Fundamentals Spreadsheet

7/27/2019 Fundamentals Spreadsheet

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Operating Shoppings Portfolio Mar-06 Jun-06Total GLA State 1Q06 2Q06

BHShopping MG 35,450 m 35,450 mRibeiroShopping SP 39,130 m 39,130 mBarraShopping RJ 69,138 m 69,355 mMorumbiShopping SP 49,670 m 49,665 mParkShopping DF 39,276 m 39,276 mDiamondMall MG 20,757 m 20,757 mNew York City Center RJ 22,067 m 22,067 mShopping AnliaFranco SP 39,310 m 39,310 mParkShoppingBarigi PR 39,022 m 39,022 mPtio Savassi MG 0 m 0 mShopping Santa rsula SP 0 m 0 mBarraShoppingSul RS 14,400 m 14,400 mShopping VilaOlmpia SP 0 m 0 mParkShoppingSoCaetano SPJundiaShopping SP

ParkShoppingCampoGrande RJVillageMall RJ#REF! 368,220 m 368,432 m

Multiplan Interest RJ 1Q06 2Q06BHShopping MG 80.0% 80.0%RibeiroShopping SP 56.2% 56.2%BarraShopping RJ 51.1% 51.1%MorumbiShopping SP 51.7% 51.7%ParkShopping DF 60.0% 60.0%DiamondMall MG 45.0% 45.0%New York City Center RJ 50.0% 50.0%Shopping AnliaFranco SP 30.0% 30.0%ParkShoppingBarigi PR 90.0% 90.0%Ptio Savassi MG 0.0% 0.0%Shopping Santa rsula SP 0.0% 0.0%BarraShoppingSul RS 50.0% 50.0%Shopping VilaOlmpia SP 0.0% 0.0%ParkShoppingSoCaetano SPJundiaShopping SPParkShoppingCampoGrande RJ

VillageMall RJ#REF! 56.9% 56.9%

Owned GLA State 1Q06 2Q06BHShopping MG 28,360 m 28,360 mRibeiroShopping SP 21,979 m 21,979 mBarraShopping RJ 35,308 m 35,419 mMorumbiShopping SP 25,683 m 25,680 mParkShopping DF 23,559 m 23,559 mDiamondMall MG 9,341 m 9,341 m

New York City Center RJ 11,034 m 11,034 mShopping AnliaFranco SP 11,793 m 11,793 mParkShoppingBarigi PR 35,119 m 35,119 mPtio Savassi MG 0 m 0 mShopping Santa rsula SP 0 m 0 mBarraShoppingSul RS 7,200 m 7,200 mShopping VilaOlmpia SP 0 m 0 mParkShoppingSoCaetano SPJundiaShopping SPParkShoppingCampoGrande RJ


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VillageMall RJNew York City Center 209,376 m 209,484 m

Total GLA (avg.) State 1Q06 2Q06BHShopping MG 35,450 m 35,450 mRibeiroShopping SP 39,295 m 39,130 mBarraShopping RJ 69,138 m 69,280 mMorumbiShopping SP 49,670 m 49,656 mParkShopping DF 39,297 m 39,276 mDiamondMall MG 20,757 m 20,757 mNew York City Center RJ 22,067 m 22,067 mShopping AnliaFranco SP 39,310 m 39,310 mParkShoppingBarigi PR 39,028 m 39,022 mPtio Savassi MG 0 m 0 mShopping Santa rsula SP 0 m 0 mBarraShoppingSul RS 0 m 0 mShopping VilaOlmpia SP 0 m 0 mParkShoppingSoCaetano SPJundiaShopping SPParkShoppingCampoGrande RJ

VillageMall RJNew York City Center 354,013 m 353,948 m

Owned GLA (avg.) State 1Q06 2Q06BHShopping MG 28,360 m 28,360 mRibeiroShopping SP 22,072 m 21,979 mBarraShopping RJ 35,308 m 35,381 mMorumbiShopping SP 25,683 m 25,676 mParkShopping DF 23,571 m 23,559 mDiamondMall MG 9,341 m 9,341 mNew York City Center RJ 11,034 m 11,034 mShopping AnliaFranco SP 11,793 m 11,793 mParkShoppingBarigi PR 35,125 m 35,119 mPtio Savassi MG 0 m 0 mShopping Santarsula SP 0 m 0 mBarraShoppingSul RS 0 m 0 mShopping VilaOlmpia SP 0 m 0 mParkShoppingSoCaetano SP

JundiaShopping SPParkShoppingCampoGrande RJVillageMall RJNew York City Center 202,287 m 202,241 m

Average Occupancy Rate State 1Q06 2Q06BHShopping MG 96.5% 95.8%RibeiroShopping SP 98.5% 98.2%BarraShopping RJ 98.5% 98.2%MorumbiShopping SP 93.1% 95.8%ParkShopping DF 93.7% 93.9%DiamondMall MG 94.1% 94.9%New York City Center RJ 98.7% 98.7%Shopping AnliaFranco SP 94.6% 94.6%ParkShoppingBarigi PR 88.2% 96.1%Ptio Savassi MG 0.0% 0.0%Shopping Santa rsula SP 0.0% 0.0%BarraShoppingSul RS 0.0% 0.0%Shopping VilaOlmpia SP 0.0% 0.0%ParkShoppingSoCaetano SPJundiaShopping SPParkShoppingCampoGrande RJ

VillageMall RJNew York City Center 95.2% 96.3%


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4/209

Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-083Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08

35,450 m 35,450 m 35,450 m 35,450 m 35,450 m 35,450 m 34,739 m39,130 m 39,130 m 39,130 m 39,130 m 39,188 m 39,188 m 39,188 m69,312 m 69,312 m 69,312 m 69,316 m 69,825 m 69,825 m 69,829 m49,774 m 54,987 m 54,967 m 54,967 m 54,999 m 54,999 m 54,958 m39,276 m 39,276 m 39,276 m 39,293 m 39,293 m 39,293 m 39,775 m20,757 m 20,757 m 20,757 m 20,757 m 20,806 m 20,806 m 20,806 m22,067 m 22,067 m 22,067 m 22,068 m 22,068 m 22,068 m 22,068 m39,310 m 39,310 m 39,310 m 39,310 m 39,310 m 39,310 m 39,310 m38,793 m 38,791 m 38,794 m 41,389 m 41,395 m 41,395 m 41,405 m

0 m 0 m 0 m 17,534 m 15,545 m 15,545 m 15,538 m0 m 0 m 0 m 0 m 0 m 0 m 0 m

14,400 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m0 m 0 m 0 m 0 m 0 m 0 m 0 m

368,269 m 373,480 m 373,464 m 393,615 m 392,279 m 392,279 m 392,015 m

3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q0880.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0%56.2% 56.2% 76.2% 76.2% 76.2% 76.2% 76.2%51.1% 51.1% 51.1% 51.1% 51.1% 51.1% 51.1%51.7% 56.3% 56.3% 56.3% 56.3% 65.8% 65.8%60.0% 60.0% 60.0% 60.0% 60.0% 60.0% 60.0%45.0% 45.0% 90.0% 90.0% 90.0% 90.0% 90.0%50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%90.0% 90.0% 90.0% 90.0% 84.0% 84.0% 84.0%0.0% 0.0% 0.0% 83.8% 83.8% 83.8% 83.8%0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 37.5%

50.0% 50.0% 100.0% 100.0% 100.0% 100.0% 100.0%0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

56.8% 57.4% 64.0% 65.0% 64.3% 65.6% 65.6%

3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q0828,360 m 28,360 m 28,360 m 28,360 m 28,360 m 28,360 m 27,791 m21,979 m 21,979 m 29,805 m 29,805 m 29,850 m 29,850 m 29,850 m35,397 m 35,397 m 35,397 m 35,399 m 35,659 m 35,659 m 35,661 m25,736 m 30,951 m 30,940 m 30,940 m 30,958 m 36,179 m 36,152 m23,559 m 23,559 m 23,559 m 23,569 m 23,569 m 23,569 m 23,856 m9,341 m 9,341 m 18,681 m 18,681 m 18,725 m 18,725 m 18,725 m

11,034 m 11,034 m 11,034 m 11,034 m 11,034 m 11,034 m 11,034 m11,793 m 11,793 m 11,793 m 11,793 m 11,793 m 11,793 m 11,793 m34,913 m 34,912 m 34,915 m 37,250 m 34,772 m 34,772 m 34,780 m

0 m 0 m 0 m 14,695 m 13,028 m 13,028 m 13,022 m0 m 0 m 0 m 0 m 0 m 0 m 0 m

7,200 m 7,200 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m0 m 0 m 0 m 0 m 0 m 0 m 0 m


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209,312 m 214,525 m 238,883 m 255,927 m 252,147 m 257,369 m 257,063 m

3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q0835,450 m 35,450 m 35,450 m 35,450 m 35,450 m 35,450 m 35,219 m39,130 m 39,130 m 39,130 m 39,130 m 39,130 m 39,188 m 39,188 m69,326 m 69,312 m 69,312 m 69,313 m 69,653 m 69,826 m 69,829 m49,697 m 53,578 m 54,979 m 54,967 m 54,988 m 54,999 m 54,985 m39,276 m 39,276 m 39,276 m 39,288 m 39,293 m 39,295 m 39,453 m20,757 m 20,757 m 20,757 m 20,757 m 20,757 m 20,806 m 20,806 m22,067 m 22,067 m 22,067 m 22,068 m 22,068 m 22,068 m 22,248 m39,310 m 39,310 m 39,310 m 39,310 m 39,310 m 39,310 m 39,310 m38,945 m 38,791 m 38,792 m 41,389 m 41,393 m 41,397 m 41,404 m

0 m 0 m 15,545 m 15,545 m 15,545 m 15,545 m 15,540 m0 m 0 m 0 m 0 m 0 m 0 m 0 m0 m 0 m 0 m 0 m 0 m 0 m 0 m0 m 0 m 0 m 0 m 0 m 0 m 0 m

353,959 m 357,671 m 374,618 m 377,217 m 377,588 m 377,884 m 377,981 m


11,034 m 11,034 m 11,034 m 11,034 m 11,034 m 11,034 m 11,124 m11,793 m 11,793 m 11,793 m 11,793 m 11,793 m 11,793 m 11,793 m35,051 m 34,912 m 34,913 m 37,250 m 34,770 m 34,774 m 34,779 m

