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Exhibit 4(b)(10) 

REAL ESTATE STRUCTURE AGREEMENT 

between 

     ZABALETA PARTICIPAÇÕES LTDA., 

COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO, 

RIO PLATE EMPREENDIMENTOS E PARTICIPAÇÕES LTDA. 

and, as Intervening Parties; 

ABILIO DOS SANTOS DINIZ 

AD PENINSULA EMPREENDIMENTOS E PARTICIPAÇÕES LTDA. 

PENÍNSULA PARTICIPAÇÕES LTDA. 

ANA MARIA FALLEIROS DOS SANTOS DINIZ D ́AVILA 

ADRIANA FALLEIROS DOS SANTOS DINIZ 

JOÃO PAULO FALLEIROS DOS SANTOS DINIZ

 PEDRO PAULO FALLEIROS DOS SANTOS DINIZ 

BANCO OURINVEST S.A., 

BRAZILIAN SECURITIES COMPANHIA DE SECURITIZAÇÃO; 

CASINO GUICHARD PERRACHON 

dated as of October 03, 2005

Exhibit 4(b)(10) 

REAL ESTATE STRUCTURE AGREEMENT 

THIS REAL ESTATE STRUCTURE AGREEMENT (hereinafter referred to as the “Agreement”), dated as of October 03, 2005, is entered into by and between: 

(A)  ZABALETA PARTICIPAÇÕES LTDA., a limited liability company, organized and existing under the Laws of the Federative Republic of Brazil, with head office in the City of São Paulo, State of São Paulo,
at Av. Brigadeiro Luiz Antonio, No. 3.126, registered with the General Taxpayers' Registry (CNPJ/MF) under No. 07.127.675/0001 -45, hereinafter referred to as "Zabaleta";

(B) COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO, a public company organized and existing under the laws of the Federative Republic of Brazil, with registered head offices in the city of São Paulo, State of São
Paulo, Brazil, at Av. Brigadeiro Luiz Antonio, 3.142, and registered with the General Taxpayers' Registry (CNPJ/MF) under No. 47.508.411/0001 -56, hereinafter referred to as "CBD"; 

(C) RIO PLATE EMPREENDIMENTOS E PARTICIPAÇÕES LTDA., a limited liability company, organized and existing under the laws of the Federative Republic of Brazil, with registered head offices in the city of São Paulo,
State of São Paulo, Brazil, at Av. Brigadeiro Luiz Antonio, 3.126, and registered with the General Taxpayers' Registry (CNPJ/MF) under No. 07.274.029/0001 -00, hereinafter referred to as “Rio Plate” 

And as Intervening Parties, 

(D) ABILIO DOS SANTOS DINIZ, a Brazilian citizen, married, business administrator, the holder of the Brazilian identity card No. 1.965.961 -SSP/SP and of the Brazilian Individual Taxpayer Identity Card (CIC) No. 001.454.918 -20,
with office in the city of São Paulo, State of São Paulo, Federative Republic of Brazil, at Avenida Brigadeiro Luiz Antonio, No 3.126, hereinafter referred to as “AD”;

(E) ANA MARIA FALLEIROS DOS SANTOS DINIZ D ́AVILA, a Brazilian citizen, married, business administrator, the holder of the Brazilian identity card No. 12.785.206 -2-SSP/SP and of the Brazilian Individual Taxpayer Identity
Card (CIC) No. 086.359.838 -23, with offices in the city of São Paulo, State of São Paulo, Federative Republic of Brazil, at Avenida Brigadeiro Luiz Antônio, No. 3.126; 

(F) ADRIANA FALLEIROS DOS SANTOS DINIZ, a Brazilian citizen, divorced, the holder of the Brazilian identity card No. 15.910.036 -SSP/SP and of the Brazilian Individual Taxpayer Identity Card (CIC) No. 105.549.158 -98, with
offices in the city of São Paulo, State of São Paulo, Federative Republic of Brazil, at Avenida Brigadeiro Luiz Antônio, No. 3.126; 

 (G) JOÃO PAULO FALLEIROS DOS SANTOS DINIZ, a Brazilian citizen, single, entrepreneur, the holder of the Brazilian identity card No. 12.785.207 -4-SSP/SP and of the 

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Brazilian Individual Taxpayer Identity Card (CIC) No. 101.342.358 -51, with offices in the city of São Paulo, State of São Paulo, Federative Republic of Brazil, at Avenida Brigadeiro Luiz Antônio, No. 3.126; 

(H) PEDRO PAULO FALLEIROS DOS SANTOS DINIZ, a Brazilian citizen, single, entrepreneur, the holder of the Brazilian identity card No. 19.456.962 -7 SSP/SP and of the Brazilian Individual Taxpayer Identity Card (CIC) No.
147.447.788 -14, with offices in the city of São Paulo, State of São Paulo, Federative Republic of Brazil, at Avenida Brigadeiro Luiz Antônio, No 3.126; 

Ana Maria Falleiros dos Santos Diniz D ́Avila, Adriana Falleiros dos Santos Diniz, João Paulo Falleiros dos Santos Diniz, Pedro Paulo Falleiros dos Santos Diniz (hereinafter collectively referred to as “AD Heirs”); 

(I) AD PENÍNSULA EMPREENDIMENTOS E PARTICIPAÇÕES LTDA., a limited liability company organized and existing under the Laws of the Federative Republic of Brazil, with head office in the City of São Paulo,
State of São Paulo, at Avenida Brigadeiro Luiz Antonio, No. 3.126, registered with the General Taxpayers' Registry (CNPJ/MF) under No. 07.259.681/0001 -56, hereinafter referred to as "AD PENÍNSULA"; 

(J) PENÍNSULA PARTICIPAÇÕES LTDA. a limited liability company organized and existing under the Laws of the Federative Republic of Brazil, with head office in the City of São Paulo, State of São
Paulo, at Avenida Brigadeiro Luiz Antonio, No. 3.126, registered with the General Taxpayers' Registry (CNPJ/MF) under No. 58.292.210/0001 -80, hereinafter referred to as "PENÍNSULA"; 

AD, AD Heirs, AD PENÍNSULA and PENÍNSULA hereinafter collectively referred to as the “AD GROUP”;

(K) BANCO OURINVEST S.A., a financial institution organized and existing under the laws of the Federative Republic of Brazil, with registered head offices in the city of São Paulo, State of São Paulo, Brazil, at Av.
Paulista, 1,728, mezzanine, 1st, 2nd, 10th and 11th floors, and registered with the General Taxpayers' Registry (CNPJ/MF) under No. 78.632.767/0001 -20 in its capacity as the managing institution of the
PENÍNSULA REAL ESTATE INVESTMENT FUND, incorporated pursuant Law No. 8.668, of June 25, 1993 and Brazilian Securities Commission (“CVM”) Instruction No. 205, of January 14, 1994, hereinafter referred to as
“Ourinvest”;

(L) BRAZILIAN SECURITIES COMPANHIA DE SECURITIZAÇÃO, a securitization company organized and existing under the laws of the Federative Republic of Brazil, with registered head offices in the city of São Paulo, State of
São Paulo, Brazil, at Av. Paulista, 1,728, 12th floor, and registered with the General Taxpayers' Registry (CNPJ/MF) under No. 03.767.538/0001 -14, hereinafter referred to as “Brazilian Securities”; 

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(M) CASINO GUICHARD PERRACHON, a corporation organized and existing under the laws of the French Republic, with registered head offices at 24, Rue de la Montat, Saint Etienne, France, hereinafter referred to as
“CASINO”; 

RECITALS 

WHEREAS, AD and CASINO are parties to a certain Joint Venture Agreement entered into on May 3, 2005 (“JV Agreement”) pursuant to which they established certain agreements and covenants regarding their future relationship as
sole shareholders of VIERI PARTICIPAÇÕES S.A. (“VIERI”) and, consequently, as indirect shareholders of CBD (“Transaction”) and a certain Pre-Closing Document executed and entered into on June 22, 2005
(“Pre-Closing Document”); 

WHEREAS, AD and CASINO have agreed to take several corporate and other actions that shall be necessary to achieve the final ownership structure with regard to certain real estate upon which this Agreement shall be implemented; 

WHEREAS, AD and CASINO are parties to a certain Pre-Closing Document entered into on June 22, 2005 pursuant to which, as provided in Article 8.1. , AD, on its behalf and sole interest would propose and present to CASINO, for its review and
evaluate an alternative structure, reviewed by CBD, related to the implementation of the real estate transaction by a re-structuring of certain real estate owned by CBD; 

WHEREAS, the CBD, AD Group and Casino have executed and entered into on July 8, 2005 a certain Term of Commitment (“Term of Commitment”) pursuant to which they have provided to implement the real estate transaction through
one of two alternate structures for the restructuring of certain sixty (60) real estate owned by CBD (the “Real Estate”) as provided in the Term of Commitment; 

WHEREAS, as a result of the review and analysis of the new real estate structure proposed by AD and reviewed by CBD, AD Group and CASINO have decided to implement a new real estate structure for the re-structuring of the ownership title of
the Real Estate owned by CBD as provided herein, with due regard to the fact that such new real estate structure shall not adversely affect or impact CBD and/or CASINO; 

In consideration of the mutual promises contained herein, the Parties mutually agree as follows: 

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Clause 1 

PURPOSE 

1.1. The purpose of this Agreement is to rule the implementation of the re-structuring of the ownership title of the Real Estate owned by CBD as agreed by and between CBD, Casino and AD Group and pursuant to the provisions of Article 8 of the
Pre-Closing Document and the terms and conditions of the Term of Commitment, such real estate structure to be implemented on the Closing Date whereby the Real Estate shall be thereinafter leased by CBD. 

