Download - Conference Call 3Q11

3Q11 Earnings

Net Revenues

In 3Q11, Net Revenues totaled R$219.3 million, a 67.3 % increase over 3Q10

2

Overage Rent

Mall & Merchandising

Base Rent

Parking

Services

Key Money

Others

Transfer Fee

14.0%

8.1%4.3%

0.4% 1.0% 55.8%

7.1%9.3%

72.1%

Gross Revenues Breakdown 3Q11

ParkingServicesKey MoneyOthersTransfer FeeBase RentOverage RentMall & Merchandising Rent

3Q10 3Q11 9M10 9M11

131,121

219,333

360,495

597,833

Net Revenues Growth (R$ thousand)

65.8%

67.3%

NOI

NOI reached R$196.4 million in the quarter, a 66.4% in crease over 3Q10.

3

3Q10 3Q11 9M10 9M11

117,980196,370

320,323

530,844

NOI growth (R$ thousand)

66.4%

65.7%

3Q10 3Q11 9M10 9M11

116,994140,872

305,804

375,219

Same Mall NOI Growth (R$ thousand)

20.4%

22.7%

EBITDA and FFO

We ended the quarter with an adjusted EBITDA of R$175.5 mil lion, a 70.8% increase.

4

3Q10 3Q11 9M10 9M11

102,734

175,487

292,749

476,555

Adjusted EBITDA Growth (R$ thousand)

70.8%

62.8%

3Q10 3Q11 9M10 9M11

73,89993,466

215,102235,485

Adjusted FFO Growth (R$ thousand)

9.5%

26.5%

Net Income

Excluding the negative impact of R$113.0 million of foreign exchange variation and the non-cash effects, net income totaled R$92.0 million, up 29.1 % on 3Q10.

5

3Q10 3Q11 9M10 9M11

71,26792,030

162,154

264,770

Adjusted Net Income Growth (R$ thousand)

76.2%

29.1%

3Q10 3Q11 9M10 9M11

89,990

9,328

205,850181,946

Net Income Growth (R$ thousand)

-11.6%

-89.6%

Record SSR of 14.3%, while SSS went up 8.3% in the quarter, showing a healthy performance of our tenants, however impacted by a higher SSS base in 3Q10 of 16.6%.

Rent and Sales Performance

6

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

9.5%

12.4%13.4%

12.3% 12.0%

9.9%8.8% 8.6% 8.0%

10.1% 10.1% 9.7%

14.2%14.3%

SSR (%)

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

10.8%12.7%

8.8%

3.5%

6.4%5.1%

11.0%

16.2%

13.2%

16.6%

11.8%

8.7%10.0%

8.3%

SSS (%)

3Q07 3Q08 3Q09 3Q10 3Q11

94.0%

96.8%97.3%

98.5%97.6%

Occupancy (%)

Operating Highlights

7

Renewals Leasing Spread reached 29.8%, exceeding 20% f or the 6th consecutive quarter.

98.2% excludingthe malls that were acquired or opened in the last 12 months

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

8.1%

14.7%18.3%

22.3% 22.5%

27.7% 28.1% 27.4%29.8%

Renewals Leasing Spread (%)

Acquisitions

8

We concluded in 3Q11 the increase in ownership in o ne mall and the acquisition of a portfolio with two malls in operation.

Projected NOI 3Q11

Actual NOI 3Q11

Projected NOI 9M11

Actual NOI 9M11

93,914112,907

242,094 298,294

NOI of Acquisitions (R$ thousand)

23.2%

20.2%

Catuaí Shopping Maringá

Catuaí Shopping Londrina

Shopping Piracicaba

Total

32,329

63,089

681

96,099

Owned GLA from Acquisitions on 3Q11 (m²)

Acquisitions – Catuaí Portfolio

9* Portfolio composed of two existing malls (Catuaí Shopping Londrina and Catuaí Shopping Maringá) and two greenfield projects (Londrina Norte Shopping and Catuaí Shopping Cascavel)

In 3Q11 BRMALLS acquired a portfolio of four malls* in the sta te of Paraná, which will add 106.9thousand m² of owned GLA and will generate a stabilized NOI of a pproximately R$95.0 million.

NOI 9M11 annualized

Catuaí stabilized NOI

Total

707.8

802.895.0

Catuaí Portfolio - Increase in NOI (R$ millions)

13.4%

Current owned GLA

Catuaí portfolio owned GLA

Total

738,498845,389106,892

Catuaí portfolio aquisition- GLA increase (m²)

14.5%

Acquisitions – Analysis of Acquisitions

10

Our acquisitions announced up to the end of 2009 of managed malls presented a consolidated IRR of 18.1%, real and unleveraged.