0 m 0 m 0 m 13,028 m 13,028 m 13,028 m 13,023 m0 m 0 m 0 m 0 m 0 m 0 m 0 m0 m 0 m 0 m 0 m 0 m 0 m 0 m0 m 0 m 0 m 0 m 0 m 0 m 0 m

202,217 m 206,532 m 224,488 m 239,855 m 237,563 m 242,972 m 242,963 m

3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q0896.1% 96.5% 96.3% 94.9% 93.9% 92.6% 94.7%98.6% 99.6% 99.5% 98.8% 98.8% 98.4% 97.9%98.0% 97.4% 97.3% 97.7% 97.6% 95.6% 97.5%92.9% 99.2% 99.8% 99.3% 99.2% 99.2% 99.7%94.0% 93.8% 97.0% 98.5% 98.3% 98.2% 97.6%95.1% 94.9% 93.8% 94.9% 95.9% 97.1% 97.4%98.7% 98.4% 97.5% 98.9% 99.6% 99.6% 99.6%94.6% 94.3% 94.3% 94.3% 94.3% 94.3% 97.7%97.9% 98.8% 98.2% 98.1% 97.9% 98.1% 98.8%0.0% 0.0% 0.0% 99.5% 99.5% 98.8% 98.8%0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

96.2% 97.2% 97.4% 97.6% 97.5% 97.0% 97.9%


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* These percentages do not include Shopping Santa rsula, BarraShoppi

* Average GLA for Shopping Vila Olmpia does not include 2,500 m fro


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Jun-08 Sep-08 Dec-08 Jan-09 Jun-09 Sep-09 Dec-092Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

35,105 m 35,022 m 36,895 m 36,895 m 36,899 m 36,899 m 36,899 m39,188 m 39,188 m 46,221 m 46,221 m 46,221 m 46,846 m 46,846 m69,812 m 69,775 m 69,501 m 69,503 m 69,320 m 69,317 m 69,318 m54,958 m 54,958 m 54,988 m 54,988 m 54,988 m 54,988 m 55,085 m39,775 m 39,775 m 43,210 m 43,178 m 43,178 m 43,215 m 51,512 m20,808 m 20,809 m 20,809 m 21,360 m 21,360 m 21,360 m 21,360 m22,068 m 22,068 m 22,068 m 22,068 m 22,068 m 22,269 m 22,269 m39,310 m 39,310 m 39,310 m 39,310 m 39,309 m 50,972 m 50,972 m41,411 m 41,409 m 42,968 m 42,968 m 42,975 m 42,978 m 42,986 m15,537 m 16,172 m 16,172 m 16,172 m 16,319 m 16,319 m 16,319 m24,043 m 24,043 m 24,043 m 24,043 m 24,043 m 24,043 m 24,043 m14,400 m 14,400 m 68,187 m 68,187 m 68,192 m 68,041 m 68,041 m

0 m 0 m 0 m 0 m 0 m 0 m 28,091 m

416,416 m 416,928 m 484,373 m 484,894 m 484,873 m 497,248 m 533,741 m

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q0980.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0%76.2% 76.2% 76.2% 76.2% 76.2% 76.2% 76.2%51.1% 51.1% 51.1% 51.1% 51.1% 51.1% 51.1%65.8% 65.8% 65.8% 65.8% 65.8% 65.8% 65.8%59.9% 59.9% 59.1% 59.1% 59.1% 59.1% 59.6%90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%84.0% 84.0% 84.0% 84.0% 84.0% 84.0% 84.0%83.8% 83.8% 83.8% 83.8% 83.8% 80.9% 80.9%37.5% 37.5% 37.5% 37.5% 37.5% 37.5% 37.5%

100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 30.0%

64.0% 64.0% 68.2% 68.2% 68.2% 67.2% 65.2%


11,034 m 11,034 m 11,034 m 11,034 m 11,034 m 11,135 m 11,135 m11,793 m 11,793 m 11,793 m 11,793 m 11,793 m 15,292 m 15,292 m34,785 m 34,783 m 36,093 m 36,093 m 36,099 m 36,101 m 36,108 m13,021 m 13,553 m 13,553 m 13,553 m 13,677 m 13,198 m 13,198 m9,016 m 9,016 m 9,016 m 9,016 m 9,016 m 9,016 m 9,016 m

14,400 m 14,400 m 68,187 m 68,187 m 68,192 m 68,041 m 68,041 m0 m 0 m 0 m 0 m 0 m 0 m 8,427 m


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266,314 m 266,759 m 330,308 m 330,786 m 330,833 m 334,298 m 347,985 m

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q0935,004 m 35,004 m 36,912 m 36,895 m 36,898 m 36,899 m 36,899 m39,188 m 39,188 m 41,530 m 46,221 m 46,221 m 46,626 m 46,846 m69,812 m 69,787 m 69,482 m 69,503 m 69,377 m 69,322 m 69,318 m54,958 m 54,958 m 54,988 m 54,988 m 54,988 m 54,988 m 55,085 m39,775 m 39,775 m 42,910 m 43,189 m 43,178 m 43,207 m 51,531 m20,808 m 20,809 m 20,809 m 21,344 m 21,360 m 21,360 m 21,360 m22,068 m 22,068 m 22,068 m 22,068 m 22,068 m 22,269 m 22,269 m39,310 m 39,310 m 39,310 m 39,310 m 39,310 m 48,667 m 50,972 m41,410 m 41,408 m 41,928 m 42,968 m 42,970 m 42,978 m 42,986 m15,537 m 16,172 m 16,172 m 16,172 m 16,319 m 16,319 m 16,319 m16,029 m 24,043 m 24,043 m 24,043 m 24,043 m 24,043 m 24,043 m

0 m 0 m 50,258 m 68,187 m 68,192 m 68,089 m 68,041 m0 m 0 m 0 m 0 m 0 m 0 m 17,736 m

393,900 m 402,522 m 460,410 m 484,888 m 484,925 m 494,769 m 523,405 m


0 m 0 m 50,258 m 68,187 m 68,192 m 68,089 m 68,041 m0 m 0 m 0 m 0 m 0 m 0 m 5,321 m

248,827 m 252,350 m 307,759 m 330,778 m 330,858 m 333,486 m 344,890 m

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q0995.4% 95.8% 97.2% 99.1% 99.3% 99.4% 99.3%98.5% 98.7% 97.4% 96.8% 96.8% 96.4% 97.4%97.3% 97.6% 98.9% 98.0% 99.0% 99.4% 99.3%99.5% 99.4% 99.4% 99.6% 100.0% 99.2% 99.4%98.0% 97.1% 96.0% 96.9% 97.6% 97.3% 99.5%97.7% 96.9% 97.7% 99.1% 99.5% 99.8% 99.5%99.6% 98.4% 98.2% 97.5% 97.9% 99.8% 99.6%99.4% 99.6% 99.1% 98.6% 98.8% 96.9% 99.4%98.7% 98.5% 99.2% 99.1% 99.2% 98.7% 98.6%98.7% 98.5% 99.1% 98.8% 99.5% 99.4% 99.6%87.1% 82.4% 72.5% 69.8% 67.9% 65.9% 65.8%0.0% 0.0% 94.1% 93.9% 94.0% 94.0% 98.0%0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 87.8%

98.2% 98.1% 98.3% 98.3% 98.7% 98.4% 99.1%


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ngSul, Shopping VilaOlmpia and expansions opened in 4Q08

stores that were not opened in the period


10/209

Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-111Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

36,840 m 36,840 m 47,547 m 47,547 m 47,547 m 47,520 m 47,520 m46,784 m 46,784 m 46,784 m 46,784 m 46,784 m 46,739 m 46,805 m69,318 m 69,319 m 69,351 m 69,278 m 69,313 m 69,580 m 69,585 m55,085 m 55,085 m 55,085 m 55,085 m 55,085 m 55,085 m 55,085 m51,512 m 51,532 m 51,532 m 51,526 m 51,526 m 51,566 m 51,526 m21,360 m 21,388 m 21,388 m 21,388 m 21,388 m 21,386 m 21,386 m22,269 m 22,269 m 22,271 m 22,271 m 22,271 m 22,271 m 22,271 m50,974 m 50,974 m 50,974 m 50,974 m 50,377 m 50,377 m 50,429 m42,985 m 42,985 m 42,934 m 49,917 m 49,934 m 49,935 m 49,935 m16,319 m 16,319 m 17,254 m 17,254 m 17,254 m 17,254 m 17,253 m23,088 m 23,088 m 23,088 m 23,132 m 23,208 m 23,199 m 23,334 m68,149 m 68,229 m 68,405 m 68,400 m 68,407 m 68,407 m 68,431 m28,091 m 28,091 m 28,091 m 28,274 m 28,274 m 28,274 m 28,201 m

532,773 m 532,902 m 544,703 m 551,830 m 551,368 m 551,592 m 551,759 m

2Q09 2Q10 3Q10 4Q10 1Q11 2Q11 3Q1180.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0%76.2% 76.2% 76.2% 76.2% 76.2% 76.2% 76.2%51.1% 51.1% 51.1% 51.1% 51.1% 51.1% 51.1%65.8% 65.8% 65.8% 65.8% 65.8% 65.8% 65.8%59.6% 59.6% 59.6% 59.6% 59.6% 59.6% 59.6%90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%84.0% 84.0% 84.0% 84.0% 84.0% 84.0% 84.0%80.9% 80.9% 96.5% 96.5% 96.5% 96.5% 96.5%37.5% 37.5% 37.5% 62.5% 62.5% 62.5% 62.5%

100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%

65.3% 65.3% 66.1% 67.3% 67.4% 67.4% 67.4%


11,135 m 11,135 m 11,136 m 11,136 m 11,136 m 11,136 m 11,135 m15,292 m 15,292 m 15,292 m 15,292 m 15,113 m 15,113 m 15,129 m36,107 m 36,107 m 36,065 m 41,930 m 41,945 m 41,945 m 41,945 m13,198 m 13,198 m 16,646 m 16,650 m 16,650 m 16,646 m 16,645 m8,658 m 8,658 m 8,658 m 14,458 m 14,505 m 14,499 m 14,584 m

68,149 m 68,229 m 68,405 m 68,400 m 68,407 m 68,407 m 68,431 m8,427 m 8,427 m 8,427 m 8,482 m 8,482 m 8,482 m 8,460 m


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347,640 m 347,757 m 359,921 m 371,640 m 371,548 m 371,601 m 371,730 m