Clause 2 

IMPLEMENTATION OF THE REAL ESTATE STRUCTURE 

2.1. AD, on the date hereof, has already constituted a real estate investment fund with Banco Ourinvest S.A. as the managing institution (the “Península Real Estate Investment Fund”) which formation and issuance of units have
already been approved by the Comissão de Valores Mobiliários (“CVM”). 

2.1.1. The Península Real Estate Investment Fund was formed upon the acquisition of a real estate located at Praça Geraldo Mendes, 27, in the city of São Paulo, state of São Paulo, duly registered with the 9th Real
Estate Registry Office of the city of São Paulo, state of São Paulo, under numbers 60,745; 60,746; 60,747; 60,748; 60,749 and 68,093 (the “Original Property”). 

2.1.2. The Original Property was acquired by the Península Real Estate Investment Fund by means of the subscription by AD, as the owner of the Original Property transferred to the Península Real Estate Investment Fund, of the first
issuance of units of the Península Real Estate Investment Fund in an amount of R$ 612,000.00. 

2.2. On or before the date hereof AD shall have constituted RECO MASTER EMPREENDIMENTOS E PARTICIPAÇÕES S.A. (“RECo Master”), a closely held corporation, with head offices in the city of São Paulo, state of São
Paulo, at Av. Brigadeiro Luiz Antônio, 3,126, with sole purpose of holding no equity interest other than the units of the Península Real Estate Investment Fund, no assets other than the real estate properties that shall be leased to
CBD, and no employees, except for those assets and employees that might be strictly and reasonably necessary to manage the units of the Península Real Estate Investment Fund and the real estate properties that shall be leased to CBD, pursuant
to the By-Laws attached hereto as Exhibit I. 

2.2.1. CASINO and CBD shall hold each a golden share of RECo Master providing for certain veto powers pursuant to the terms of the Exhibit I hereto.

2.2.2. On or prior to the date hereof AD, CBD, CASINO and, as intervening parties, RECo Master, Ourinvest, AD Heirs and Segisor have executed and entered into a RECo Master Shareholders’ Agreement to set forth the terms and conditions that
shall govern the relationship between AD, in its capacity as Controlling Shareholder of RECo Master, and Casino and CBD  

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in their capacity as the holders of certain “golden shares” of RECo Master, pursuant to the Shareholders’ Agreement attached hereto as Exhibit II. 

2.3. On or prior to the date hereof AD has capitalized the units issued by the Península Real Estate Investment Fund into RECo Master and has applied for the approval before CVM of the new Charter of the Península Real Estate
Investment Fund pursuant to the Charter attached hereto as Exhibit III. 

2.4. On the date hereof, the Península Real Estate Investment Fund shall acquire the Real Estate from CBD, by the execution of a certain Commitment of Sale and Purchase of Real Estate Property (the “Sale and Purchase Agreements”)
providing for the acquisition of each of Real Estate from CBD by the Península Real Estate Investment Fund, according to the terms and conditions of the draft attached hereto as Exhibit IV. 

2.4.1. The purchase price for the Real Estate, as provided in the Sale and Purchase Agreements shall be paid in two hundred and forty equal and successive installments, the first payment to occur on November, 11, 2005 and the remaining installments
of the same day of each subsequent calendar-month, such installments to be duly adjusted on a yearly basis according to the monthly variation of the IPCA (Comprehensive Consumer Price Index) computed and published by the Brazilian Institute of
Geography and Statistics - IBGE. 

2.4.2. The Península Real Estate Investment Fund shall take possession of the Real Estate upon the execution of the Sale and Purchase Agreement as provided thereof. 

2.5. Upon taking possession of the Real Estate, as provided in the Sale and Purchase Agreements, CBD and the Península Real Estate Investment Fund shall enter into (i) a lease agreement for each Real Estate pursuant to the terms and
conditions of the Template Lease Agreement as provided in the JV Agreement and (ii) a master lease agreement ruling the general terms and conditions of the lease agreements pursuant to the terms and conditions of the Master Lease Agreement as
provided in the JV Agreement.

2.6. On October 11, 2005, CBD will execute with Brazilian Securities a Real Estate Credit Assignment Agreement, with the sole purpose of issuance of real estate receivables certificates (“CRIs”) (the “Assignment Agreement”)
pursuant to the terms and conditions of the Assignment Agreement attached hereto as Exhibit V, by which CBD shall assign on an irrevocable and non-recourse basis with no co-obligation to CBD the receivables arising from the Sale and Purchase
Agreements, such credits to be assigned either by the transfer of real estate credit notes (“CCIs”), to be issued by CBD on the date hereof pursuant to the terms and conditions of the Issuance Term of CCIs attached hereto as Exhibit VI, or
by the simple assignment of credits as provided in the Assignment Agreement 

2.6.1. The CRIs backed in the receivables assigned by CBD to Brazilian Securities pursuant to the transfer of the CCIs and the Assignment Agreement shall be issued by Brazilian Securities 

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pursuant to the terms and conditions provided in the Securitization Agreement attached hereto as Exhibit VII (the “Securitization Agreement”). 

2.6.2. The payment by Brazilian Securities to CBD for the assignment of the receivables as provided in the Assignment Agreement shall occur by means of the transfer to CBD by Brazilian Securities or to whom CBD may designate of the CRIs to be issued
by Brazilian Securities. 

2.6.3 On the date hereof, the Península Real Estate Investment Fund shall enter into a Private Instrument of Fiduciary Assignment of Real Estate Receivables (the “Fiduciary Assignment”), according to the terms and conditions of the
Fiduciary Assignment of Real Estate Receivables attached hereto as Exhibit VIII, by which the Península Real Estate Investment Fund shall assign to Brazilian Securities, on a fiduciary basis, the receivables arising from the lease agreements
to be executed by and between CBD and the Península Real Estate Investment Fund pursuant to the terms of the Template Lease Agreement and subject to the Master Lease Agreement. 

2.6.3.1. The purpose of the Fiduciary Assignment shall be to secure the full compliance with the obligations undertaken by the Peninsula Real Estate Investment Fund pursuant to the Sale and Purchase Agreement, which credits are backing the issuance
of the CRIs, in face of the holders of the CRIs. 

2.6.4. In view of Section 1.3. of the Term of Commitment, CBD hereby designates Zabaleta to receive the totality of the CRIs issued by Brazilian Securities pursuant to the terms and conditions provided in Sections 2.6. and 2.6.1. above, such CRIs to
be received by Zabaleta against the full and complete release by Zabaleta to CBD of the anticipated payment of R$ 1,029,000,000.00 (one billion and twenty nine million Reais) made by Zabaleta to CBD pursuant to Section 1.2.2. of the Term of
Commitment. 

2.6.5. With due regard to Section 2.6.2. above, the payment for the assignment of receivables as provided in the Assignment Agreement shall be effected through the proper transfer of the CRIs to be issued by Brazilian Securities to Zabaleta, such
transfer to occur on Zabaleta and Brazilian Securities sole cost and liability. 

2.6.6.  For the purposes of subscribing the CRIs as provided above, Zabaleta expressly represents that: 

          (i) it shall inform Brazilian Securities and the relevant financial institution registered with CETIP, which shall be able to provide the necessary and respective services of financial settlement and custody of such CRIs; 

          (ii) it is aware and agrees with the characteristics of the CRIs, as regards their flow of payment, inflation adjustment indexes, interest rates, periodicity of payments and other related characteristics mentioned in the Securitization Agreement;

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          (iii) it is aware that the receivables assigned by CBD pursuant to the CCIs and the Assignment Agreement were assigned on a non-recourse basis and therefore Zabaleta shall have no right, claim, action or suit against CBD in the event of a default
by Península Real Estate Investment Fund on the payment of the receivables assigned; 

          (iv) by reason of the subscription of the CRIs, Zabaleta shall sign the corresponding Subscription Bulletins of the CRIs issued by Brazilian Securities; and 

          (v) it agrees to receive the CRIs as provided in Section 2.6.3. above and that such transfer shall fully and completely releases on an irrevocable and irretrievable basis the obligation assumed by CBD with regard to the advance payment made by
Zabaleta pursuant to the Term of Commitment. 