Amazonas Tamboré Araguaia ABC¹ Estação Villa-lobos² Piracicaba Curitiba Plaza Niterói

Ilha Plaza

Fashion Mall

Rio Plaza

West Center Campinas Metro Sta Cruz

13.5%12.0%

16.9%

9.9%

14.5%13.1%

15.0%

19.6%

9.9%

17.7%

12.5%

18.5%

13.1% 13.4%16.1%

14.2%15.2%

12.2%

37.1%

16.7%21.1%

16.4%

26.9%

33.4%

23.3% 22.8%

6.4%

19.5%

11.0%

17.3%

27.4%

16.2%

Initial IRR Revised IRR

+1,7%+0,2%

+20,2%

+6,8%+6,6%

+3,3%

+11,9%

+13,8%

+13,4% +5,1%

-6,1%

+1,0%

+2,1%

+3,9%

+11,3%

+2,0%+1.7%+0.2%

+20.2%

+6.8%+6.6%

+3.3%

+11.9%

+13.8%

+13.4% +5.1%

-6.1%

+1.0%

+2.1%

+3.9%

+11.3%

+2.0%

AverageRevised IRR: 18,1%

AverageInitial IRR:13,0%

¹To calculate the IRR for ABC we disconsidered service revenue²To calculate the IRR of Villa-Lobos we considered only 12% of NOI, a stake acquired in 2007

Greenfield Projects – Mooca Plaza Shopping

Mooca Plaza Shopping

•opening in the November 29th of 2011;

•stabilized NOI of R$35.6 million ;

•100% of the GLA already leased ;

•Total GLA (m²): 41,964

•Owned GLA (m²): 25,178

•BRMALLS Stabilized NOI: R$35.6 million

•IRR: 16.1% (real and unleveraged)

11

Greenfield Projects – Other Developments

12

Shopping Estação BH

•Total GLA (m²): 37,051

•Owned GLA (m²): 22,230

• % Developed: 70.1%

• Leasing Status: 82.3%

•IRR (real and unleveraged): 20.5%

•Opening: 2Q12

São Bernardo

•Total GLA (m²): 42,885

•Owned GLA (m²): 25,731

•% Developed: 26.0%

•Leasing Status: 52.7%


•Opening: 4Q12

Greenfield Projects – Announced on 3Q11

Shopping Londrina Norte

•Total GLA (m²): 32,601

•Owned GLA (m²): 22,820




•Opening: 4Q12

Catuaí Shopping Cascavel

•Total GLA (m²): 31,080

•Owned GLA (m²): 21,103




•Opening: 4Q13

13

Shopping Vila Velha

•Total GLA (m²): 64,238

•Owned GLA (m²): 32,119




•Opening: 4Q13

Shopping Contagem

•Total GLA (m²): 35,000

•Owned GLA (m²): 24,500




•Opening: 4Q13

Current Owned GLA

Owned GLA -Developments

Total Owned GLA

738,498

911,670173,172

Owned GLA with Developments

Greenfield Projects – Announced on 3Q11

14

2008 2009 2010 2011YTD 2011 pipeline 2012 2013 onwards Total

23.5 46.329.2

42.0112.5

383.128.2

18.815.1

5.4

12.7

65.0

145.2

Greenfields Expansions

Summary of Greenfield & Expansion pipeline

We expect our projects under development to add 367 .1k m² of total GLA by 2014.

15

Total GLA of Greenfield and Expansions Projects ('000 m² )

Pipeline (Total GLA) 367.1 Increase of27% in Total GLA and 29% in Owned GLA

Already developed (Total GLA) 161.2

Pipeline (Owned GLA) 213.3Already developed (Owned GLA) 86.3

Cash and Debt Position

16

BRMALLS ended 3Q11 with a cash position of R$765.9 million.

Cash Position Gross Debt Net Debt

765.9

(2,844.4) (2,078.4)

Cash Position and Net Debt (R$ million)

+39.0% vs 2Q11

7.7% vs 2Q11 +50.0% vs 2Q11

Debt Profile

17

Long-term and diversified debt profile with an aver age duration of 14 years

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 onwards

40

135

259 270 262 262

171 165 156107 89 76

853Debt Amortization Schedule (R$ million)

Capital Markets

18

In the quarter BRMALLS joined the portfolio indices Ibovespa, IBrX-50 e ICO2.

• First mall company to join the three indices:

• Ibovespa : entered with a weight of 0.799%

• IBrX-50 : entered with a weight of 1.091%

• ICO2: entered with a weight of 1.007%

3T10 3T11

28.7

40.5

Average Daily Trading Volume (R$ millions)

41.1%

3T10 3T11

1,591.0

6,085.0

Daily Number of Trades (R$ millions)

282.5%

Download - Conference Call 3Q11

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