2Q09 2Q10 3Q10 4Q10 1Q11 2Q11 3Q1136,879 m 36,840 m 40,515 m 47,547 m 47,547 m 47,539 m 47,520 m46,784 m 46,784 m 46,784 m 46,784 m 46,784 m 46,783 m 46,805 m69,318 m 69,319 m 69,351 m 69,278 m 69,290 m 69,394 m 69,585 m55,085 m 55,085 m 55,085 m 55,085 m 55,085 m 55,085 m 55,085 m51,512 m 51,532 m 51,532 m 51,526 m 51,526 m 51,540 m 51,526 m21,360 m 21,388 m 21,388 m 21,388 m 21,388 m 21,387 m 21,386 m22,269 m 22,269 m 22,270 m 22,271 m 22,271 m 22,271 m 22,271 m50,972 m 50,974 m 50,974 m 50,974 m 50,576 m 50,377 m 50,429 m42,986 m 42,985 m 42,950 m 49,917 m 49,923 m 49,934 m 49,935 m16,319 m 16,319 m 16,631 m 17,254 m 17,254 m 17,254 m 17,253 m23,088 m 23,088 m 23,088 m 23,132 m 23,157 m 23,207 m 23,334 m68,077 m 68,202 m 68,405 m 68,400 m 68,407 m 68,439 m 68,431 m25,569 m 25,569 m 28,091 m 27,090 m 28,274 m 28,274 m 28,201 m

530,218 m 530,353 m 537,063 m 550,645 m 551,481 m 551,482 m 551,759 m


68,077 m 68,202 m 68,405 m 68,400 m 68,407 m 68,439 m 68,431 m7,671 m 7,671 m 8,427 m 8,127 m 8,482 m 8,482 m 8,460 m

346,843 m 346,974 m 353,708 m 371,285 m 371,555 m 371,576 m 371,730 m

2Q09 2Q10 3Q10 4Q10 1Q11 2Q11 3Q1199.1% 99.1% 99.8% 99.8% 99.8% 99.5% 99.7%98.8% 98.8% 98.8% 98.8% 98.8% 98.8% 99.0%99.5% 99.3% 99.7% 99.8% 99.7% 99.6% 99.5%

100.0% 99.9% 99.9% 99.8% 99.4% 99.7% 99.8%99.6% 99.8% 99.9% 99.9% 99.6% 98.9% 98.6%99.8% 99.3% 99.6% 99.8% 99.3% 99.7% 99.6%99.8% 99.7% 99.5% 99.5% 99.8% 100.0% 99.9%99.4% 99.2% 99.6% 99.9% 99.8% 98.7% 98.1%98.7% 98.2% 98.7% 99.7% 99.9% 99.1% 99.2%99.9% 100.0% 99.6% 100.0% 99.4% 99.4% 99.7%70.4% 76.2% 86.6% 88.3% 91.1% 92.8% 93.3%98.2% 98.6% 98.7% 98.9% 98.6% 98.1% 98.5%98.2% 91.4% 90.6% 88.5% 85.9% 84.3% 84.3%

97.9% 97.8% 98.4% 98.6% 98.4% 98.1% 98.1%


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13/209

Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-134Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13

47,543 m 47,565 m 47,565 m 47,565 m 47,565 m 47,565 m 47,565 m46,717 m 46,669 m 46,592 m 46,483 m 50,552 m 50,552 m 49,972 m69,440 m 69,422 m 69,422 m 69,119 m 69,224 m 69,465 m 69,294 m55,085 m 55,085 m 55,088 m 55,090 m 55,086 m 55,089 m 55,091 m53,213 m 53,332 m 53,332 m 53,332 m 53,448 m 53,448 m 53,455 m21,386 m 21,386 m 21,386 m 21,386 m 21,386 m 21,386 m 21,386 m22,271 m 22,271 m 22,271 m 22,271 m 22,271 m 22,271 m 22,271 m50,429 m 50,429 m 50,427 m 50,427 m 50,427 m 50,427 m 50,427 m49,935 m 49,939 m 50,056 m 50,176 m 50,175 m 50,182 m 50,182 m17,253 m 17,253 m 17,253 m 17,253 m 17,253 m 17,253 m 17,291 m23,339 m 23,339 m 23,339 m 22,993 m 22,992 m 23,057 m 23,057 m68,212 m 68,212 m 68,212 m 68,212 m 68,212 m 68,261 m 68,212 m28,201 m 28,201 m 28,201 m 28,363 m 28,363 m 28,363 m 28,363 m39,025 m 39,149 m 39,345 m 39,274 m 39,274 m 39,274 m 39,274 m

34,535 m 34,501 m 34,429 m

42,342 m 42,355 m 42,820 m25,529 m 25,235 m 25,437 m592,048 m 592,251 m 592,489 m 591,945 m 698,634 m 698,685 m 698,528 m

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q1380.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0%76.2% 76.2% 76.7% 76.7% 76.7% 76.7% 76.7%51.1% 51.1% 51.1% 51.1% 51.1% 51.1% 51.1%65.8% 65.8% 65.8% 65.8% 65.8% 65.8% 65.8%59.6% 59.6% 59.3% 59.3% 59.3% 61.7% 61.7%90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%84.0% 84.0% 84.0% 84.0% 84.0% 84.0% 84.0%96.5% 96.5% 96.5% 96.5% 96.5% 96.5% 96.5%62.5% 62.5% 62.5% 62.5% 62.5% 62.5% 62.5%

100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%30.0% 60.0% 60.0% 60.0% 60.0% 60.0% 60.0%

100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%100.0% 100.0% 100.0%90.0% 90.0% 90.0%

100.0% 100.0% 100.0%69.5% 70.9% 71.0% 71.0% 74.6% 74.8% 74.8%


11,135 m 11,135 m 11,135 m 11,135 m 11,135 m 11,135 m 11,135 m15,129 m 15,129 m 15,128 m 15,128 m 15,128 m 15,128 m 15,128 m41,945 m 41,949 m 42,047 m 42,148 m 42,147 m 42,153 m 42,153 m16,645 m 16,645 m 16,649 m 16,649 m 16,649 m 16,649 m 16,686 m14,587 m 14,587 m 14,587 m 14,371 m 14,370 m 14,411 m 14,411 m68,212 m 68,212 m 68,212 m 68,212 m 68,212 m 68,261 m 68,212 m8,460 m 16,921 m 16,921 m 17,018 m 17,018 m 17,018 m 17,018 m

39,025 m 39,149 m 39,345 m 39,274 m 39,274 m 39,274 m 39,274 m34,535 m 34,501 m 34,429 m38,108 m 38,119 m 38,538 m


14/209

25,529 m 25,235 m 25,437 m411,423 m 420,054 m 420,377 m 420,051 m 521,439 m 522,661 m 522,671 m

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q1347,542 m 47,576 m 47,571 m 47,569 m 47,568 m 47,565 m 47,565 m46,775 m 46,685 m 46,649 m 46,614 m 47,260 m 50,552 m 50,341 m69,488 m 69,437 m 69,429 m 69,354 m 69,368 m 69,500 m 69,309 m55,085 m 55,085 m 55,086 m 55,087 m 55,085 m 55,088 m 55,091 m52,629 m 53,332 m 53,332 m 53,332 m 53,289 m 53,448 m 53,455 m21,413 m 21,386 m 21,386 m 21,386 m 21,386 m 21,386 m 21,386 m22,271 m 22,271 m 22,271 m 22,271 m 22,271 m 22,271 m 22,271 m50,429 m 50,429 m 50,428 m 50,437 m 50,434 m 50,427 m 50,427 m49,935 m 49,939 m 50,008 m 50,064 m 50,092 m 50,178 m 50,182 m17,253 m 17,253 m 17,253 m 17,253 m 17,253 m 17,253 m 17,266 m23,339 m 23,339 m 23,338 m 23,223 m 23,165 m 23,014 m 23,057 m68,212 m 68,212 m 68,212 m 68,212 m 68,221 m 68,229 m 68,319 m28,201 m 28,201 m 28,249 m 28,287 m 28,306 m 28,363 m 28,363 m39,020 m 39,093 m 39,139 m 39,192 m 39,212 m 39,274 m 39,274 m

34,535 m 34,570 m 34,477 m34,297 m 42,665 m 42,820 m25,529 m 25,239 m 25,654 m

591,592 m 592,236 m 592,351 m 592,281 m 687,271 m 699,022 m 699,257 m

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q1338,034 m 38,061 m 38,057 m 38,055 m 38,054 m 38,052 m 38,052 m35,629 m 35,560 m 35,798 m 35,770 m 36,243 m 38,792 m 38,630 m35,488 m 35,461 m 35,452 m 35,414 m 35,421 m 35,489 m 35,391 m36,225 m 36,225 m 36,222 m 36,223 m 36,221 m 36,223 m 36,225 m31,383 m 31,802 m 31,627 m 31,627 m 31,601 m 32,989 m 32,993 m19,272 m 19,247 m 19,247 m 19,247 m 19,247 m 19,248 m 19,248 m11,135 m 11,135 m 11,135 m 11,135 m 11,135 m 11,135 m 11,135 m15,129 m 15,129 m 15,128 m 15,131 m 15,130 m 15,128 m 15,128 m41,945 m 41,949 m 42,007 m 42,054 m 42,077 m 42,149 m 42,153 m16,645 m 16,645 m 16,649 m 16,649 m 16,649 m 16,649 m 16,662 m14,587 m 14,587 m 14,586 m 14,514 m 14,478 m 14,384 m 14,411 m68,212 m 68,212 m 68,212 m 68,212 m 68,221 m 68,229 m 68,319 m8,460 m 16,921 m 16,949 m 16,972 m 16,983 m 17,018 m 17,018 m

39,020 m 39,093 m 39,139 m 39,192 m 39,212 m 39,274 m 39,274 m

34,535 m 34,570 m 34,477 m30,867 m 38,399 m 38,538 m25,529 m 25,239 m 25,654 m

411,163 m 420,026 m 420,209 m 420,197 m 511,607 m 522,967 m 523,308 m

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q1399.9% 99.7% 99.7% 99.4% 99.3% 98.7% 97.4%99.9% 99.8% 99.8% 99.5% 99.1% 99.0% 99.2%99.2% 99.3% 99.6% 99.5% 99.5% 98.9% 99.7%99.7% 99.5% 99.4% 97.6% 96.6% 96.1% 96.1%95.9% 94.9% 96.0% 97.3% 98.3% 97.5% 97.8%99.6% 99.1% 99.3% 99.6% 99.3% 99.2% 98.7%