2.7. On or before the date hereof Rio Plate and AD shall have transferred to CASINO a quota of Zabaleta entitling CASINO with veto powers regarding the sale, assignment, transfer or any other form of disposal of CRIs or the encumbrance or
constitution of liens by Zabaleta affecting the CRIs and also vetoing the sale, assignment, transfer or any other form of disposal of quotas of Zabaleta to third parties or any direct or indirect transfer or assignment of the control of Zabaleta to
third parties pursuant to the terms of the Zabaleta Quotaholders Agreement attached hereto as Exhibit IX. 

2.8. Each of Zabaleta, CBD and Rio Plate assumes the obligation to comply with the terms and conditions set forth herein.

2.9. Each of AD Group, CASINO, Ourinvest and Brazilian Securities execute this Agreement as Intervening Parties to acknowledge and to declare itself familiar with the terms and conditions hereof and commit to comply with all the terms and conditions
herein provided, and any all and other necessary registration for enabling the implementation of the real estate structure provided in this Agreement. 

Clause 3 

RELEASE 

3.1 Subject to and to come into effect upon the assignment of the receivables arising from the Sale and Purchase Agreements to Brazilian Securities for purposes of issuance of CRIs to be subscribed by Zabaleta and with due regard to the
implementation of all steps for the real estate structure provided in Clause 2 above, each of the Parties does hereby, on behalf of itself, its successors and assigns, irrevocably releases, acquits and discharges each other from any present and
future obligations arising out of the obligations assumed in this Agreement with respect to the implementation of the real estate structure and any actions or failures to act relating thereto, except for any breach of the representations and
warranties contained herein and in the JV Agreement and for the provisions of Clause 4 and 5. 

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Clause 4 

WARRANTIES REPRESENTATIONS AND INDEMNIFICATION 

4.1 In order to induce the parties to enter into this Agreement and to implement the real estate structure provided in Clause 2, each of the Parties hereby represents and warrants to the others, as follows: 

(i) Power and Authority: They have full power, authority and right to incur any undertakings and/or obligations provided for herein and to make and perform this Agreement and to implement the real estate structure contemplated herein. 

(ii) Organization: They are duly established, approved, registered and validly existing under applicable laws. 

(iii) Governing Law and Jurisdiction: Brazilian Law is valid and enforceable to rule and govern any and all agreements that shall be executed pursuant to the terms and conditions of this Agreement.

(iv) No Conflicts: The execution and delivery by them of this Agreement and the consummation of the transactions contemplated hereby and compliance with the terms hereof will not conflict with, or result in any violation of or default (with
or without notice or lapse of time, or both), or give rise to a right of termination, cancellation or acceleration of any obligation, or to increased, additional, accelerated or guaranteed rights or entitlements of any Person under any provision of
(a) any note, bond, mortgage, indenture, deed of trust, license, lease, contract, commitment or arrangement binding upon them or any of their properties or assets; or (b) any applicable laws or any judgments, orders or decrees of any court or
governmental agency or body. 

(v) Corporate Action: They have taken all applicable and necessary corporate actions to make and perform this Agreement. 

(vi) Legal Proceedings: There are no judgments, orders or decrees of any kind against them nor is there any legal action, suit or other legal or administrative proceeding pending, threatened or reasonably anticipated that could be filed
against them, that would adversely affect the ability of them to perform their respective obligations under this Agreement and the implementation of the real estate structure provided in Clause 2 above. 

(vii) Bankruptcy or Insolvency: They have not filed or commenced, or suffered or submitted to the filing or commencement of, any bankruptcy or insolvency proceeding under applicable law. 

4.1.1. The parties expressly acknowledge that the real estate transaction herein conveyed was structured at the request of AD and subject to the premise that CBD and CASINO should not be adversely affected or impacted at any time in consequence of
the implementation of this transaction during the term of enforceability of any of the lease agreements to be executed  

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pursuant to Section 2.5. above, with due regard to a minimum 20 year term as of the execution of this Agreement.

4.1.2. With due regard to the representation provided in Section 4.1.1. above and in order to induce CBD and CASINO to enter into this Agreement and to implement the real estate structure as herein provided, Zabaleta, AD and AD Group hereby jointly
and severally represents and warrants to CBD and CASINO as follows: 

(i) Real Estate Structure Soundness: the real estate structure provided in Section 2 of this Agreement shall not be subject or submitted to any modification, except if mutually and expressly agreed by the parties or otherwise expressly
provided or authorized in any of the drafts of the agreements attached hereto during the term of any of the lease agreements to be executed according to Section 2.5. hereto; 

(ii) Real Estate Structure Legality: the real estate structure provided in Section 2 of this Agreement does not and shall not, to the extent of knowledge of Zabaleta, AD and AD Group, be considered as abuse of right, infraction to any legal
provision, simulation or be subject to re-characterization by any competent tax authority; 

(iii) Rent related to the Lease of the Real Estate: the rent to be paid by CBD, or any assignee of CBD, to the Península Real Estate Investment Fund and/or RECo Master, pursuant to the terms and conditions of the lease agreements
referred to in Section 2.5. above, shall always comply with all terms and conditions of such Master Lease Agreement and Template Lease Agreement as therein provided for and in no event the rent to be paid by CBD, or any assignee of CBD, to the
Península Real Estate Investment Fund and/or RECo Master shall exceed the amounts provided for in the lease agreements to be executed pursuant to the Template Lease Agreement and subject to the general terms and conditions of the Master Lease
Agreement. Furthermore, nothing in the real estate structure provided herein shall affect or adversely impact in any manner on the right of use of the Real Estate by CBD or any of its assignees as provided in such Master Lease Agreement and Template
Lease Agreement referred to in Section 2.5. above.

4.2 With due regard to the representation provided for in Section 4.1.1. above, Zabaleta, AD and AD Group, in order to induce CBD and Casino to enter into this Agreement and to implement the real estate structure contemplated by this Agreement,
jointly and severally represent and warrant to CBD and Casino as follows: 

(i) Zabaleta, AD and AD Group, for the term provided for in Section 4.1.1. above, hereby agree to jointly and severally assume the full responsibility for any and all losses, costs, obligations, including any modification in the terms and conditions
of the lease agreements to be executed pursuant to the Template Lease Agreement and subject to the terms and conditions of the Master Lease Agreement arising from any legal or governmental imposition derived from the implementation of the real
estate structure herein conveyed, damages, including any penal liability, that may be incurred by CBD and/or Casino arising out from any supervening taxation, penalty, loss, claim or real estate structure re-characterization, that may be incurred by
CBD or 

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Casino at any time with regard to the implementation of the real estate structure provided in Clause 2 above, including future, unexpected and unpredictable losses; and 

(ii) Zabaleta, AD and AD Group, for the term provided for in Section 4.1.1. above, jointly and severally, undertake to hold harmless CBD and Casino, and any of its directly or indirectly controlled or affiliated companies, as well as their
respective legal representatives, administrators and advisors (collectively “Parties Subject to Indemnification”), expressly exempt from any payments, obligations, including any modification in the terms and conditions of the lease
agreements to be executed pursuant to the Template Lease Agreement and subject to the terms and conditions of the Master Lease Agreement arising from any legal or governmental imposition derived from the implementation of the real estate structure
herein conveyed, losses, costs, damages, including any penal liability, (collectively the “Losses”) arising out: (a) from any breach of representation and warranties set forth in Sections 4.1.1. and 4.1.2. above; and/or (b) from any
supervening claim, taxation, penalty and/or real estate structure re-characterization incurred with by CBD or Casino with regard to the implementation of the real estate structure provided in Clause 2 above, provided that such Losses have been
confirmed by final and unapealable judicial decision. 

4.2.1. Zabaleta, AD and AD Group shall be jointly and severally liable to take all necessary measures to prevent any adversely impacts to the rights of CBD and CASINO provided in this Agreement and/or the obligations assumed by Zabaleta, AD and AD
Group on this Agreement and mitigate the respective Losses, keeping CBD and Casino duly informed and aware of any of such measures taken by Zabaleta, AD and AD Group.

4.2.2. Zabaleta, AD and AD Group shall, jointly and severally, upon notice of CBD and/or CASINO of any of the events provided for in Section 4.2. above, promptly indemnify the relevant party with regard to the Losses, by depositing the relevant
amount of the Losses in the account designated by the affected party on the above mentioned notice. 

4.2.3 The indemnify obligations of Zabaleta, AD and AD Group and the rights of CBD and/or Casino with respect to matters which gives rise to a claim for indemnification as provided in Section 4.2 herein above (a “Third Party Claim”)
shall be subject to the following terms and conditions: 

(a) In the event that the CBD and/or Casino, as the case may be, becomes aware of a Third Party Claim, CBD and/or Casino shall, as soon as possible but in no event later than a period corresponding to one third (1/3) of the time to answer such Third
Party Claim, notify Zabaleta, AD and AD Group. 

