value, for payment on the effective date of transfer – the Shares upon which the right of exchange has been exercised,
    and/or (c) to adopt any one of the mechanisms referred to in item 6.9.2. 

  
    
    

  

  
    6.9.1.2. For the exchange, the Transfer Value of the paid-in Shares shall be ascribed on the date of the event, while for the CBD Preferred Shares the value ascribed shall be an average of the average quotes for the five (5) Bovespa trading sessions
    preceding the date of the event, considering as the date of the event the day on which CBD receives the notice referred to in item 6.9.1. 

  
    6.9.1.3. Upon receipt of the notice by CBD, the assessment of the Transfer Value shall be commenced immediately, in the form provided under letter (y) of 1.1.

   6.9.2. Provided that the exchange ratio that derives from application of the rule established in 6.9.1.2 is fully preserved and the term of ninety (90) days referred to in 6.9.1.1 is observed, at the discretion of the CBD Controller, the exchange of
    Shares may be alternatively accomplished by use of any corporate procedure (increase of CBD’s capital, merger of shares on the terms of the provisions of Article 252 of the Corporation Law, or any other), in which case SENDAS shall be required
    to perform, in order to accomplish the exchange, all of the acts that fall under its responsibility in respect of the corporate procedure chosen by CBD. 

   6.9.3. If there should be exchange of the totality of the paid-in Shares held by SENDAS for CBD Preferred Shares, the Shareholders agree to approve the creation of one (1) Class A Common Share, to be issued for the price of one Real (R$ 1.00),
    which shall be subscribed and paid in by SENDAS, on the same date of the exchange of the totality of the Shares held by SENDAS for CBD Preferred Shares. 

  
    6.9.3.1. Following the exchange described in this item and the subscription by SENDAS of the mentioned Class C Common Share, SENDAS agrees that, as from then, it shall have a restricted voting right in the election, in a separate voting act, of one
    (1) member of the Board of Directors of the Company. 

   6.9.4. SENDAS hereby irrevocably and irreversibly undertakes to transfer to CBD the mentioned Class C Common Share for the established and agreed price of one Real (R$ 1.00), if it should Dispose of a percentage greater than seventy-five percent
    (75%) of the CBD Preferred Shares that it owns, which percentage shall be applied to the CBD Preferred Shares acquired through exchange, as well as to the stock dividends attributed thereto. 

  
    6.9.5. SENDAS shall communicate to CBD in writing, at least thirty (30) days in advance, the date scheduled for Disposal to third parties of any quantity of CBD Preferred Shares held by SENDAS during the term of effectiveness of this Agreement. 

  
    6.9.5.1. With due regard for the provisions under 6.9.5.2 below, the CBD Preferred Shares may only be sold by SENDAS according to the following schedule: 

	
(a)      		
from February 1, 2007 to January 31, 2010: one third (1/3) of the CBD Preferred Shares;	
	 
	
(b)      		
from February 1, 2010 to January 31, 2013: one third (1/3) of the CBD Preferred Shares;	
	 
	
(c)      		
as from February 1, 2013: the balance of the CBD Preferred Shares still held by SENDAS.	
	 

  
    
    

  

   6.9.5.2. If SENDAS intends to trade the CBD Preferred Shares in a stock exchange, in order to avoid that the quote for such Shares be affected negatively, the sale shall be effected in tranches to be defined by mutual agreement between the
    Shareholders. If the Shareholders fail to arrive at an Agreement as to the definition of the tranches, the definition shall be established by the Special Committee referred to in Article VII. CBD undertakes to collaborate with SENDAS aiming at
    maximizing the trading value for the CBD Preferred Shares, including through providing support to the Road Shows that SENDAS may intend to promote. 

  6.10. Right of Joint Sale 

  

  
    6.10.1.  A Shareholder that intends to sell Common Shares in a quantity greater than ten percent (10%) of the Joint Equity Participation, in addition to offering to the other Shareholder the right of first refusal provided under this Article VI,
    shall be required to offer also and concomitantly the right of joint sale, on the terms of this item 6.10. 

  
    6.10.2.  Upon receiving the notice referred to in letter (a) of item 6.2, an Offered Shareholder that does not wish to exercise the right of first refusal for the common Shares offered, may manifest within the Term for First Refusal its irrevocable
    and irreversible decision to sell, jointly with the Offering Shareholder, Shares in a quantity not greater than that being sold by the Offering Shareholder. 

  
    6.10.3.  If the right of joint sale is exercised, both the Shares of the Offering Shareholder and those of the Offered Shareholder shall be sold on the same date and on the same conditions. 

  
    6.11. Any Disposal of or constriction of Shares that is inconsistent with the provisions of this Article VI shall not be valid, and the administrative officers of the Company are forbidden to make entries in the relevant corporate books, subject to
    being held personally liable. 