100.0% 100.0% 99.8% 100.0% 100.0% 100.0% 100.0%99.8% 99.8% 99.9% 99.9% 99.9% 99.8% 99.6%99.3% 99.4% 98.9% 99.5% 99.6% 99.1% 98.9%99.7% 99.7% 99.5% 99.6% 99.2% 99.2% 99.4%97.2% 82.8% 86.7% 96.9% 96.7% 96.1% 95.4%98.8% 98.5% 99.1% 99.3% 99.3% 99.1% 96.5%86.8% 83.8% 87.8% 90.1% 90.3% 89.8% 88.8%90.3% 93.8% 95.5% 98.2% 99.6% 98.3% 98.2%

95.0% 97.2% 97.9%96.2% 94.0% 98.6%88.7% 89.0% 92.4%

98.0% 97.2% 97.8% 98.5% 98.1% 97.5% 97.6%


15/209

Profit & Loss 1Q06 2Q06 3Q06Rental revenue 29,557 47,994 44,269

Services 10,987 13,740 11,657Key Money 2,069 3,402 3,353Parking 1,690 2,362 2,288Sales of properties 5,718 2,062 5,206Straight line effectOther 63 2 -Gross Revenue 50,084 69,562 66,773Taxes and contributions on sales and services (4,352) (5,469) (5,461)Net Revenue 45,732 64,093 61,313Headquarters (15,995) (17,316) (19,199)Stock-option-based remuneration expenses* - - -Non-recurring expenses (IPO) (4,967) (5,337) (3,548)Shopping Malls (4,286) (9,207) (7,551)New projects for lease expensesNew projects for sale expenses

Parking - - -Cost of properties sold (2,936) (1,366) (2,738)Equity in earnings of afiliates (575) 1,278 (1,405)

Amortization (5,783) (21,375) (28,694)Financial Revenue 3,443 2,725 2,781Financial Expenses (2,662) (5,248) (2,057)Non-recurring financial expenses (5,968) (24,562) -Depreciation (3,794) (4,582) (4,170)Other Operating income/expenses (891) 260 613Operational Income 1,317 (20,636) (4,655)Non-Operating Income 571 1,124 (744)Income before taxes and social contribution 1,888 (19,512) (5,399)Tax Income and Social Contribution (5,291) (5,909) (1,816)Diferred income and social contribution taxes 2,627 (3,453) -Minority interest (4,281) (1,746) (1,140)Net Income (5,056) (30,620) (8,355)

Net Income (5,056) (30,620) (8,355)Net margin -11.1% -47.8% -13.6% Adjusted Net Income 11,663 20,654 23,887Adjusted Net margin 25.5% 32.2% 39.0%FFO 15,457 25,236 28,057

Adjusted FFO margin 0 39.4% 45.8% Shopping Center EBITDA 24,877 42,392 33,199Shopping Center EBITDA marginConsolidated EBITDA 10,684 8,967 26,741Consolidated EBITDA margin 23.4% 14.0% 43.6% Adjusted Consolidated EBITDA 21,620 38,866 30,289Adjusted Consolidated EBITDA Margin 47.3% 60.6% 49.4%

NOI + Key Money 29,030 44,551 42,358NOI + Key Money Margin 87.1% 82.9% 84.9%

NOI 26,961 41,149 39,006NOI Margin 86.3% 81.7% 83.8%

Efeito ABLTotal GLA 368,220 m 368,432 m 368,269 mOwn GLA 209,376 m 209,484 m 209,312 mTotal GLA (avg.) 354,013 m 353,948 m 353,959 mOwn GLA (avg.) 202,287 m 202,241 m 202,217 mAdjusted Total GLA (avg.) 354,013 m 353,948 m 353,959 mAdjusted Own GLA (avg.) 202,287 m 202,241 m 202,217 m


16/209

BarraShoppingSul (BIG) 0 m 0 m 0 m

Multiplan interestBarraShoppingSul (BIG) 0 m 0 m 0 mRibeiroShopping (additional 20%) 0 m 0 m 0 mPtio Savassi 0 m 0 m 0 m

Considerations:In order to calculate the ndex R$/sq.m1. Do not consider the BIGs GLA2. Do not consider the additional interest in RibeiroShopping (20%) dec/20063. Do not consider Patio Savassi Shopping Center GLA

The full amount of the stock option compensation line for the year 2008 was recorded into 4Q08 figures. The full

This Line was adjusted so it could be compared to 2Q09 results. This adjustment results from the application of C

Numbers were adjusted in order to be adpated to the new project line

Starting in 1Q10, Multiplan presents its parking revenue net of expenses, that is, after deducting transfers, to impr

Numbers were presented in accordance to new accounting principles


17/209

4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q0871,259 52,453 54,368 55,572 77,001 60,564 68,772

8,360 10,873 12,116 12,942 16,401 11,254 21,7164,782 4,567 4,859 4,385 5,091 4,764 8,7173,082 4,025 9,723 11,637 13,333 12,724 14,7792,585 5,175 5,188 8,545 154 - -

- 0 - (0) 384 33 090,068 77,093 86,254 93,081 112,364 89,339 113,984

(8,236) (6,729) (7,490) (7,986) (10,194) (8,447) (9,878)81,833 70,364 78,764 85,095 102,170 80,892 104,107(15,014) (9,666) (15,620) (13,069) (17,551) (11,671) (27,539)

- - - - - (318) (318)(6,229) - (1,361) (11,983) - - -

(11,826) (8,942) (10,309) (13,583) (14,032) (14,633) (11,972)(86) (644)

- (1,463) (5,061) (6,209) (6,437) (6,500) (6,600)(1,658) (2,998) (2,971) (5,012) (1,638) - -(826) 1,577 596 1,660 4,194 2,603 2,120

(27,594) (28,177) (28,177) (30,022) (31,884) (31,428) (31,477)2,570 1,367 1,697 8,835 11,570 15,622 9,503

(4,630) (5,745) (6,139) (5,771) (4,595) (7,932) (9,468)- - - (23,700) - - -

(4,965) (5,172) (5,285) (5,993) (7,263) (7,584) (8,248)522 670 88 53 434 623 (54)

12,182 11,816 6,222 (19,698) 34,968 19,587 19,410(2) 1,005 (22) 0 74 - -

12,180 12,821 6,200 (19,698) 35,042 19,587 19,410(603) (2,297) 616 842 (975) (770) (723)

1,150 (194) (120) (6,412) (4,504) (5,710) (5,775)(886) 26 (21) (81) (88) (145) (172)

11,841 10,356 6,675 (25,348) 29,474 12,962 12,739

11,841 10,356 6,675 (25,348) 29,474 12,962 12,73914.5% 14.7% 8.5% -29.8% 28.8% 16.0% 12.2%

45,664 38,532 36,214 40,357 61,358 50,101 49,99155.8% 54.8% 46.0% 47.4% 60.1% 61.9% 48.0%

50,629 43,704 41,498 46,350 68,621 57,685 58,23961.9% 62.1% 52.7% 54.5% 67.2% 71.3% 55.9%

59,393 47,245 44,464 56,458 64,517 48,307 56,980

46,800 50,547 44,103 13,253 67,213 50,910 59,10057.2% 71.8% 56.0% 15.6% 65.8% 62.9% 56.8%

53,029 50,547 45,464 48,936 67,213 50,910 59,10064.8% 71.8% 57.7% 57.5% 65.8% 62.9% 56.8%

67,298 50,640 53,580 51,803 74,955 56,919 73,69785.1% 83.0% 77.7% 72.4% 78.5% 72.9% 79.9%

62,516 46,073 48,721 47,418 69,865 52,155 64,97984.1% 81.6% 76.0% 70.6% 77.3% 71.2% 77.8%

373,480 m 373,464 m 393,615 m 392,279 m 392,279 m 392,015 m 416,416 m214,525 m 238,883 m 255,927 m 252,147 m 257,369 m 257,063 m 266,314 m357,671 m 374,618 m 377,217 m 377,588 m 377,884 m 377,981 m 393,900 m206,532 m 224,488 m 239,855 m 237,563 m 242,972 m 242,963 m 248,827 m

357,671 m 374,618 m 377,217 m 377,588 m 377,884 m 377,981 m 393,900 m206,532 m 216,662 m 219,001 m 229,738 m 235,135 m 235,126 m 248,827 m


18/209

0 m 0 m 0 m 0 m 0 m 0 m 0 m

0 m 0 m 0 m 0 m 0 m 0 m 0 m0 m 7,826 m 7,826 m 7,826 m 7,838 m 7,838 m0 m 0 m 13,028 m 0 m 0 m 0 m

008 expense of R$1.3 million was equally divided by the four quarters of the year, for comparison

C pronouncement No. 2, as required by CVM Rule No. 534 of January 29, 2008.

ove the accounting practices and converging with market standards.