(b) Zabaleta, AD and AD Group shall, upon the receipt of the written notice mentioned in item (a) above, assume the defense and file occasional counter claim if legally possible (collectively hereinafter referred to as “Defense”) of the
Third Party Claim, if possible and allowed by Law and provided such Third Party Claim does not relate to a penal action against 

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CBD and/or Casino. If not legally possible and in the event of a penal action, Zabaleta, AD and AD Group shall cooperate with the Defense to be provided by Casino and/or CBD and in such case shall assume any and all costs and expenses occasionally
incurred by Casino and/or CBD with such Defense including any payment made by Casino and/or CBD due to legal or judicial determination even if prior to the exhaustion of the Third Party Claim as provided in item (h) of this Section below; 

(c) In case Zabaleta, AD and AD Group assume the Defense of the Third Party Claim, such Defense, with due regard to item (b) of this Section above, shall be conducted by Zabaleta, AD and/or AD Group in the name and on behalf of CBD and/or Casino, as
the case may be, taking into account CBD and/or Casino opinion, as the case may be. The Defense shall be conducted diligently by the attorneys indicated by Zabaleta, AD and AD Group at their sole and exclusive responsibility, and the Zabaleta, AD
and AD Group shall, at all times and for so long as the Defense proceedings may last, keep CBD and Casino abreast of the developments of such Defense, providing CBD and Casino with bi-monthly written reports containing information on the development
of the Defense. Zabaleta, AD and AD Group, at their sole and exclusive responsibility, shall have full authority to determine all actions to be taken with respect to the Third Party Claim. 

(d) The reports provided for in item (c) of this Section above shall comprise all necessary information in connection with such Third Party Claim, including, but not limited to, the current development and status of the Defense, analysis of the
possibility of success, including the analysis of the legal feasibility of the arguments used on such Defense and a summary of the following procedures to be adopted up to the conclusion of such Third Party Claim, and any and all occasional
information requested by Casino and/or CBD. Further to such written reports, Zabaleta, AD and AD Group shall meet with Casino and/or CBD on a monthly basis to discuss the current situation of the Third Party Claim and the strategy and following
procedures to be adopted in connection with such Third Party Claim.

(e) CBD and Casino shall cooperate with Zabaleta, AD and AD Group and its attorneys, including granting any and all applicable powers of attorneys to the attorneys indicated by Zabaleta, AD and AD Group and permitting reasonable access to books and
records, in defending any Third Party Claim which the Zabaleta, AD and AD Group elect to defend. 

(f) In case Zabaleta, AD and AD Group assume the defense of the Third Party Claim, Zabaleta, AD and AD Group shall pay any and all costs and expenses (including, without limitation, attorneys’ fees and court costs) related to the Defense of the
Third Party Claim and make any judicial deposits (depósitos judiciais) or provide other guarantees which may be necessary or required by the relevant court or Governmental Authorities for the implementation of the Defense.

(g) Any indemnification payments under Section 4.2. herein above shall only become due and payable by Zabaleta, AD and AD Group after all appeals in connection the corresponding 

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Third Party Claim have been exhausted (trânsito em julgado), with due regard to the obligation of Zabaleta, AD and AD Group to indemnify, at first request, any payment or disbursement made by CBD and CASINO prior to such exhaustion of a Third
Party Claim related to any Defense to be provided by CBD and CASINO or any cash outlay in connection with a court or Governmental Authorities order or legal imposition. 

(h) Any indemnification payment owed by AD, AD Group and Zabaleta to CBD and/or Casino pursuant to the terms and conditions of this Agreement shall be deposited, at prompt request by CBD and/or Casino, as the case may be, in an account to be
designated on due time by CBD and/or Casino, as the case may be, free and clear of any taxes or expenses, corresponding the net amount of the deposit to the exact amount of the payment or disbursement made by CBD and/or Casino with regard to such
Third Party Claim. 

Clause 5 

CONFIDENTIALITY 

5.1 Each Party shall hold confidential all information obtained in connection with this Commitment with respect to the other Party which is (i) not otherwise public knowledge, not independently known or developed, (ii) not received from a third
party who is not subject to an obligation of confidentiality, or (iii) not in the public domain through no fault of the receiving party. In the event of termination of this Agreement, all documents (including copies thereof) obtained hereunder by
one Party from any other Party shall be returned to such Party. Each Party shall refrain from disclosing and shall hold confidential the terms and conditions of this Agreement, except to the extent that disclosure of such information is necessary or
desirable for consummation of the transactions contemplated hereby and in the JV Agreement, demanded by any governmental authority or with the consent of the other Party. 

Clause 6 

MISCELLANEOUS 

6.1 Assignment; Successors: This Agreement is irrevocable and irretrievable and shall be binding upon and inure to the benefit of any permitted successor and assign of any Party. No Party may assign or delegate any of its rights or
obligations under this Agreement without the express written consent of the other Party. 

6.2 Interpretation; Certain Definitions: The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

6.3 Specific Performance: Each of Parties agrees that any of them shall be entitled to request from the competent court as provided in Section 6.6 below, an order for specific performance of any or all of the obligations assumed hereunder,
pursuant to the applicable sections of the  13

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Brazilian Code of Civil Procedure, namely Sections 461, 462, 632, 639 and following ones, and agree that losses and damages shall not be the adequate remedy for the failure by them to meet the obligations assumed herein. 

6.4 Language and Governing Law: This Agreement is construed only in the English language. and shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil. 

6.5 Amendment: Any amendments to this Agreement shall be made only based on written instrument duly signed by the Parties or their successors. 

6.6 Arbitration: All disputes arising under or in connection with this Agreement shall be settled by arbitration procedure under the Rules of the International Chamber of Commerce by three (3) arbitrators appointed in accordance with the
rules of Brazil’s Federal Law No. 9,307 of September 23, 1996, as well as the Brazilian Code of Civil Procedure. The arbitration tribunal shall consist of three (3) arbitrators, of whom one shall be nominated by AD, AD Group and Zabaleta, one
by CBD and Casino and the third, who shall serve as chairman, shall be chosen by the two (2) arbitrators nominated by the Parties, or, in the event the two (2) arbitrators nominated by the Parties are unable to designate the third arbitrator within
ten (10) calendar days from the date the last of the two (2) arbitrators nominated by the Parties has been designated, by the International Chamber of Commerce. The place of arbitration shall be the City of Sao Paulo, State of Sao Paulo, Brazil. The
language of the arbitration shall be Portuguese, although existing documents may be presented in the language in which they have been produced. The award of the arbitrators shall be rendered in Portuguese. The award shall be final and binding upon
the Parties and may be enforced in any court of competent jurisdiction. The Parties waive any right to appeal, to the extent that a right to appeal may lawfully be waived. Notwithstanding the foregoing, each Party retains the right to seek judicial
assistance (a) to compel arbitration; and/or (b) to obtain interim measures of protection rights prior to instruction of pending arbitration and any such action shall not be construed as a waiver of the arbitration proceeding by the Parties, and/or
(c) to enforce any decision of the arbitrators including the final award, or (d) under the circumstances provided for in Section 6.3 of this Agreement. In case either of the Parties seeks judicial assistance as provided in this Section 6.6, the
Courts of City of São Paulo, State of São Paulo shall have jurisdiction. The charges for the arbitration shall be paid one-half by CBD and Casino and one-half by the AD, AD Group and Zabaleta and reimbursed to the winning Party, along with
all other costs and expenses directly incurred in connection with such arbitration, at the end of the arbitration procedures, unless the arbitrators shall determine otherwise. The Parties intend that all procedures and all documents and testimony
shall be confidential, and each arbitrator by consenting to act shall be deemed to have agreed to such confidentiality. 

6.7. Definition of Terms: Except as may otherwise be defined in this Agreement, for the purposes of this Agreement the terms bearing initial capital letters have the same meaning ascribed to them in the JV Agreement or the Term of Commitment.

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IN WITNESS WHEREOF, the Parties and the Intervening Parties have duly executed this Commitment in three (3) counterparts, as of the day and year first above written. 

			
	 	ZABALETA PARTICIPAÇÕES LTDA. 	 
	 	 	 
	 	 	 
	 	By: _____________________________________________________	 
	 	Name: Abilio dos Santos Diniz 	 
	 	Title: Executive Officer 	 
	 	 	 
	 	COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 	 
	 	 	 
	 	 	 
	 	By:_____________________________________________________ 	 
	 	Name: Augusto Marques da Cruz Filho and Caio Racy Mattar 	 
	 	Title: Executive Officers 	 
	 	 	 
	 	RIO PLATE EMPREENDIMENTOS E PARTICIPAÇÕES LTDA. 	 
	 	 	 
