call 1 q12

1Q12 Earnings Release Call

April 2012

Net Revenues

1Q11 1Q12

179,083

243,565

Net Revenues Growth (R$ thousand)

36.0%

14.4%

8.2%

3.6%

0.3% 0.3%59.2%

5.3%8.6%

73.2%

Gross Revenues Breakdown 1Q12Parking

Services

Key Money

Others

Transfer Fee

Base Rent

Overage Rent

Mall & Merchandising

2

Net revenue grew by 36.0% in 1Q12 totaling R$243.6 million

NOI

Real Same-property

NOI increased by

10.7% over 1Q11

1Q11 1Q12

158,635

217,765

NOI growth (R$ thousand)

37.3%

1Q11 1Q12

150,128

172,353

Same Mall NOI Growth (R$ thousand)

14.8%

3

NOI totaled R$217.8 million in 1Q12 reaching a NOI margin of 90.5%

EBITDA and FFO

1Q11 1Q12

140,602

203,114

Adjusted EBITDA Growth (R$ thousand)

44.5%

1Q11 1Q12

56,433

90,224

AFFO Growth (R$ thousand)

59.9%

4

Adjusted EBITDA and AFFO increased 44.5% and 59.9%, respectively

Rents and Sales

SSS and SSR continue to increase at a strong pace

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

12.3% 12.0%9.9%

8.8% 8.6% 8.0%

10.1% 10.1% 9.7%

14.2% 14.3%15.2%

11.3%

SSR (%)

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

3.5%

6.4%5.1%

11.0%

16.2%

13.2%

16.6%

11.8%

8.7%10.0%

8.3% 8.8% 9.1%

SSS (%)

5

Same Store Rent (%)

IGP-M (%)

Operational Highlights

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

18.3%

22.3%22.5%

27.7% 28.1% 27.4%29.8%

27.3%24.9%

Renewals Leasing Spread (%)

6

Renewals Leasing Spread surpassed 20% for the eigth consecutive quarter

Acquisitions

Projected NOI 1Q12 Actual NOI 1Q12

101,312

129,932

NOI of Acquisitions (R$ thousand)

28.2%

7

We invested a total of R$88.3 million in acquisitions

Subsequent Acquisition – Rio Anil Shopping

Rio Anil Shopping

•The mall was opened two years ago, on April 2010.

•R$13,4 million in stabilized NOI to BRMALLS; • We acquired a 50% stake in the future expansion of Rio Anil. With the expansion, the mall should add 5.9 thousand m² in owned GLA to our portfolio;

• This is our 2nd mall in the state of Maranhão and our 6th in the Northeast region, strengthening even more our presence in the region.

• With the transitioning of the malls’ best practices to BRMALLS standard, the mall will present substantial improvements in leasing, qualifying the mix and reducing vacancy.

Rio Anil Shopping:

Total GLA: 26,292 m²

Owned GLA: 13,146 m²

Number of stores: 128

IRR (real and unleveraged): 13.1%

Owned NOI (1st year): R$10.9 million

8

Sale of Stake – Shopping Pantanal

Shopping Pantanal

• We sold our 10% stake in Pantanal Shopping, on March 30, for R$45 million.

• This stake was acquired in 2007 for R$10.5 million.

•During the last years we received R$10.0 million in nominal cash flow.

•The sale represented a 5.2x multiple on invested capital and an IRR, real and unleveraged, of 36.3%.

9

Subsequent Opening –Shopping Recife Expansion

Shopping Recife Expansion

• The expansion opened on April 19, on schedule and on budget.

•Stabilized NOI of R$4,8 milhões to BRMALLS;

•The project opened with 100.0% of its GLA leased.

•Highest sales/m² in our portfolio in this quarter

•0.5% net late payments throughout 2011.

• 100% occupancy for the current mall throughout 2011.

Shopping Recife Expansion:

Total GLA: 7,548.0 m²

Owned GLA: 2,324.8 m²

Number of stores in the expansion: 56

Parkings spaces: 523

BRMALLS stabilized NOI: R$4.8 million

IRR (real and unlevered): 29.7%

Cash on Cash (real and unleveraged): 37.3%

Opening date: April 19, 2012

10

Greenfield Projects

Shopping Estação BH

•Total GLA (m²): 33,982

•Owned GLA (m²): 20,389

• % construction completion: 94.5%

• Leasing status: 97.1%

•IRR (real and unleveraged): 19.3%

•Opening date: 2Q12

São Bernardo

•Total GLA (m²): 42,914

•Owned GLA (m²): 25,748

•% construction completion: 53.0%

•Leasing status: 77.7%



11

Greenfield Projects

Shopping Londrina Norte

•Total GLA (m²): 32,337

•Owned GLA (m²): 22,636





Catuaí Shopping Cascavel

•Total GLA(m²): 27,645

•Owned GLA (m²): 18,771





12

Greenfield Projects

Shopping Contagem

•Total GLA (m²): 33,702

•Owned GLA (m²): 23,591





Shopping Vila Velha

•Total GLA (m²): 67,676

•Owned GLA (m²): 34,381





13

Greenfield Project - Guarujá

Guarujá Plaza Shopping:

• Guarujá Plaza Shopping will be opened in two phases: the first, with 25.2 thousand m² and the second 4.7 thousand m² of GLA.

• The date for the inauguration of the first phase of the project will be between 4Q13 and 2Q14, the second phase will open two years after the first.

• When opened, the mall will be the 13th of BRMALLS in the state of São Paulo.

• Guarujá Plaza Shopping raises our total number of greenfield projects to seven.

Guarujá Plaza Shopping:

Initial Total GLA: 25,187 m²

Initial Owned GLA: 16,372 m²

Ownership interest: 65.0%

Stores: 134

Parking spaces (1st phase): 1,500

NOI BRMLLS 1st year: R$15.3 million

NOI BRMALLS stabilized*: R$20.0 million

IRR (real and unleveraged)*: 16.4%

Opening date: 4Q13-2Q14

*Considers the 2nd phase

14

Greenfield and Expansions

15

Current Owned GLA

Owned GLA -Expansions

Owned GLA -Developments

Total Owned GLA

804,736

1,005,651

35,966

164,948

Owned GLA with Developments

We will be the first Brazilian mall company to surpass 1 million m² of owned GLA with our

development projects

Cash and Debt Position

16

Cash Position Gross Debt Net Debt

619.1

(3,372.0) (2,752.8)

Cash Position and Net Debt (R$ million)

+37.0% vs 4Q11

5.2% vs 4Q11 +0.0% vs 4Q11

We ended the quarter with a cash position of R$619.1 million

Capital Structure

Long-term and diversified debt profile with an average duration of 12 years

17

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 onwards

129

271 280

374354

260291 281

10989 79

855

Debt Amortization Schedule (R$ million)

Capital Markets

BRMALLS was up 31.3% in the quarter, surpassing the 13.7% increase of Ibovespa

95,00

100,00

105,00

110,00

115,00

120,00

125,00

130,00

135,00

jan/12 fev/12 mar/12

IBOV Index BRML3 BZ Equity

18

call 1 q12

Business

guaruj plaza shopping

stabilized noi

total gla

owned gla

0 leasing status

expansion

mall

brmalls