19/209

3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q1067,994 97,923 79,389 81,499 81,759 117,533 90,020

18,604 14,521 15,389 18,108 22,005 17,870 14,7093,606 4,155 5,168 6,034 8,108 7,680 11,17918,989 21,016 10,540 12,807 13,860 17,752 15,9952,268 513 426 882 3,458 7,102 9,016

- 6,000 9,031- (0) - 87 603 308 15

111,461 138,129 110,913 119,417 129,793 174,245 149,964(10,363) (12,995) (9,972) (12,348) (13,166) (16,148) (13,585)

101,098 125,134 100,941 107,069 116,627 158,097 136,380(20,119) (19,791) (18,885) (24,657) (18,695) (25,945) (20,068)

(318) (318) (510) (807) (1,051) (1,047) (1,164)- - - - - - -

(11,132) (11,979) (16,152) (13,001) (17,013) (15,612) (15,318)(2,279) (4,322) (182) (2,289) (4,271) (11,445) (6,362)

(41) (131) (143) (770) (264)

(7,828) (8,992) - - - - -(884) (267) (233) (481) (3,298) (4,527) (5,094)(1,640) 526 (6,198) (3,354) (5,904) (4,576) (3,954)

(31,337) (30,469) - - - 0 -6,863 2,311 4,362 5,063 6,884 19,964 20,346

(5,117) (8,237) (9,745) (10,706) (9,752) (11,183) (11,208)- - - - -

(7,732) (7,846) (8,605) (8,913) (8,684) (9,549) (10,537)221 172 1,265 1,093 19,822 258 1,136

19,797 35,922 46,017 48,886 74,522 93,665 83,894(65) - - - - - -

19,732 35,922 46,017 48,886 74,522 93,665 83,894(4,086) (7,221) (1,286) (2,254) (10,762) (11,982) (1,414)(6,359) 10,764 407 (76) (22,992) (50,815) (32,219)

(201) (248) (228) (228) 89 377 (2,764)9,086 39,216 44,911 46,327 40,857 31,245 47,497

9,086 39,216 44,911 46,327 40,857 31,245 47,4979.0% 31.3% 44.5% 43.3% 35.0% 19.8% 34.8%

46,782 58,922 44,504 46,403 63,849 82,060 79,71646.3% 47.1% 44.1% 43.3% 54.7% 51.9% 58.5%

54,514 66,768 53,109 55,316 72,533 91,609 90,25353.9% 53.4% 52.6% 51.7% 62.2% 57.9% 66.2%

57,521 79,439 66,089 66,617 92,312 97,862 86,40565.7% 62.7% 81.3% 64.5% 67.4%

57,055 80,163 60,005 63,442 86,074 94,433 85,29256.4% 64.1% 59.4% 59.3% 73.8% 59.7% 62.5%

57,055 80,163 60,005 63,442 86,074 94,433 85,29256.4% 64.1% 59.4% 59.3% 73.8% 59.7% 62.5%

71,629 102,123 78,946 87,339 86,714 133,353 110,90779.1% 83.0% 83.0% 87.0% 83.6% 89.5% 87.9%

68,023 97,968 73,778 81,305 78,606 125,673 99,72878.2% 82.4% 82.0% 86.2% 82.2% 88.9% 86.7%


402,522 m 446,010 m 470,488 m 470,525 m 480,369 m 509,005 m 515,818 m252,350 m 293,359 m 316,378 m 316,458 m 319,086 m 330,490 m 332,443 m


20/209

0 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m

0 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m


21/209

2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q1194,254 93,765 138,075 105,476 108,425 111,301 161,053

21,077 18,347 18,793 19,068 21,344 23,644 18,2686,350 8,384 9,328 9,162 10,045 9,802 10,12315,505 16,825 21,179 18,553 19,046 19,775 24,68712,240 13,719 26,453 13,592 8,468 10,515 16,8196,412 8,319 (18,658) 6,974 6,783 6,050 (19,004)1,534 591 167 328 394 731 802

157,373 159,950 195,337 173,153 174,505 181,818 212,748(14,277) (13,438) (16,949) (15,340) (15,823) (16,160) (18,649)

143,096 146,512 178,388 157,813 158,682 165,658 194,099(25,324) (24,744) (22,962) (21,626) (20,071) (20,955) (25,717)(1,380) (1,382) (1,749) (1,345) (2,164) (2,040) (2,112)

- - - - - - -(16,263) (14,990) (19,313) (15,433) (17,243) (15,378) (10,219)(10,685) (13,145) (8,882) (3,445) (3,296) (2,537) (2,951)

(507) (795) (2,796) (1,202) (1,273) (4,497) (8,915)

- - - - - - -(7,283) (7,420) (12,498) (13,992) (9,390) (9,852) (11,516)(997) 1,777 (337) 604 778 141 620

- - - - - - -21,996 24,567 22,214 24,897 21,808 18,406 22,085

(11,564) (9,208) (13,600) (13,340) (14,194) (9,593) (18,510)- - - - - - -

(10,460) (10,755) (12,862) (14,317) (14,941) (15,134) (15,989)266 (12,801) 1,119 1,468 1,125 1,020 441

80,894 77,616 106,722 100,082 99,821 105,239 121,316- - - - - - -

80,894 77,616 106,722 100,082 99,821 105,239 121,316(1,500) (1,676) (10,382) (8,605) (31,949) (17,313) (2,801)

(25,189) (27,001) (20,746) (25,017) (4,798) (19,329) (7,727)(2,021) (2,584) (3,246) (2,738) (2,002) (3,329) (2,674)

52,184 46,355 72,348 63,722 61,072 65,268 108,114

52,184 46,355 72,348 63,722 61,072 65,268 108,11436.5% 31.6% 40.6% 40.4% 38.5% 39.4% 55.7%

77,373 73,356 93,094 88,739 65,870 84,597 115,84154.1% 50.1% 52.2% 56.2% 41.5% 51.1% 59.7%

87,833 84,111 105,956 103,056 80,811 99,731 131,83061.4% 57.4% 59.4% 65.3% 50.9% 60.2% 67.9%

78,579 66,884 102,443 105,044 109,333 116,187 138,19659.5% 49.9% 66.4% 72.2% 72.4% 74.4% 77.3%

80,922 73,012 110,970 102,842 107,148 111,560 133,73056.6% 49.8% 62.2% 65.2% 67.5% 67.3% 68.9%

80,922 73,012 110,970 102,842 107,148 111,560 133,73056.6% 49.8% 62.2% 65.2% 67.5% 67.3% 68.9%

106,257 112,303 130,611 124,732 127,056 131,550 166,64086.7% 88.2% 87.1% 89.0% 88.1% 89.5% 94.2%

99,907 103,919 121,283 115,570 117,011 121,748 156,51786.0% 87.4% 86.3% 88.2% 87.2% 88.8% 93.9%


515,953 m 522,663 m 536,245 m 537,081 m 537,082 m 537,359 m 577,192 m332,574 m 339,308 m 356,885 m 357,155 m 357,176 m 357,330 m 396,763 m


22/209

14,400 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m

14,400 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m


23/209

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13121,975 126,883 124,240 188,846 154,436 153,123

20,447 26,592 22,920 28,417 24,827 27,2348,907 9,540 8,773 10,624 12,802 14,16422,418 25,213 25,580 32,137 30,196 30,902

166,054 15,583 35,521 10,311 14,111 26,6126,114 6,699 6,119 (4,247) 9,546 9,027

111 1,069 538 588 5 1,778346,026 211,579 223,691 266,676 245,923 262,840

(22,677) (19,802) (18,329) (25,291) (22,377) (25,417)323,349 191,777 205,362 241,385 223,546 237,423

(25,561) (21,170) (29,173) (23,990) (19,860) (32,123)(2,101) (2,782) (2,324) (2,324) (2,324) (2,439)

- - - - - -(18,360) (20,718) (12,423) (23,624) (24,897) (34,386)(2,343) (11,207) (7,013) (12,795) (4,371) (1,192)(5,982) (3,375) (4,216) (2,069) (2,509) (3,090)

- - - - - -(80,165) (12,929) (18,421) (8,516) (11,841) (17,186)1,064 (214) 72 1,951 (450) (235)

- - - - - -20,085 17,822 10,895 10,104 9,665 13,777

(27,193) (23,926) (19,125) (30,208) (40,038) (41,465)- - - - - -

(17,263) (17,656) (17,721) (22,100) (28,104) (29,295)817 1,041 1,349 1,390 1,993 2,179

166,347 96,663 107,262 129,204 100,810 91,968- - - - - -

166,347 96,663 107,262 129,204 100,810 91,968(22,079) (20,423) (22,371) 7,608 (26,938) (11,832)(18,528) (13,118) (12,862) (8,340) (3,443) (9,783)(1,248) (19) (17) (23) (7) (9)

124,492 63,103 72,012 128,449 70,422 70,344

124,492 63,103 72,012 128,449 70,422 70,34438.5% 32.9% 35.1% 53.2% 31.5% 29.6%

143,020 76,221 84,874 136,789 73,865 80,12744.2% 39.7% 41.3% 56.7% 33.0% 33.7%

160,283 93,877 102,595 158,889 101,969 109,42249.6% 49.0% 50.0% 65.8% 45.6% 46.1%

120,629 122,816 123,168 170,709 161,260 145,42371.7% 69.1% 71.3% 73.6% 76.5% 68.2%

190,718 120,423 133,213 171,408 159,287 148,95159.0% 62.8% 64.9% 71.0% 71.3% 62.7%

190,718 120,423 133,213 171,408 159,287 148,95159.0% 62.8% 64.9% 71.0% 71.3% 62.7%

141,054 147,617 152,289 203,736 182,083 172,83088.5% 87.7% 92.5% 89.6% 88.0% 83.4%

132,147 138,077 143,516 193,112 169,281 158,66687.8% 87.0% 92.0% 89.1% 87.2% 82.2%

592,251 m 592,489 m 591,945 m 698,634 m 698,685 m 698,528 m420,054 m 420,377 m 420,051 m 521,439 m 522,661 m 522,671 m592,236 m 592,351 m 592,281 m 687,271 m 699,022 m 699,257 m420,026 m 420,209 m 420,197 m 511,607 m 522,967 m 523,308 m

577,836 m 577,951 m 577,881 m 672,871 m 684,622 m 684,857 m405,626 m 405,809 m 405,797 m 497,207 m 508,567 m 508,908 m


24/209

14,400 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m

14,400 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m


25/209

Balance Sheet Mar-06 Jun-06

ASSETS

Current AssetsCash and cash equivalent 26,739 232,631

Accounts Receivable 38,134 40,421Lands and properties held for saleLoans Receivable and Prepaid Acc. ST 2,491 2,651Sundry loans and advances - -Credit with related Parties 8,959 6,046Recoverable taxes and contributions 21,632 10,786Deffered income and social contribution taxes - -Other 3,218 89Total Current Assets 101,173 292,624

Non Current Assets

Receivables with related Parties 4,978 1,103Accounts Receivable - -Loans Receivable and Prepaid Acc. LT 990 941Lands and properties held for sale 2,767 3,477Sundry loans and advances 2,533 5,471Legal Deposit 13,852 14,245Deffered income and social contribution taxes 11,928 6,469Other 502 45Investments 343,266 176,344Investment propertiesProperty and equipment 580,756 546,760Intangible - -Deffered charges 10,245 377,528Total Non Current Assets 971,817 1,132,383

Total Assets 1,072,989 1,425,007

LIABILITIES

Current LiabilitiesLoans and financing 632,406 14,075Stock Aquisitions 6,896 -

Accounts payable 3,446 5,908Property acquisition obligations 17,937 16,744Taxes and contributions payable 30,235 13,217Taxes paid in installments 1,403 1,775Proposed dividends 3,499 2,166Deferred incomes - -Payables to related parties - -Debentures - -