	 	 	 
	 	By: _____________________________________________________	 
	 	Name: Abílio dos Santos Diniz 	 
	 	Title: Executive Officer 	 
	 	 	 
	 	 	 
	 	 	 
	 	and, as Intervening Parties; 	 
	 	 	 
	 	 	 
	 	_____________________________________________________

    ABILIO DOS SANTOS DINIZ 	 
	 	 	 
	 	CASINO GUICHARD PERRACHON 	 
	 	 	 
	 	 	 
	 	By: _____________________________________________________	 
	 	Name: Hakim Aouani 	 
	 	Title: attorney in fact 	 
	 	 	 
	 	AD PENÍNSULA EMPREENDIMENTOS E PARTICIPAÇÕES LTDA. 	 
	 	 	 
	 	 	 
	 	By: _____________________________________________________	 
	 	Name: Abilio dos Santos Diniz 	 
	 	Title: Executive Officer 	 

(Signature page of the Real Estate Structure Agreement dated as of October 03, 2005) 

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	 	PENÍNSULA PARTICIPAÇÕES LTDA. 	 
	 	 	 
	 	 	 
	 	By:  _____________________________________________________	 
	 	Name: Abilio dos Santos Diniz 	 
	 	Title: Executive Officer 	 
	 	 	 
	 	_________________________________________________________	 
	 	ANA MARIA FALLEIROS DOS SANTOS DINIZ D ́AVILA 	 
	 	 	 
	 	_________________________________________________________	 
	 	ADRIANA FALLEIROS DOS SANTOS DINIZ 	 
	 	 	 
	 	_________________________________________________________	 
	 	JOÃO PAULO FALLEIROS DOS SANTOS DINIZ 	 
	 	 	 
	 	_________________________________________________________	 
	 	PEDRO PAULO FALLEIROS DOS SANTOS DINIZ 	 
	 	 	 
	 	 	 
	 	BANCO OURINVEST S.A. 	 
	 	 	 
	 	 	 
	 	By:	   _____________________________________________________	 
	 	Name: Moise Politi and Rodolfo Schwarz 	 
	 	Title: Executive Officers 	 
	 	 	 
	 	 	 
	 	BRAZILIAN SECURITIES COMPANHIA DE SECURITIZAÇÃO 	 
	 	 	 
	 	 	 
	 	By:  _____________________________________________________	 
	 	Name: Fernando Pinilha Cruz and Fábio de Araujo Nogueira 	 
	 	Title: Executive Officers 	 

(Signature page of the Agreement dated as of October 3, 2005) 

			
	Witnesses: 	 	 
	 	 	 
	 		 
	Name: 	 	Name: 
	Id.: 	 	Id.: 

16Provided by MZ Data Products

Table of Contents

Exhibit 4(b)(11)

FIRST AMENDMENT TO THE

REAL ESTATE STRUCTURE AGREEMENT

between

     ZABALETA PARTICIPAÇÕES LTDA.,

COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO,

RIO PLATE EMPREENDIMENTOS E PARTICIPAÇÕES LTDA.

  and, as Intervening Parties;

  

  

  ABILIO DOS SANTOS DINIZ 

AD PENINSULA EMPREENDIMENTOS E PARTICIPAÇÕES LTDA.

PENÍNSULA PARTICIPAÇÕES LTDA.

ANA MARIA FALLEIROS DOS SANTOS DINIZ D ́AVILA

ADRIANA FALLEIROS DOS SANTOS DINIZ 

JOÃO PAULO FALLEIROS DOS SANTOS DINIZ

PEDRO PAULO FALLEIROS DOS SANTOS DINIZ 

BANCO OURINVEST S.A., 

BRAZILIAN SECURITIES COMPANHIA DE SECURITIZAÇÃO;

CASINO GUICHARD PERRACHON 

dated as of December 30th, 2005

Exhibit 4(b)(11)

REAL ESTATE STRUCTURE AGREEMENT

THIS FIRST AMENDMENT TO THE REAL ESTATE STRUCTURE AGREEMENT (hereinafter referred to as the “Agreement”), dated as of December 30th, 2005, is entered into by and between: 

(A) ZABALETA PARTICIPAÇÕES LTDA., a limited liability company, organized and existing under the Laws of the Federative Republic of Brazil, with head office in the City of São Paulo, State of São
Paulo, at Av. Brigadeiro Luiz Antonio, No. 3.126, registered with the General Taxpayers' Registry (CNPJ/MF) under No. 07.127.675/0001 -45, hereinafter referred to as "Zabaleta";

(B) COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO, a public company organized and existing under the laws of the Federative Republic of Brazil, with registered head offices in the city of São Paulo, State of
São Paulo, Brazil, at Av. Brigadeiro Luiz Antonio, 3.142, and registered with the General Taxpayers' Registry (CNPJ/MF) under No. 47.508.411/0001 -56, hereinafter referred to as "CBD"; 

(C) RIO PLATE EMPREENDIMENTOS E PARTICIPAÇÕES LTDA., a limited liability company, organized and existing under the laws of the Federative Republic of Brazil, with registered head offices in the city of São Paulo, State of
São Paulo, Brazil, at Av. Brigadeiro Luiz Antonio, 3.126, and registered with the General Taxpayers' Registry (CNPJ/MF) under No. 07.274.029/0001 -00, hereinafter referred to as “Rio Plate” 

And as Intervening Parties,

(D) ABILIO DOS SANTOS DINIZ, a Brazilian citizen, married, business administrator, the holder of the Brazilian identity card No. 1.965.961 -SSP/SP and of the Brazilian Individual Taxpayer Identity Card (CIC) No. 001.454.918 -20,
with office in the city of São Paulo, State of São Paulo, Federative Republic of Brazil, at Avenida Brigadeiro Luiz Antonio, No 3.126, hereinafter referred to as “AD”;

(E) ANA MARIA FALLEIROS DOS SANTOS DINIZ D ́AVILA, a Brazilian citizen, married, business administrator, the holder of the Brazilian identity card No. 12.785.206 -2-SSP/SP and of the Brazilian Individual Taxpayer Identity
Card (CIC) No. 086.359.838 -23, with offices in the city of São Paulo, State of São Paulo, Federative Republic of Brazil, at Avenida Brigadeiro Luiz Antônio, No. 3.126; 

(F) ADRIANA FALLEIROS DOS SANTOS DINIZ, a Brazilian citizen, divorced, the holder of the Brazilian identity card No. 15.910.036 -SSP/SP and of the Brazilian Individual Taxpayer Identity Card (CIC) No. 105.549.158 -98, with
offices in the city of

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São Paulo, State of São Paulo, Federative Republic of Brazil, at Avenida Brigadeiro Luiz Antônio, No. 3.126; 

(G) JOÃO PAULO FALLEIROS DOS SANTOS DINIZ, a Brazilian citizen, single, entrepreneur, the holder of the Brazilian identity card No. 12.785.207 -4-SSP/SP and of the Brazilian Individual Taxpayer Identity Card (CIC) No.
101.342.358 -51, with offices in the city of São Paulo, State of São Paulo, Federative Republic of Brazil, at Avenida Brigadeiro Luiz Antônio, No. 3.126; 

(H) PEDRO PAULO FALLEIROS DOS SANTOS DINIZ, a Brazilian citizen, single, entrepreneur, the holder of the Brazilian identity card No. 19.456.962 -7 SSP/SP and of the Brazilian Individual Taxpayer Identity Card (CIC) No.
147.447.788 -14, with offices in the city of São Paulo, State of São Paulo, Federative Republic of Brazil, at Avenida Brigadeiro Luiz Antônio, No 3.126; 

Ana Maria Falleiros dos Santos Diniz D ́Avila, Adriana Falleiros dos Santos Diniz, João Paulo Falleiros dos Santos Diniz, Pedro Paulo Falleiros dos Santos Diniz (hereinafter collectively referred to as “AD Heirs”); 

(I) AD PENÍNSULA EMPREENDIMENTOS E PARTICIPAÇÕES LTDA., a limited liability company organized and existing under the Laws of the Federative Republic of Brazil, with head office in the City of São Paulo,
State of São Paulo, at Avenida Brigadeiro Luiz Antonio, No. 3.126, registered with the General Taxpayers' Registry (CNPJ/MF) under No. 07.259.681/0001 -56, hereinafter referred to as "AD PENÍNSULA"; 

(J) PENÍNSULA PARTICIPAÇÕES LTDA. a limited liability company organized and existing under the Laws of the Federative Republic of Brazil, with head office in the City of São Paulo, State of
São Paulo, at Avenida Brigadeiro Luiz Antonio, No. 3.126, registered with the General Taxpayers' Registry (CNPJ/MF) under No. 58.292.210/0001 -80, hereinafter referred to as "PENÍNSULA"; 

AD, AD Heirs, AD PENÍNSULA and PENÍNSULA hereinafter collectively referred to as the “AD GROUP”;