  
    ARTICLE VII 

    SOLUTION OF DIVERGENCES 

    

  
    7.1. In the event of a tie concerning a resolution of the Board of Directors, and in other cases expressly provided for in this Agreement, on the terms of item 4.1.9.3. , the procedure provided for in this Article VII shall be mandatorily adopted.

   7.2. The Shareholders shall determine the creation of a Special Committee for solution of divergences (“Special Committee”). The Special Committee shall be made up of three (3) independent members, of whom one (1) shall be designated by
    each one of the Shareholders, and the third being an independent consultant specialized in the Company’s field of activity, designated by mutual Agreement by the Shareholders. Should the Shareholders fail to arrive at a consensus as to the
    designation of the mentioned independent consultant, such designation shall be made by the Chairperson of the Chamber of Conciliation and Arbitration of the Getúlio Vargas Foundation – FGV or, should the latter be unable to comply with
    this request, by the Chairperson of the Chamber of Arbitration of the Market, of the São Paulo Stock Exchange – Bovespa. The Special Committee shall decide by majority vote and shall have twenty (20) days to present a solution for the
    divergence that has been submitted to it. The decision of the Special Committee shall be final and shall be respected by the board members and by the Shareholders. 

  
    
    

  

  
    ARTICLE VIII 

    INTERVENING CONSENTING PARTIES 

    

  
    8.1. The Company executes this Agreement in its capacity as intervening party, is aware of its terms and undertakes to comply with all of its provisions and, particularly, to file it as provided in Article 118 of the Corporation Law. 

   8.2. For the entry concerning the common shares held by the Shareholders in the Book of Register of Registered Shares, the following text shall be inserted: “The encumbrance or transfer of these shares, on any account, is subject to the terms,
    limits and conditions of the Shareholders Agreement executed on February 29, 2004, and amended on December 1, 2004, under penalty of annulment and inefficacy of the transaction.” 

  
    8.3. The Company shall only be required to observe any amendments to the terms of this Agreement if they have been established by a written covenant. 

  
    8.4. The Company undertakes to immediately communicate to the Shareholders any act, fact or omission that could represent a violation of this Agreement, as well as to take any measures that may be required by subsequent legislation as a condition
    for maintaining the validity and effectiveness of this Agreement. 

   8.5. Messrs. ARTHUR ANTONIO SENDAS and ABÍLIO DOS SANTOS DINIZ, in addition to SENDAS EMPREENDIMENTOS, PAIC, PENÍNSULA and NOVA PENÍNSULA, hereby execute this Agreement in their capacity as intervening parties, thereby becoming aware
    of all of its terms and irrevocably and irreversibly undertaking to observe and comply with all of its provisions, particularly those relative to the rights provided for in Article VI. 

   ARTICLE IX – NOTICES 

  

  
    9.1. Any communication, notice and/or advice concerning the provisions of this Agreement shall be sent in writing and delivered to each Shareholder by fax, registered mail with acknowledgement notice, or by any other form that is mutually acceptable
    for the Shareholders, to the addresses below: 

	
(a)      		
if addressed to SENDAS, to: 

Rodovia Presidente Dutra 4674 

São João de Meriti, RJ	
	 	
CEP 25569-900 

Fax: (21) 26519543	
	 	
Attn: Arthur Antonio Sendas	
	 	
With a copy (without the effects of a notice) to: 

Av. Almirante Barroso, 52 - 5o Andar 

Rio de Janeiro, RJ	
	 	
CEP 20031-00 

Fax: (21) 2262-2459	
	 	
Attn: Oswaldo de Moraes Bastos Sobrinho	
	 

	
(b)      		
if addressed to CBD Companies, to CBD: 

Avenida Brigadeiro Luiz Antônio, 3142 

São Paulo – SP	
	 	
CEP 01402-000 

Fax: (11) 38856441	
	 	
Attn: Augusto Marques da Cruz Filho	
	 	
With a copy (without the effects of a notice) to: 

Al. Joaquim Eugênio de Lima, 447 

São Paulo, SP	
	 	
CEP 01403-001 

Fax: (11) 3147-7770 

Attn: Moacir Zilbovicius	
	 
	
(c)      		
if addressed to the Company, to: 

Av. Brigadeiro Luiz Antonio, 3142 

São Paulo, SP	
	 	
CEP: 01402-000 

Fax: (11) 38856700 

Attn: Caio Racy Mattar	
	 
	
(d)      		
if addressed to Mr. ARTHUR ANTONIO SENDAS or SENDAS EMPREENDIMENTOS, to: 

Rodovia Presidente Dutra, 4674 

São João de Meriti, RJ	
	 	
CEP: 25569-900 

Fax: (21) 26519543	
	 	
Attn: Arthur Antonio Sendas	
	 	
With a copy (without the effects of a notice) to: 