Clients antecipation 4,088 5,323Other 1,479 1,439Total Current Liabilities 701,390 60,647

Non Current LiabilitiesLoans and financing 38,691 36,990DebenturesStock aquisitions 10,295 5,382Debt with related Parties 100 272,295Deffered income and social contribution taxes - -


26/209

Property acquisition obligations - -Taxes paid in installments 2,238 2,215Provision for contingencies 18,614 18,329Deferred incomes 58,047 54,977Total Non Current Liabilities 127,985 390,189

Minority Interest 87,791 503

Shareholder's EquityCapital 160,296 264,419Capital Reserves - 745,877Income Reserve - -

Acumulatted profits (4,472) (36,629)Addionatal dividends proposedEfects on capital transactions - -Share issue costs - -Equity Valuation adjustment - -Shares in treasure department - -Minority InterestTotal Shareholder's equity 155,823 973,667

Total Liabilities and Shareholder's Equity 1,072,989 1,425,007


27/209

Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07

59,841 10,598 11,268 12,039 475,243 416,44536,072 52,593 52,000 45,996 58,830 80,220

2,709 1,353 1,113 897 817 -5,026 3,002 - - - 3,087

- 1,209 5,116 41,850 3,884 -4,986 5,224 5,846 6,837 8,210 11,384

- - - - - 16,840108 369 230 152 - 172

108,742 74,348 75,574 107,771 546,983 528,148

1,601 1,123 1,145 1,192 - 1,201- 7,096 - 355 210 16,106941 680 544 10,995 12,088 -

4,198 26,728 39,152 74,719 76,032 76,8104,593 3,564 2,294 3,062 2,915 1,569

14,276 14,276 14,335 14,222 14,404 -6,469 7,165 6,971 193,963 187,815 166,208

45 46 44 44 840 1,4311,948 41,122 42,471 42,804 153,784 48,561

557,373 612,394 641,303 644,750 711,650 916,278- 480,069 - - - 427,793

524,123 14,086 463,819 441,349 416,904 26,3111,115,567 1,208,349 1,212,080 1,427,454 1,576,642 1,682,267

1,224,309 1,282,697 1,287,653 1,535,225 2,123,625 2,210,415

9,655 23,592 13,120 27,212 17,532 16,333201 47,975 45,320 44,114 48,994 46,996

7,973 5,320 4,652 5,955 9,471 8,93461,063 29,086 37,710 53,008 44,874 44,7756,763 6,676 6,886 6,396 6,564 9,1151,524 1,014 518 319 253 263

551 525 496 430 211 -- - - - - -

(201) 2,644 2,228 858 3 1,488- - - - - -

- 4,103 1,555 - 340 -1,814 375 666 664 2,634 6,12889,343 121,310 113,150 138,955 130,876 134,034

40,068 34,434 32,152 51,829 25,260 21,969

- 45,991 46,718 47,211 - -77 - - (0) 0 0

- - - - - -


28/209

50,435 25,702 22,068 25,644 21,137 77,5101,912 1,927 1,881 1,849 1,807 1,755

18,329 17,231 16,873 16,488 17,271 3,36353,362 57,177 64,894 70,023 81,194 96,381

164,182 182,462 184,585 213,044 146,668 200,978

79 83 906 1,236 1,280 1,317

264,419 264,419 264,419 264,419 952,747 952,747745,877 745,877 745,877 932,425 932,425 932,425

- - - - - -(39,591) (31,454) (21,284) (14,854) (40,371) (11,086)

- - - - - -- - - - - -- - - - - -- - - - - -

970,706 978,842 989,012 1,181,990 1,844,801 1,874,086

1,224,309 1,282,697 1,287,653 1,535,225 2,123,625 2,210,415


29/209

Mar-08 Jun-08 Sep-08 Dec-08 Jan-09 Jun-09

362,596 263,893 114,716 167,585 187,213 187,33764,620 77,441 75,246 99,529 91,334 88,674

- - - - - -28,108 2,839 5,470 18,496 16,450 19,831

- - - - -15,444 16,882 20,402 20,198 21,090 22,17928,506 28,506 28,506 38,704 39,492 39,308

664 508 887 - 965 5,161499,938 390,069 245,226 344,512 356,544 362,490

1,300 1,409 1,557 1,687 1,698 1,72217,806 12,177 19,872 17,762 18,037 17,457- - - - -

77,036 116,032 116,359 129,457 131,200 132,2101,605 1,554 4,650 10,328 19,773 10,968

- - - - - -149,094 143,057 136,698 137,263 137,259 137,726

3,812 1,460 1,868 3,029 3,529 3,42211,613 20,250 18,711 22,847 17,603 16,053

1,087,241 1,213,178 1,373,033 1,573,204 1,630,588 1,711,326396,639 366,636 335,866 309,890 310,529 310,03534,401 35,598 41,987 32,757 31,648 30,588

1,780,547 1,911,352 2,050,601 2,238,224 2,301,865 2,371,507

2,280,485 2,301,420 2,295,827 2,582,737 2,658,409 2,733,997

15,846 15,726 15,704 107,360 112,996 29,67847,337 53,041 - - - -8,115 19,653 45,898 55,052 60,108 61,126

58,003 52,873 46,583 45,222 43,622 44,2698,035 8,652 11,474 25,326 14,189 21,406

259 262 264 267 271 273- - - 20,084 20,084 -- - - 21,265 21,602 26,528142 142 190 23,780 54,535 55,312- - - - - 321

- - 3,538 8,600 11,818 13,0838,334 2,426 10,849 1,510 1,567 1,439146,071 152,775 134,500 308,465 340,791 253,435

18,028 13,584 9,978 128,912 126,110 154,985100,000

- - - - - -- - - - - -- - - - - -


30/209

113,277 106,020 98,367 90,049 81,609 72,7311,718 1,671 1,623 1,574 1,522 1,4643,388 4,728 4,239 4,571 4,552 4,472

110,183 110,506 121,479 105,035 117,186 114,696246,594 236,510 235,685 330,140 330,979 448,348

1,311 12,915 12,914 12,953 13,077 13,019

952,747 952,747 952,747 952,747 952,747 952,747932,425 932,425 932,425 958,276 958,786 959,593

- - - 22,084 22,473 21,6731,337 17,443 27,556 - 44,180 89,806

- - - - - -- - - - - -- (3,394) - - - -- - - (1,928) (4,624) (4,624)

1,886,509 1,899,221 1,912,728 1,931,179 1,973,562 2,019,195

2,280,485 2,301,420 2,295,827 2,582,737 2,658,409 2,733,997


31/209

Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10

796,794 827,967 980,467 933,011 840,118 794,83988,549 115,117 98,589 116,307 132,998 180,122

- - - -35,785 30,985 21,471 21,300 21,471 17,177

- - - -34,563 38,744 38,702 29,864 19,823 21,89260,382 - - - - -3,268 3,483 8,442 10,091 10,559 14,153

1,019,340 1,016,296 1,147,671 1,110,573 1,024,969 1,028,183

2,120 - 74 74 75 -17,781 18,028 20,793 27,362 28,755 36,1540 - - -

142,277 141,268 142,074 136,479 138,146 33,18312,782 9,908 9,001 8,494 7,111 8,658

- - 23,117 23,217 23,217 23,21793,980 113,891 81,673 56,483 29,483 8,7375,865 21,631 766 799 801 69

14,864 15,382 14,418 14,891 11,841 12,0182,006,505 2,057,732 2,122,432 2,266,899 2,496,675

1,875,904 15,582 15,510 16,306 18,299 18,504309,729 309,475 310,206 313,867 317,901 320,58829,650 - - - - -

2,504,955 2,651,670 2,675,364 2,720,404 2,842,528 2,957,803

3,524,295 3,667,966 3,823,035 3,830,977 3,867,497 3,985,986

43,757 41,660 50,784 72,413 59,968 61,798- - - - -

71,333 66,762 59,843 64,947 73,155 79,38453,398 62,122 62,130 54,207 46,619 41,98917,591 24,904 23,754 12,543 13,479 25,900

276 - 281 1 1 -40,521 40,521 284 287 51,469

39,642 54,279 68,878 33,154 41,839 42,16372,921 92,214 94,290 94,290 94,274 94,2742,888 386 2,764 100,541 103,621 100,709

13,346 9,559 4,533 - - 10,8791,861 1,743 1,850 3,928 2,096 2,277317,013 394,150 409,627 436,309 435,339 510,842

135,660 130,035 223,566 221,154 218,759 246,378100,000 100,000 100,000 - - -

- - - - - -- - - - - -- - - - - -


32/209

122,465 127,481 115,454 110,302 104,188 98,9611,415 1,359 1,302 1,244 1,184 1,1224,945 21,435 22,413 22,467 22,348 21,662

97,457 77,698 67,863 116,821 116,692 141,570461,943 458,008 530,598 471,988 463,171 509,693

12,679 - - - - -

1,641,747 1,745,097 1,761,662 1,761,662 1,761,662 1,761,662960,644 961,691 962,855 966,153 967,535 969,18621,292 122,408 169,263 201,125 102,192 268,060

138,515 - - - 145,050 -

- - - - - -(24,914) (20,837) (21,016) (21,016) (21,016) (21,016)

- - - - - -(4,624) (4,624) (4,624) (1,840) (5,451) (34,769)

12,073 14,670 16,597 19,015 22,3282,732,660 2,815,808 2,882,810 2,922,681 2,968,987 2,965,451

3,524,295 3,667,966 3,823,035 3,830,977 3,867,497 3,985,986


33/209

Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12

784,726 559,467 532,860 558,343 655,034 445,938150,708 168,683 179,108 219,219 194,177 207,495

91,236 107,318- - - - - -

19,887 21,920 19,162 22,817 21,801 18,247- - - - - -

24,499 40,472 66,444 83,335 90,769 48,631- - - - - -

17,706 14,040 12,929 14,140 17,783 13,278997,526 804,582 810,503 897,854 1,070,800 840,907

- - - - - -35,913 37,044 36,767 26,326 21,540 19,142- - - - - -

35,685 71,004 77,060 457,183 312,602 314,2359,910 9,396 10,038 8,909 8,459 9,630

23,464 23,592 24,901 24,943 25,274 25,301- - - - - -86 86 85 75 75 940

12,624 10,657 10,799 11,429 12,493 12,2792,587,533 2,739,211 2,922,756 2,987,757 3,115,590 3,380,000