(K) BANCO OURINVEST S.A., a financial institution organized and existing under the laws of the Federative Republic of Brazil, with registered head offices in the city of São Paulo, State of São Paulo, Brazil, at
Av. Paulista, 1,728, mezzanine, 1st, 2nd, 10th and 11th floors, and registered with the General Taxpayers' Registry (CNPJ/MF) under No. 78.632.767/0001 -20 in its capacity as the managing institution of
the PENÍNSULA REAL ESTATE INVESTMENT FUND, incorporated pursuant Law No. 8.668, of June 25, 1993 and Brazilian Securities Commission (“CVM”) Instruction No. 205, of January 14, 1994, hereinafter referred to as
“Ourinvest”;

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(L) BRAZILIAN SECURITIES COMPANHIA DE SECURITIZAÇÃO, a securitization company organized and existing under the laws of the Federative Republic of Brazil, with registered head offices in the city of São
Paulo, State of São Paulo, Brazil, at Av. Paulista, 1,728, 12th floor, and registered with the General Taxpayers' Registry (CNPJ/MF) under No. 03.767.538/0001 -14, hereinafter referred to as “Brazilian Securities”;

(M) CASINO GUICHARD PERRACHON, a corporation organized and existing under the laws of the French Republic, with registered head offices at 24, Rue de la Montat, Saint Etienne, France, hereinafter referred to as
“CASINO”; 

RECITALS

WHEREAS, the parties have executed on October 03, 2005 the Real Estate Structure Agreement (the “Real Estate Structure Agreement”) by which the parties have agreed to take several steps related to the implementation of a new
real estate structure for the restructuring of the ownership title of certain sixty (60) real estate owned by CBD (the “Real Estate”), provided that such new real estate structure shall not adversely affect or impact CBD and/or
CASINO; 

WHEREAS, the parties have executed all agreements provided for in the Real Estate Structure Agreement pursuant to the terms and conditions set forth therein and its relevant exhibits; 

WHEREAS the parties have agreed on the modification of certain rights and obligations set forth in the documents attached to the Real Estate Structure Agreement, including, but not limited to the veto rights provided for in the golden shares
held by CASINO and CBD, representing the corporate capital of RECo. Master Empreendimentos e ParticipaÇões S.A. (the “RECo. Master”); 

WHEREAS the parties have further agreed that RECo. Master shall be entitled to own other real estate properties than the units of the Península Real Estate Investment Fund (the “Fund”); provided that RECo. Master
maintains, during the term of the agreements executed pursuant to the Real Estate Structure Agreement, at least sixty-six point sixty-six percent (66.66%) of the totality of the units issued by the Fund, representing at least sixty-six point
sixty-six percent (66.66%) of the total assets of the Fund; 

WHEREAS, in view of the modifications proposed hereinabove, several other modifications shall be incorporated in certain documents related thereof to allow the implementation of the new real estate structure with the purpose of complying with
the new

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conditions agreed by the parties with regard to the term of the leases of the Real Estate and the veto rights to be held by CASINO and CBD on RECo Master; 

In consideration of the mutual promises contained herein, the Parties mutually agree as follows: 

Clause 1 

PURPOSE

1.1. The purpose of this Agreement is to amend the Real Estate Structure Agreement and, consequently, provide for the amendment of the agreements executed pursuant to the Real Estate Structure Agreement with regard to the implementation of the new
real estate structure in view of the modifications set forth below: 

(i) Split of the veto rights deriving from the golden shares issued by RECo. Master owned by CBD and CASINO, as provided in the RECo. Master By- Laws and in the RECo. Master Shareholders’ Agreement. Also insert provisions limitating certain veto rights and excluding other veto rights, in such a manner that the veto rights to which CBD and CASINO are entitled with regard to RECo. Master shall be read as follows: 

	RECo. Master By-Laws 	    Entity 
	veto on the voluntary creation of Liens or transfer by RECo. Master on any of the units of the Fund or on its real estate properties. 
	CBD and CASINO 
	veto on the listing of any of the RECo. Master shares or of other securities of RECo. Master with any stock exchange. 
	CBD and CASINO 
	veto on any indebtedness by RECo. Master in the excess of One Hundred and Twenty Million Reais (R$ 120,000,000.00) per transaction. 
	CBD and CASINO 
	veto on the purchase by RECo. Master of any real estate property in excess of an individual amount equal to One Hundred and Twenty Million Reais (R$ 120,000,000.00). 
	CBD and CASINO 
	veto on the disposal by RECo. Master of any of the units of the Fund or any rights related thereto that may imply in RECo. Master holding less than sixty six point sixty six percent (66.66%) of the totality of the units issued by the Fund, 
	CBD and CASINO 
	veto on any proposition or voting of the Fund providing for the issuance of new units of the Fund. 
	CBD and CASINO 

	RECo. Master Shareholders’ Agreement 	   Entity 
	veto on any change in Articles 2, 3, Paragraphs 3 and 4 of Article 4, Articles 8, 9, 10, 11, 18 and 19 of RECo. Master By-Laws. 
      	CBD and CASINO

 

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	veto on any merger (including merger of shares), spin-off, split, change of corporate form, amalgamation or any other form of restructuring of RECo. Master 
	CBD and CASINO 
	veto on any proposition or voting of the Fund providing for any change in the terms and conditions of the Master Lease Agreement, as well as on any change in the terms and conditions of each of the real estate lease agreements entered into by and between CBD and the Fund, pursuant to the Master Lease Agreement. 
	CASINO 
	veto on any change in the terms and conditions of the Master Lease Agreement, as well as on any change in the terms and conditions of each of the real estate lease agreements entered into by and between CBD and the Fund, pursuant to the Master Lease Agreement, in the event RECo. Master subrogates, totally or partially, in the rights and obligations of the Fund in such agreements. In the event of a change due to the disposal of a real estate, the approval of such change shall not be unreasonably withheld. 
	CASINO 
	veto on any proposition or voting of the Fund providing for the modification of the terms and conditions of the Fund Charter. 
	CBD and CASINO 
	veto on proposition or voting of the Fund providing for the merger, spin-off, split or any other form of restructuring of the Fund. 
	CBD and CASINO 
	veto on the liquidation or dissolution of RECO Master and on the appointment of the liquidator(s). 
	CBD and CASINO
	veto on any proposition or voting of the Fund providing for the dissolution of the Fund, except in the cases set forth in Section XIII and XIV. 
	CBD and CASINO 

(ii) Modification on the corporate purpose of RECo. Master entitling RECo. Master to own only other real estate properties than the units of the Fund, provided that RECo. Master shall always maintain, at least, sixty six point sixty six percent (66.66%) of the totality of the units issued by the Fund, representing at least sixty six point sixty six percent (66.66%) of the total assets of the Fund.

1.2. In view of the modifications proposed in item 1.1 above, the parties have agreed that certain amendments to the documents executed pursuant to the Real Estate Structure Agreement shall be implemented in order to reflect the new conditions set
forth herein, without any adverse effect to the existing real estate structure. 

1.3. Moreover, the parties agree that, besides the abovementioned modifications, some other modifications shall be implemented in each of RECo. Master By-Laws, RECo. Master Shareholders ́ Agreement and Península Real Estate Investment
Fund as described hereinbelow to reflect the modifications and maintain the integrity of all documents

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executed in connection with the implementation of the new real estate structure pursuant to the Real Estate Structure Agreement. 

1.4. The parties agree that the amendments described below shall be implemented within one hundred and eighty (180) days as of the execution of this Agreement. 

Clause 2

AMENDMENTS TO THE RECO MASTER BY-LAWS

2.1. The parties agree that RECo. Master By-Laws shall be amended, as follows, to reflect the new veto rights, new corporate purpose of RECo. Master and further conditions agreed upon by the Parties, as provided in Clause 1 of this Agreement. In
virtue of the above, the following Articles of the RECo Master By-Laws shall be modified as follows: 

“Article 2 – The Company’s sole purpose is to manage its own assets, and holds at least sixty-six point sixty-six percent (66.66%) of the units issued by the Península Real Estate Investment Fund (the “Fund”),
representing, thus, at least, sixty-six point sixty-six percent (66.66%) of the total assets of the Fund. 

Sole Paragraph – The Company shall be entitled to hold, besides the units issued by the Fund as provided in Article 2 above, other real estate properties than the real estate properties that shall be leased to Companhia Brasileira de
DistribuiÇão, a public company organized and existing under the laws of the Federative Republic of Brazil, with registered head office in the city of São Paulo, State of São Paulo, Brazil, at Av. Brigadeiro Faria Lima,
3.142 and enrolled with the Brazilian Corporate Tax Payer File (CNPJ/MF) under No. 47.508.411/0001 -56 (“CBD”). The Company shall not be entitled to have employees except for those employees that might be strictly and reasonably necessary
to manage the units and the real estate properties held by the Company.”