Av. Almirante Barroso, 52 – 5o Andar 

Rio de Janeiro, RJ	
	 	
CEP 20031-00 (sic) 

Fax: (21) 2262-2459	
	 	
Attn: Oswaldo de Moraes Bastos Sobrinho	
	 
	
(e)      		
if addressed to ABÍLIO DOS SANTOS DINIZ, PAIC or PENÍNSULA, to: 

Avenida Brigadeiro Luiz Antônio, 3142 

São Paulo – SP	
	 	
CEP 01402-000 

Fax: (11) 38850051	
	 	
Attn: Augusto Marques da Cruz Filho	
	 	
With a copy (without the effects of a notice) to: 

Al. Joaquim Eugênio de Lima, 447 

São Paulo, SP	
	 	
CEP 01403-001 

Fax: (11) 3147-7770 

Attn: Moacir Zilbovicius	
	 

  
    9.2. Any Shareholder or intervening party may alter the address for notices shown in item 9.1 above, provided that it notifies such alteration of address the other parties, according to the provisions of this Article IX. 

  
    
    

  

  
    ARTICLE X - TERM OF EFFECTIVENESS 

  

   10.1. This Agreement shall remain in effect for as long as any Shareholder or successor thereof – severally or constituting a group, as provided under letter (g) of item 6.2 –holds any Shares. Except as provided under items 6.9.5.2 and
    7.2, if SENDAS becomes the holder of the Class C Common Share, it shall lose all of the rights and shall be released from complying with all of the obligations that derive from this Shareholders Agreement, except for those that are inherent to the
    Class C Common Share. 

  
    ARTICLE XI – INVESTOR’S DIVESTMENT 

  

  
    11.1. None of the transactions foreseen in the Transaction Documents (as defined in the AIG Investment Agreement), including the investment and divestment of the Investor and of Casino, and the purchase on the part of CBD, of Shares held by the
    Investor or by Casino, shall have any repercussion in the equality in the equity participation of the Shareholders in the Joint Equity Participation, including for purposes of the exercise of any right hereunder.

  
    11.2.  CBD agrees to exercise the Final Call Option foreseen in Clause 5.1. (b) of the AIG Divestment Agreement.

  
    11.3. Following the purchase by CBD of the Investor Class B Preferred Shares and of the Casino Class C Preferred Shares, the Shareholders shall take all action required to transfer the ownership of such Shares to the Company within the shortest
    possible period of time, so that the Shareholders shall recover their participation in the capital stock of the Company, as existing prior to the subscription of Shares by the Investor and Casino. Such recovery shall preferably be made by means of
    the purchase by the Company of the Shares that CBD shall have acquired from the Investor and from Casino and, should it not be possible, by any other mechanism apt to achieve the same end result.

  
    11.4. With respect to the reduction in the minimum annual dividend to one percent (1%) of the net profit of the respective fiscal year, as approved on the date hereof, the Shareholders hereby agree that, upon the divestment of the Investor and
    Casino and the acquisition by CBD of Shares held by the Investor and Casino, they shall approve the increase of such percentage of the net profits from one percent (1%) to twenty-five percent (25%), thereby restating the rule on dividend declaration
    that existed prior to the subscription of Shares by the Investor and by Casino.

  
    ARTICLE XII – SPECIFIC PERFORMANCE 

  

  
    12.1. The Shareholders hereby acknowledge and represent that the mere payment of losses and damages shall not represent adequate compensation for default of any obligation undertaken hereunder. 

  
    12.2. The provisions of this Agreement shall be subject to specific performance, on the terms of Article 118, Paragraph Three, of the Corporation Law, and the Shareholders acknowledge that this instrument constitutes an extrajudicial instrument of
    enforcement for compliance with the provisions of Articles 461, 462, 639 et seq of the Brazilian Civil Code. 

  
    12.3. The Chairperson of the shareholders meetings of the Company shall deem null, invalid and ineffective any vote that is contrary to the provisions of this Agreement. 

  
    ARTICLE XIII – CONFIDENTIALITY 

  

  
    
    

  

  
    13.1. The Shareholders hereby agree to maintain under absolute confidentiality all information contained in this Agreement, as well as any documents and information deriving therefrom, during the term of effectiveness of the Agreement and for an
    additional term of two (2) years counting from the date of its termination. 

  
    13.2. Unless necessary for implementation of the terms of this Agreement, for the period mentioned in item 13.1 above the Shareholders shall maintain absolute secrecy as to any information of a strategic, business, financial, administrative, legal
    or any other nature, that derives directly or indirectly from this Agreement, except for the obligation of disclosing to their respective board members, executive officers, consultants or employees when as a result of their functions must be
    informed accordingly, and provided that each one of such individuals is made aware that this information is strictly confidential and agrees to refrain from disclosing or using the information in any way, with the Shareholders undertaking, on their
    own behalf and on behalf of their representatives, agents, employees or subcontractors, to maintain the secrecy and confidentiality of the information obtained, except if due to an order given by an authority having competent jurisdiction,
    refraining from using it for any purpose other than in its capacity as Shareholder. 