18,277 18,218 18,395 19,812 19,497 19,312319,837 319,100 318,218 317,349 321,582 326,901

- - - - - -3,043,329 3,228,308 3,419,019 3,853,783 3,837,112 4,107,740

4,040,855 4,032,890 4,229,522 4,751,637 4,907,912 4,948,647

45,752 46,629 51,089 55,652 66,025 77,832- - - - - -

72,464 88,380 104,117 108,941 118,571 146,91835,474 40,361 38,892 41,436 45,542 49,89331,040 41,312 57,301 60,887 78,697 51,869

- - - - - -51,469 - - 85,042 85,072 -37,118 53,125 38,326 52,097 41,886 46,464

325 325 450 - 303 -103,833 - - - 2,310 9,391

1,598 - - 9,095 17,245 30,9671,530 1,624 3,467 13,543 3,154 2,897380,603 271,756 293,642 426,693 458,805 416,231

253,545 320,036 402,622 501,503 724,587 804,180- - - 300,000 300,000 300,000- - - - - -- - - - - -

16,281 21,079 40,408 48,135 66,320 79,628


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94,592 111,346 102,949 92,214 80,181 69,1181,060 993 952 861 818 723

21,678 21,425 21,338 21,360 21,427 21,343152,483 151,454 168,766 144,511 137,712 123,854

539,639 626,333 737,035 1,108,584 1,331,045 1,398,846

- - - - - -

1,761,662 1,761,662 1,761,662 1,761,662 1,761,662 1,761,662970,414 966,239 968,237 968,403 969,120 960,997330,619 340,062 405,958 414,101 414,228 365,381

- - - - 123,579 186,951

- - - - (89,996) (89,996)(21,016) (21,016) (21,016) (21,016) (21,016) (21,016)

- - - - - -(40,079) (33,161) (40,340) (34,258) (39,691) (30,605)119,013 121,015 124,344 127,468 176 196

3,120,613 3,134,801 3,198,845 3,216,360 3,118,062 3,133,570

4,040,855 4,032,890 4,229,522 4,751,637 4,907,912 4,948,647


35/209

R$ 1,000Sep-12 Dec-12 Mar-13 Jun-13

324,230 395,001 231,400 453,224204,170 219,592 174,262 182,035135,588 166,084 195,116 228,702

- - - -- - - -

21,197 14,963 6,803 6,1033,593 28,623 5,649 14,746

- - - -19,905 27,075 66,491 39,166

708,683 851,338 679,721 923,976

- 16,750 15,523 15,16735,808 61,473 58,226 58,084- - - -

320,862 333,175 335,532 337,734- - - -

25,354 24,792 25,816 25,494- - - -

10,903 4,013 4,752 3,64512,351 4,493 4,330 3,800

3,741,046 4,030,575 4,215,348 4,419,54219,265 17,366 17,114 17,338

330,336 340,537 342,875 342,131- - - -

4,495,925 4,833,174 5,019,516 5,222,936

5,204,608 5,684,512 5,699,237 6,146,912

80,382 106,928 125,621 157,637- - - -

214,251 185,325 184,322 154,77952,953 50,093 44,350 48,10219,726 19,126 23,013 34,106

- - - -- 106,997 106,997 38,416

41,468 49,929 55,485 41,716- - - -

1,548 7,425 1,575 7,732

17,796 18,373 9,913 -3,006 5,232 5,062 3,775431,130 549,428 556,338 486,263

981,181 1,385,281 1,357,301 1,309,396300,000 300,000 300,000 300,000

- - - -- - - -

92,490 101,934 106,075 114,333


36/209

60,012 50,497 44,020 61,906658 579 510 747

24,252 24,663 22,880 22,740105,846 66,790 44,500 25,877

1,564,439 1,929,744 1,875,286 1,835,000

- - - -

1,761,662 1,761,662 1,761,662 2,388,062962,947 965,271 967,597 959,012365,536 626,696 568,725 570,280258,802 - 58,726 -

69,361 93,560(89,996) (89,996) (89,996) (89,996)(21,016) (21,016) (21,016) (37,156)

- - -(29,006) (37,408) (47,584) (58,266)

110 131 138 1543,209,039 3,205,340 3,267,613 3,825,649

5,204,608 5,684,512 5,699,237 6,146,912


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1,000

Total Sales (Shopping 100%)

Operating Shoppings Portfolio 1Q06 2Q06 3Q06 4Q06 1Q07BHShopping 88,748 101,907 104,145 144,591 104,442RibeiroShopping 51,481 58,896 62,450 83,487 63,288BarraShopping 180,263 194,858 201,381 272,159 200,991MorumbiShopping 122,346 149,513 142,051 218,814 158,471ParkShopping 88,182 103,481 103,360 143,957 101,315DiamondMall 37,632 43,502 46,789 61,524 46,655New York City Center 30,874 30,110 29,853 37,222 34,153Shopping AnliaFranco 69,739 80,317 80,322 110,180 78,595ParkShoppingBarigi 58,410 72,343 74,962 101,499 76,732Ptio Savassi - - - - -Shopping Santarsula - - - - -BarraShoppingSul - - - - -Shopping VilaOlmpia - - - - -

ParkShoppingSoCaetano - - - - -JundiaShoppingParkShoppingcampoGrande

VillageMallTotal 727,675 834,928 845,313 1,173,432 864,642

Rent Revenue (Base Rent + Overage Rent + Merchandising) - Does not include Straight Line EffectBarraShopping 1Q06 2Q06 3Q06 4Q06 1Q07Receita de Aluguis 29,557 47,994 44,269 66,121 52,453BHShopping 5,950 9,076 7,848 11,315 8,335RibeiroShopping 1,612 3,313 3,054 4,218 3,265BarraShopping 7,170 11,333 10,369 15,249 11,817MorumbiShopping 4,881 9,331 8,635 13,466 11,600ParkShopping 2,459 4,199 4,142 5,700 4,244

DiamondMall 1,883 2,323 2,146 4,450 4,585New York City Center 526 1,116 1,095 1,363 1,187Shopping AnliaFranco 2,332 2,361 2,432 3,268 2,600ParkShoppingBarigi 2,725 4,922 4,540 7,085 4,813Ptio Savassi - - - - -Shopping Santarsula - - - - -BarraShoppingSul 20 20 7 7 7Shopping VilaOlmpia - - - - -ParkShoppingSoCaetanoJundiaShoppingParkShoppingcampoGrande

VillageMallLinearidade - - - - -Aluguel Mnimo 24,695 38,730 37,971 57,246 45,393

BHShopping 4,954 7,326 6,776 9,899 7,376RibeiroShopping 1,241 2,587 2,601 3,646 2,850BarraShopping 6,435 9,617 9,259 13,690 10,495MorumbiShopping 3,817 7,580 7,307 11,710 9,644ParkShopping 1,928 3,324 3,355 4,444 3,497DiamondMall 1,694 1,946 1,889 4,164 4,102New York City Center 410 972 942 1,171 1,021Shopping AnliaFranco 2,018 1,833 2,037 2,659 2,192ParkShoppingBarigi 2,177 3,524 3,799 5,857 4,209Ptio Savassi - - - - -


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Shopping Santarsula - - - - -BarraShoppingSul 20 20 7 7 7Shopping VilaOlmpia - - - - -ParkShoppingSoCaetanoJundiaShoppingParkShoppingcampoGrande

VillageMall

Linearidade - - - - -Aluguel Complementar 955 1,305 1,393 2,246 2,412BHShopping 123 132 158 216 185RibeiroShopping 99 79 84 135 112BarraShopping 216 207 201 337 453MorumbiShopping 143 127 137 178 796ParkShopping 94 148 303 482 260DiamondMall 49 80 95 101 212New York City Center 31 11 11 48 75Shopping AnliaFranco 68 63 99 194 128ParkShoppingBarigi 132 457 304 555 191Ptio Savassi - - - - -Shopping Santarsula - - - - -BarraShoppingSul - - - - -

Shopping VilaOlmpia - - - - -ParkShoppingSoCaetanoJundiaShoppingParkShoppingcampoGrande

VillageMallMerchandising 3,907 7,960 4,905 6,629 4,648BHShopping 872 1,618 914 1,200 774RibeiroShopping 271 647 368 438 303BarraShopping 518 1,509 909 1,222 869MorumbiShopping 921 1,624 1,191 1,578 1,160ParkShopping 437 727 484 773 487DiamondMall 139 297 163 184 271New York City Center 85 133 142 145 91Shopping AnliaFranco 246 465 296 416 280

ParkShoppingBarigi 416 940 438 673 413Ptio Savassi - - - - -Shopping Santarsula - - - - -BarraShoppingSul (BIG) - - - - -Shopping VilaOlmpia - - - - -ParkShoppingSoCaetano - - - - -JundiaShoppingParkShoppingcampoGrande

VillageMall* + Increase in Accounts Receivables R$ 5.1M

Parking RevenueShopping Santarsula 1Q06 2Q06 3Q06 4Q06 1Q07BHShopping 234 274 320 426 308

RibeiroShopping - - - - -BarraShopping 611 1,029 887 936 831MorumbiShopping 450 686 666 996 2,255ParkShopping - - - - -DiamondMall 184 124 153 356 324New York City Center 211 249 262 368 307Shopping AnliaFranco - - - - -ParkShoppingBarigi - - - - -Ptio Savassi - - - - -Shopping Santarsula - - - - -


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BarraShoppingSul - - - - -Shopping VilaOlmpia - - - - -ParkShoppingSoCaetanoJundiaShoppingParkShoppingcampoGrande

VillageMallPortfolio Total 1,690 2,362 2,287 3,082 4,025

Parking Transfer - - - - (1,463)Parking Net Revenue 1,690 2,362 2,287 3,082 2,562

Revenue net from transfer do partners in malls


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2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09115,314 120,742 158,431 119,872 132,726 137,235 179,402 133,84271,688 73,836 101,202 76,149 84,662 86,871 115,527 88,991

213,214 219,210 293,169 224,292 231,668 242,282 323,019 235,403190,460 181,729 251,570 183,552 214,998 216,411 283,649 204,535114,852 118,335 157,705 115,046 124,180 129,997 183,735 135,67651,961 57,011 75,238 59,966 68,916 70,547 88,001 64,67030,526 31,927 38,104 35,691 32,409 33,132 39,875 33,24695,561 92,943 125,801 93,862 105,943 103,858 136,013 97,92888,159 91,996 117,584 93,077 106,383 102,374 130,004 101,228