“Article 10 – The Class A Preferred Share shall entitle its holder to the following rights: 

(i) veto on the voluntary creation of Liens or transfer by the Company on any of the units of the Fund or on its real estate properties; 

(ii) veto on the listing of any of the Company’s shares or of other securities of the Company with any stock exchange; 

(iii) veto on any indebtedness by the Company in the excess of One Hundred and Twenty Million Reais (R$ 120,000,000.00) per transaction ; 

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(iv) veto on the purchase by the Company of any real estate property in excess of an individual amount equal to One Hundred and Twenty Million Reais (R$ 120,000,000.00); 

(v) veto on the disposal by the Company of any of the units of the Fund or of any rights related thereto that may imply in the Company detaining less than sixty-six point sixty-six percent (66.66%) of the totality of the units issued by the Fund;

(vi) veto on any proposition or voting of the Fund providing for the issuance of new units of the Fund.” 

“Article 11 – The Class B Preferred Share shall entitle its holder to the following rights: 

(i) veto on the voluntary creation of Liens or transfer by the Company on any of the units of the Fund or on its real estate properties; 

(ii) veto on the listing of any of the Company’s shares or of other securities of the Company with any stock exchange; 

(iii) veto on any indebtedness by the Company in the excess of One Hundred and Twenty Million Reais (R$ 120,000,000.00) per transaction; 

(iv) veto on the purchase by the Company of any real estate property in excess of an individual amount equal to One Hundred and Twenty Million Reais (R$ 120,000,000.00); 

(v) veto on the disposal by the Company of any of the units of the Fund or any rights related thereto that may imply in the Company detaining less than sixty six point sixty six percent (66.66%) of the totality of the units issued by the
Fund;

(vi) veto on any proposition or voting of the Fund providing for the issuance of new units of the Fund.” 

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Clause 3

AMENDMENTS TO THE RECO. MASTER SHAREHOLDERS’ AGREEMENT

3.1. The parties agree that RECo. Master Shareholders’ Agreement shall be amended, as follows, to reflect the new veto rights, new corporate
  purpose of RECo. Master and further conditions agreed upon by the Parties, as provided in Clause 1 of this Agreement. In virtue of the above, the following Articles of the RECo. Master Shareholders’ Agreement shall be modified as follows: 

“8th WHEREAS, the AD Group, CBD and Segisor agreed that, at least, sixty-six point sixty-six percent (66.66%) of the units issued by the Península Real Estate Investment Fund, representing, at least, sixty-six
point sixty-six percent (66.66%) of the totality of the assets of Península Real Estate Investment Fund should be solely held by RECo. Master for the term of this Agreement;” 

“Section 3.1. (iii) RECo. Master shall be a company, having as its main purpose (i) the ownership of, at least, sixty-six point sixty-six percent (66.66%) of the units issued by the Península Real Estate Investment Fund, representing,
at least, sixty-six point sixty-six percent (66.66%) of the totality of the assets of Península Real Estate Investment Fund, (ii) management of its own assets; and (iii) hold other real estate properties with due regard to the following. The
Península Real Estate Investment Fund shall not be used for any other purpose than holding title to the Real Estate Properties to be leased to CBD; provided, however, that RECo. Master shall be allowed to acquire other real estate properties
than the units issued by the Península Real Estate Investment Fund and the Real Estate Properties with due regard to the terms and conditions of this Agreement and the RECo. Master By-Laws. RECo. Master shall also be entitled to invest its
monies in cash-equivalent instruments at its sole discretion.” 

“Section 3.1. (iv) RECo. Master shall be entitled to hold other real estate properties than the Real Estate Properties that shall be leased to CBD. RECo. Master shall not be entitled to have employees except for those employees that might be
strictly and reasonably necessary to manage the units and the real estate properties held by RECo. Master.” 

“Section 3.1. (vii) RECo Master shall always hold, at least, sixty-six point sixty-six percent (66.66%) of the units issued by the Península Real Estate Investment Fund representing, at least, sixty-six point sixty-six percent
(66.66%) of the assets of Península Real Estate Investment Fund.” 

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“Section 5.1. The CBD shall have during the term of this Agreement the Class A Preferred Share, which may be Transferred by CBD at any time only to any of its Affiliates, and which will entitle CBD to the following rights in addition to
those rights provided for in the By-Laws of the Company: 

(i) veto on any change in Articles 2, 3, Paragraphs 3 and 4 of Article 4, Articles 8, 9, 10, 11, 18 and 19 of the RECo. Master By-Laws; 

(ii) veto on any merger (including merger of shares), spin-off, split, change of corporate form, amalgamation or  any other form of restructuring of RECo. Master; 

(iii) veto on any proposition or voting of the Península Real Estate Investment Fund providing for the modification of the terms and conditions of the Península Real Estate Investment Fund Charter; 

(iv) veto on any proposition or voting of the Península Real Estate Investment Fund providing for the merger, spin-off, split or any other form of restructuring of the Península Real Estate Investment Fund; 

(v) veto on the liquidation or dissolution of RECo. Master and on the appointment of the liquidator(s); and 

(vi) veto on any proposition or voting of the Fund providing for the dissolution of the Fund, except in the cases set forth in Section XIII and XIV.” 

“Section 5.2. As long as Segisor shall be a shareholder of the Holding Company, Segisor shall have during the term of this Agreement the Class B Preferred Share, which may be Transferred by Segisor at any time only to any of its Affiliates
and which shall be Transferred by Segisor to the purchaser of the equity participation held by Segisor in the Holding Company, together with all of its rights and obligations. The Class B Preferred Share will entitle its holder to the following
rights in addition to those rights provided in the ByLaws of the Company: 

(i) veto on any change in Articles 2, 3, Paragraphs 3 and 4 of Article 4, Articles 8, 9, 10, 11, 18 and 19 of the RECo Master By-Laws; 

(ii) veto on any merger (including merger of shares), spin-off, split, change of corporate form, amalgamation or  any other form of restructuring of RECo Master; 

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(iii) veto on any proposition or voting of the Península Real Estate Investment Fund providing for any change in the terms and conditions of the Master Lease Agreement, as well as on any change in the terms and conditions of each of the
real estate lease agreements entered into by and between CBD and the Península Real Estate Investment Fund, pursuant to the Master Lease Agreement;

(iv) veto on any change in the terms and conditions of the Master Lease Agreement, as well as on any change in the terms and conditions of each of the real estate lease agreements entered into by and between CBD and the Península Real
Estate Investment Fund, pursuant to the Master Lease Agreement, in the event RECo. Master subrogates, totally or partially, in the rights and obligations of the Península Real Estate Investment Fund in such agreements. In the event of a
change due to the disposal of a real estate, the approval of such change shall not be unreasonably withheld; 

(v) veto on any proposition or voting of the Península Real Estate Investment Fund providing for the modification of the terms and conditions of the Península Real Estate Investment Fund Charter; 

(vi) veto on proposition or voting of the Península Real Estate Investment Fund providing for the merger, spin-off, split or any other form of restructuring of the Península Real Estate Investment Fund; 

(vii) veto on the liquidation or dissolution of RECo. Master and on the appointment of the liquidator(s); and 

(viii) veto on any proposition or voting of the Península Real Estate Investment Fund providing for the dissolution of the Península Real Estate Investment Fund, except in the cases set forth in Section XIII and XIV.” 

3.2. Further to the above, the RECo. Master By-Laws and the Real Estate Investment Fund Charter attached to the RECo. Master Shareholders’ Agreement shall be substituted in order to reflect the modifications set forth herein for each of these
relevant documents in accordance with the terms and conditions set forth herein in this Agreement. 

Clause 4 

AMENDMENTS TO THE FUND CHARTER 

4.1. The parties agree that the Fund Charter shall be amended, as follows, to reflect the new conditions agreed upon by the Parties, as provided for in Clause 1 of this Agreement.

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In virtue of the above, the following Articles of the Fund Charter shall be modified as follows: 

“Article 2 - Paragraph 1 – The FUND is allowed to assign to third parties the revenues  arising out of the lease of the real estate acquired from CBD and leased to CBD, including occasional penalties and/or indemnification owed by CBD
pursuant to the terms and conditions of the relevant lease agreements to be executed pursuant to the terms and conditions of the drafts to be approved by Quotaholders holding, at least, sixty-six point sixty-six percent (66.66%) of all Quotas issued
by the FUND as provided in item I of Article 3 below;” 

Article 3 – I – The policy of the FUND is to make long-term real estate investments through the acquisition of certain sixty (60) real estate owned by CBD and obtain revenues from such real estate by leasing such real estate exclusively
to CBD or to a company of its economic group, pursuant to the terms and conditions of the relevant lease agreements to be approved by resolution of the Quotaholder’s Meeting by Quotaholders holding, at least, sixty-six point sixty-six percent
(66.66%) of all Quotas issued by the FUND (“Lease Agreements”) as provided in Article 13 below;” 

“Article 3 – Sole Paragraph – The subject-matter and the policy of investments of the FUND may only be amended by resolution of the Quotaholders’ Meeting with the votes of Quotaholders holding, at least, sixty-six point sixty
six percent (66.66%) of all Quotas issued by the FUND, according to the rules set forth herein.” 