  
    ARTICLE XIV – EXCLUSIVENESS 

  

  
    14.1. 14. During the term of effectiveness of this Agreement the Shareholders undertake to refrain from engaging in any activity that could compete with the activities of the Company within the Exclusive Territory, either independently or jointly
    with third parties. 

  
    ARTICLE XV – JOINT LIABILITY 

  

  
    15. CBD Companies are jointly liable for compliance with all of the obligations incumbent upon any of them hereunder. 

  
    ARTICLE XVI – GENERAL PROVISIONS 

  

  
    16.1. Any one of the Shareholders shall always be assured the right of access to information concerning any business conducted by or proposed to the Company, as well as the right to provide for, at its own cost, technical, accounting or financial
    audits of any procedures and records maintained by the Company. 

  
    16.2 Should any provision of this Agreement be deemed null or ineffective, the validity or effectiveness of the remaining provisions shall not be affected and shall remain in full force and effect and, in such case, the Shareholders shall negotiate
    in good faith with the purpose of substituting the ineffective provision by another one that, to the extent possible and reasonable, accomplishes the desired purposes and effects. 

  
    16.3 Except in respect of the rights described in Article VI above, the fact that a Shareholder should fail to promptly demand compliance with any one of the provisions of this Agreement, or with any one of the rights relative to this Agreement, or
    fails to exercise any one of the prerogatives provided hereunder, shall not be considered to be waiver of such provisions, rights or prerogatives, shall not operate as novation and shall in no way affect the validity of this Agreement. 

  
    16.4 The provisions of this Agreement are irrevocable and irreversible and are binding upon the Shareholders, their successors on any account, legal representatives and assignees. 

  
    
    

  

  
    16.5 This Agreement may not be transferred or assigned to third parties, either wholly or in part, except in the cases provided for in this instrument. 

   16.6 This Agreement shall be filed at the Company’s head offices and shall be available for any Shareholder. 

  
    16.7 This Agreement may only be amended in writing and such amendment shall only be effective upon execution by the Shareholders and other intervening parties. 

   16.8 SENDAS and CBD Companies shall exert all efforts to arrive at an amicable composition concerning any divergence that may arise during the term of effectiveness of this Agreement within a term of thirty (30) days. If upon expiration of such term
    the Shareholders fail to arrive at a consensus, any one of the Shareholders may submit the divergence to arbitration, on the terms of Law No. 9307/96. The arbitration shall be coordinated by the Chamber of Conciliation and Arbitration of the
    Getúlio Vargas Foundation – FGV – pursuant to its regulations. The site for the arbitration shall be the City of Rio de Janeiro. For any writs of prevention prior to installation of the arbitration or for execution of the
    arbitration award, the jurisdiction shall be of the Courts of the City of Rio de Janeiro, with exclusion of any other court, no matter how privileged it may be. 

   16.9 Any vote manifested in a shareholders meeting or in a meeting of the Board of Directors of the Company that is contrary to the provisions of this Agreement shall be deemed to be null, invalid and ineffective, and it shall be the duty of the
    Chairperson of the body to declare such nullity, invalidity or ineffectiveness of the vote.” 

  
    The CBD Companies, the CBD Controllers and the Company hereby authorize and grant specific powers to Dr. Marise Rieger Salzano for the same to initial all of the pages hereof in the name of the CBD Companies, the CBD Controllers and the Company, for
    purposes of certifications and any other legal purpose.

  
    This 1st Addendum to the Agreement is executed in two (2) counterparts of equal content and form. 

  
    Rio de Janeiro, December 1, 2004 

  

  
    
    

  

  
    Signature page of the 1st Addendum to and Restatement of the Shareholders Agreement of Sendas Distribuidora S.A. executed on December 1, 2004 

  
    SENDAS S.A. 

  
    ARTHUR ANTONIO SENDAS 

   SENDAS EMPREENDIMENTOS E PARTICIPAÇÕES LTDA. 

   COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 

   SÉ SUPERMERCADOS LTDA. 

  
    SENDAS DISTRIBUIDORA S.A. 

   PÃO DE AÇÚCAR S.A. INDÚSTRIA E COMÉRCIO 

   PENÍNSULA PARTICIPAÇÕES S.A. 

   NOVA PENÍNSULA PARTICIPAÇÕES S.A. 

   ABÍLIO DOS SANTOS DINIZ 

  			
	Witnesses: 
	 
	 
	 
	1. ___________________________________________	2._______________________________________ 
	Name: 	Name: 
	CPF No. 	CPF No.

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