“Article 10 - The FUND may, after the end of the process of distribution of the first issuance authorized in Article 8 hereof and after CVM authorization is obtained, make new issuances of Quotas with a prior approval of
the Quotaholders’ Meeting with the votes of Quotaholders holding, at least, sixty-six point sixty-six percent (66.66%) of all Quotas issued by the FUND, provided that:” 

Article 10 – I – The value of each new quota shall be approved byQuotaholders holding, at least, sixty-six point sixty-six percent (66.66%) of all Quotas issued by the FUND at a Quotaholders’ Meeting and shall be fixed preferably,
considering (i) the equity value of the Quotas, represented by the quotient between the amount of the adjusted owners’ equity value of the FUND and the number of Quotas issued; (ii) the prospects of profitability of the FUND; (iii) or, also,
the market value of the Quotas already issued;” 

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“Article 13 - The FUND shall maintain individual lease agreements for each real estate property acquired from CBD and to be leased to CBD, or to a company that belongs to its economic group, pursuant to the terms and conditions of a certain
template lease agreement (“Template Lease Agreement”), all such lease agreements to be executed by the FUND with CBD and subject to the general terms and conditions of a master lease agreement (“Master Lease Agreement”), both the
Template Lease Agreement and the Master Lease Agreement to be approved by resolution of the Quotaholders’ Meeting with the votes of Quotaholders holding, at least, sixty-six point sixty six percent (66.66%) of all Quotas issued by the FUND, as
provided in paragraph 4 below.  The rules common to all others lease agreements to be executed pursuant to the Template Lease Agreement and subject to the general terms and conditions of the “Master Lease Agreement” do not apply to the
occasional lease of the Property described and specified in Paragraphs 2 and 3 of Article 2 hereof.” 

Article 13 – Paragraph 2 – The lease agreements to be executed with CBD and approved by resolution of quotaholders holding, at least, sixty-six point sixty six percent (66.66%) of all Quotas issued by the FUND at a Quotaholders’
Meeting as provided in paragraph 4 below, shall provide that CBD shall bear all taxes (taxes, fees, and quasi-taxes of any nature), including the Urban Land Tax (“IPTU”), which applies or may be applied to the leased properties, and also
that CBD shall be responsible for keeping during the legal term the receipts of such payments. Such lease agreements shall also provide that CBD, as lessee of the real estate properties of the FUND (other than the Property) shall also be liable for
payment of any and all expenses and charges in connection with the use of the referred properties, such as water, electricity, sewerage, among others.”

“Article 13 – Paragraph 4 – The drafts of the Master Lease Agreement and the Template Lease Agreement shall be approved by resolution of the quotaholders of the FUND holding, at least, sixty-six point sixty six percent (66.66%) of
all quotas issued by the FUND at a Quotaholders’ Meeting. The execution of the relevant Master Lease Agreement and the individual lease agreements between the FUND and CBD shall comply with all terms and conditions of such drafts. Any action or
operation entered by the MANAGING INSTITUTION in disregard to such resolution of the Quotaholders’ Meeting shall be considered null and void as provided in the sole paragraph of Article 18 below.” 

“Article 20 - Paragraph 2 - The Quotaholders Meeting that removes the MANAGING INSTITUTION shall, at the same time, elect, by resolution of the Quotaholders of the FUND holding, at least, sixty-six point sixty six percent (66.66%) of all
quotas issued by the FUND, its substitute, even if to proceed

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with the dissolution and liquidation of the FUND, under the terms of this Charter;” 

“Article 24 - The Quotaholders Meeting shall be instituted, on first call, with the presence of Quotaholders holding at least, sixty-six point sixty six percent (66.66%) of all quotas issued by the FUND and, on second call, with any number,
with due regard to the necessity of qualified quorum as provided in Article 25.” 

“Article 25 – Paragraph 1 – It shall depend on the approval of Quotaholders holding, at least, sixty-six point sixty-six percent (66.66%) of all quotas issued by the FUND (qualified forum), the resolutions on matters provided in
items II [please refer to the original document], IV, sub-items (a), (b), (c) and (d), VII, sub-items (a), (b) and (c) and VIII of Article 21 of this Charter.” 

 “Article 28 – In addition to comply with the quorum of quotaholders holding, at least, sixty-six point sixty-six percent (66.66%) of all quotas issued by the FUND set forth in Paragraph 1 of Article 25, the resolutions of the
Quotaholders’ Meeting concerning the dissolution, liquidation or amortization of quotas of the FUND shall comply with the other conditions set forth herein and in applicable law.” 

4.2. The amendments provided for herein above shall be subject to approval of a Quotaholders’ meeting to be called by Ourinvest and RECO Master within one hundred and twenty (120) days as of the date of execution of this Agreement pursuant to
the terms of the Península Real Estate Fund Charter in such a manner that the amendment are duly approved and in force within the term set forth in Section 1.4. above. 

Clause 5

AMENDMENTS TO ADDITIONAL DOCUMENTS

RELATED TO THE REAL ESTATE STRUCTURE

5.1. The parties agree that the exhibits of the additional documents related to the real estate structure corresponding to the changes made to the RECo. Master By-Laws, RECo. Master Shareholders’ Agreement and Fund Charter shall be modified
accordingly whenever necessary in order to reflect the new terms and conditions set forth herein. 

5.2. Further to the above, all parties herein agree and consent to the implementation and execution of the amendments set forth herein and shall present its formal consent whenever necessary by contractual or legal requirement. 

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Clause 6

MISCELLANEOUS

6.1. The parties hereby represent and warrant that the implementation of the amendments set forth herein does not affect or modify their representations and warranties, and indemnification obligations set forth in the Real Estate Structure
Agreement, including, but not limited to the representations, warranties and jointly and severally indemnification provided by Zabaleta, AD and AD Group pursuant to Clauses 4.1.1. , 4.1.2, 4.2. , 4.2.1. , 4.2.2. and 4.2.3. of the Real Estate Structure Agreement.

6.2.  The parties hereby agree that the terms and conditions provided in this Agreementshall be effective, valid and binding upon the Parties as of the date hereof. The Parties agree that each of the amendments to the agreements as listed in Section 1.1. above shall become enforceable against third parties as of the date of their
execution. 

6.3. All other terms and conditions of the Real Estate Structure Agreement and its related documents not expressly modified by this Agreement shall remain in full force and effect. 

IN WITNESS WHEREOF, the Parties and the Intervening Parties have duly executed this Agreement in three (3) counterparts, as of the day and year first above written. 

	 	ZABALETA PARTICIPAÇÕES LTDA. 
	 	 
	 	 
	 	By:_______________________________________________

	 	Name: Abilio dos Santos Diniz 
	 	Title: Executive Officer
	 	 
	 	 
	 	COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 
	 	 
	 	 
	 	By:_______________________________________________
	 	Name:
	 	Title:
	 	 
	 	 
	 	RIO PLATE EMPREENDIMENTOS E PARTICIPAÇÕES LTDA.
	 	 
	 	 
	 	By:_______________________________________________
	 	Name: Abílio dos Santos Diniz
	 	Title: Executive Officer

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	 	and, as Intervening Parties;
	 	 
	 	_________________________________________
	 	ABILIO DOS SANTOS DINIZ
	 	 
	 	CASINO GUICHARD PERRACHON
	 	 
	 	 
	 	By:_______________________________________
	 	Name:
	 	Title:
	 	 
	 	 
	 	AD PENÍNSULA EMPREENDIMENTOS E PARTICIPAÇÕES LTDA.
	 	 
	 	 
	 	By:____________________________________________________
	 	Name: Abilio dos Santos Diniz
	 	Title: Executive Officer
	 	 
	 	 
	 	PENÍNSULA PARTICIPAÇÕES LTDA. 
	 	 
	 	 
	 	By: ____________________________________________________
	 	Name: Abilio dos Santos Diniz
	 	Title: Executive Officer 
	 	 
	 	 
	 	________________________________________________________
	 	ANA MARIA FALLEIROS DOS SANTOS DINIZ D ́AVILA 
	 	 
	 	________________________________________________________
	 	ADRIANA FALLEIROS DOS SANTOS DINIZ
	 	 
	 	________________________________________________________
	 	JOÃO PAULO FALLEIROS DOS SANTOS DINIZ
	 	 
	 	________________________________________________________
	 	PEDRO PAULO FALLEIROS DOS SANTOS DINIZ

 

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	 	BANCO OURINVEST S.A. 
	 	 
	 	 
	 	By:_______________________________________
	 	Name:
	 	Title:
	 	 
	 	 
	 	BRAZILIAN SECURITIES COMPANHIA DE SECURITIZAÇÃO
	 	 
	 	 
	 	By:_______________________________________
	 	Name:
	 	Title:

		
	Witnesses: 	 
	 	 
	_______________________________________	_______________________________________
	Name: 	Name: 
	Id.: 	Id.: 

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