- 42,133 58,645 43,936 49,555 54,678 70,571 52,637- - - - 18,542 26,294 29,645 21,051- - - - - - 71,152 92,006- - - - - - - -

- - - - - - - -

971,737 1,029,860 1,377,449 1,045,442 1,169,981 1,203,680 1,650,592 1,261,212

2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q0954,368 55,571 77,001 60,564 68,772 67,994 97,923 79,390

8,690 8,508 11,217 8,554 9,294 9,242 12,841 10,2393,535 3,520 4,652 3,696 5,861 5,562 7,512 6,216

11,877 11,840 15,264 12,435 13,236 13,137 17,734 14,12711,555 11,457 17,420 14,499 15,957 15,464 21,600 16,1574,469 4,433 5,954 4,455 4,925 5,148 7,109 5,515

4,762 4,832 6,519 5,097 5,762 5,794 7,382 5,6201,186 1,266 1,427 1,268 1,378 1,264 1,563 1,3262,812 2,830 3,685 2,924 3,258 3,074 4,085 3,1285,474 5,214 7,275 4,851 5,742 5,566 7,783 5,810

- 1,665 3,580 2,777 3,122 3,192 4,387 3,398- - - - 230 545 500 4467 7 7 7 7 6 5,427 7,408- - - - - - - -

- - - - - - - -45,187 46,896 64,128 51,991 54,548 56,478 82,769 69,272

7,249 7,301 9,455 7,310 7,232 7,941 10,955 9,0582,901 2,937 3,758 3,091 4,607 4,460 6,232 5,23410,232 10,502 13,559 11,080 11,169 11,579 15,749 12,7659,706 9,701 14,216 12,472 12,434 12,825 17,653 14,1513,472 3,474 4,569 3,608 3,790 3,977 5,713 4,5804,017 4,155 5,652 4,410 4,637 4,923 6,417 4,9841,048 1,077 1,156 1,097 1,169 1,100 1,336 1,0812,167 2,200 2,902 2,390 2,478 2,498 3,331 2,7014,389 4,338 5,991 4,234 4,449 4,287 6,546 4,938

- 1,205 2,864 2,292 2,375 2,439 3,315 2,906


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- - - - 202 443 401 2967 7 7 7 7 6 5,122 6,578- - - - - - - -

- - - - - - - -2,341 2,438 3,712 2,514 2,829 2,718 3,294 1,948

256 307 397 262 296 294 371 168132 134 231 182 254 259 269 162332 339 411 443 273 279 324 301387 387 679 442 582 400 583 282315 342 463 285 211 424 325 288309 325 418 328 417 349 320 148

8 22 109 68 40 17 26 79188 171 257 178 163 116 168 64414 223 398 132 318 251 239 110

- 188 348 197 270 317 462 221- - - - 5 13 13 5- - - - - - 193 121

- - - - - - - -

6,840 6,237 9,162 6,059 11,395 8,798 11,860 8,1701,185 900 1,365 982 1,766 1,007 1,514 1,013

502 449 663 424 1,000 843 1,011 8201,313 998 1,295 912 1,795 1,279 1,662 1,0621,461 1,369 2,525 1,586 2,941 2,239 3,364 1,724

682 617 922 562 924 747 1,071 648436 352 449 359 709 523 644 488131 167 162 104 169 147 201 166457 459 526 356 617 460 586 364

672 654 886 486 974 1,027 998 762- 271 368 288 478 437 610 272- - - - 23 89 86 144- - - - - - 113 708- - - - - - - -- - - - - - - -

2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q091,263 1,333 1,566 1,568 1,831 1,921 2,324 2,040

- - - - - - - -3,070 4,081 4,535 4,321 4,412 4,654 5,215 4,0654,048 3,933 4,621 3,943 4,039 5,195 5,606 4,582

- - - - - - - -711 840 818 863 1,006 1,038 1,176 1,082632 838 951 1,091 983 952 1,049 1,073

- - - - 1,259 2,108 2,212 1,488- - - - 185 1,903 2,064 2,000- 612 842 938 1,064 1,218 1,352 1,326- - - - - - 19 -


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- - - - - - - 45- - - - - - - -

9,723 11,637 13,333 12,724 14,779 18,989 21,016 17,700

(5,061) (6,209) (6,437) (6,500) (6,600) (7,828) (8,992) (7,160)4,662 5,428 6,896 6,224 8,179 11,161 12,024 10,540


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2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11146,076 148,605 206,681 156,877 166,844 168,976 273,554 193,41595,818 93,305 134,032 103,379 110,145 112,293 151,630 111,744

259,564 280,378 372,359 288,129 308,648 319,099 434,730 317,774241,384 231,348 325,821 239,220 275,052 266,599 368,055 259,922151,657 149,990 220,702 173,024 172,797 181,973 247,583 175,58776,245 77,816 113,241 93,355 103,431 105,399 129,343 96,18631,288 33,050 41,955 46,219 40,481 40,983 50,829 47,860

114,810 121,863 189,277 142,517 158,804 157,381 229,041 160,946111,459 104,175 148,529 113,556 122,748 119,291 185,508 143,50459,241 60,264 81,432 60,256 66,582 68,787 88,330 68,76619,526 18,068 25,177 20,579 24,991 28,066 36,158 29,055

100,549 96,983 135,406 107,308 117,185 123,603 162,185 120,286- - 29,236 41,174 46,884 52,445 73,898 61,320

- - - - - - - -

1,407,614 1,415,845 2,023,848 1,585,594 1,714,591 1,744,895 2,430,844 1,786,364

2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4T10 1T1181,498 81,759 123,533 99,051 100,666 102,084 119,416 112,45010,086 10,519 13,237 10,135 11,113 10,293 17,723 13,7266,342 6,264 8,373 6,570 6,677 6,825 9,188 7,050

13,930 14,204 20,309 14,726 15,193 15,184 20,497 16,49216,946 16,530 22,841 17,129 17,999 17,799 24,739 18,2635,864 6,062 9,798 7,592 7,848 7,917 10,906 8,750

6,331 6,276 8,392 6,774 7,167 7,131 9,109 7,1001,206 1,213 1,555 1,421 1,332 1,367 1,666 1,5423,262 3,777 5,167 3,985 4,139 4,177 5,663 4,4726,200 5,796 8,306 5,744 6,421 5,912 11,275 8,8493,640 3,617 4,674 3,548 4,090 4,810 6,526 4,821

405 327 409 376 453 549 1,350 1,0817,287 7,176 11,244 7,416 7,581 7,847 12,203 8,945

- - 3,227 4,604 4,240 3,953 5,434 4,385

- - 6,000 9,031 6,412 8,319 (16,861) 6,97469,916 69,306 106,438 87,012 85,072 87,634 97,803 97,743

9,011 9,110 11,373 9,038 9,490 8,898 15,810 12,5205,404 5,334 7,067 5,569 5,596 5,790 7,563 6,07212,355 12,271 18,124 13,093 13,121 13,255 17,809 14,55014,353 13,974 18,868 14,639 14,548 15,489 20,419 15,4474,732 4,677 7,969 6,520 6,519 6,679 9,081 7,1635,415 5,449 7,237 5,714 5,879 5,858 7,709 6,1861,049 1,020 1,341 1,157 1,161 1,131 1,425 1,2342,761 3,279 4,489 3,541 3,534 3,619 4,778 3,8415,133 4,799 6,917 4,771 5,259 4,795 8,882 7,2642,861 2,884 3,613 2,810 2,832 3,356 4,733 3,780


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264 216 252 237 378 438 1,023 7456,577 6,294 9,998 6,479 6,420 6,332 10,628 7,975

- - 3,191 4,413 3,923 3,675 4,802 3,991

- - 6,000 9,031 6,412 8,319 (16,861) 6,9742,837 3,058 4,781 3,349 4,517 4,719 7,756 4,520

196 233 506 204 369 351 692 316194 145 248 169 206 203 437 262319 617 353 455 508 479 788 491511 446 924 587 757 646 1,107 613325 502 733 384 490 381 594 433398 325 501 544 642 687 805 45016 22 45 124 27 54 66 161

141 103 225 135 187 161 367 194198 151 344 145 273 332 1,077 658397 389 599 332 740 961 1,128 514

2 0 2 2 13 49 119 64140 126 282 207 235 325 421 183

- - 19 60 70 90 155 182

8,746 9,395 12,314 8,690 11,077 9,731 13,857 10,188878 1,176 1,358 893 1,254 1,044 1,221 890744 785 1,059 832 875 832 1,187 716

1,255 1,315 1,833 1,178 1,565 1,450 1,900 1,4512,082 2,110 3,049 1,902 2,694 1,663 3,212 2,203

807 884 1,096 689 839 858 1,231 1,154518 502 655 515 646 587 595 465141 171 169 141 145 182 174 147360 395 453 309 417 398 518 437

870 846 1,044 827 889 785 1,316 927382 345 462 406 518 493 665 527139 111 155 137 62 62 207 273570 756 963 730 925 1,189 1,154 787

- - 17 131 248 189 477 212- - - - - - - -

2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4T10 1T112,155 2,090 2,615 1,118 1,118 1,166 1,613 1,534

761 1,509 2,015 769 801 844 1,040 9585,897 5,333 5,923 1,968 1,984 2,101 2,672 2,0385,903 5,770 6,718 2,557 2,588 2,804 3,430 2,743

- - 1,770 800 605 726 1,020 7631,071 1,191 1,486 1,214 1,211 1,243 1,369 1,3951,244 1,102 1,340 1,068 914 1,056 1,042 1,0922,346 2,219 2,816 1,419 1,370 1,426 1,700 1,4931,714 1,717 2,191 1,732 1,754 2,017 2,716 2,1831,196 1,261 1,844 1,367 1,352 1,413 1,594 1,663

185 222 285 207 238 313 444 362


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635 1,338 1,639 1,471 1,481 1,516 2,024 1,681- - 127 305 89 199 516 648

23,106 23,754 30,771 15,995 15,505 16,825 21,180 18,553

(10,299) (9,893) (13,020) - - - - -12,807 13,860 17,751 15,995 15,505 16,825 21,180 18,553


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2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12208,609 213,858 295,096 218,348 234,747 240,754 314,978119,475 115,091 161,072 118,834 127,921 128,885 194,050349,298 349,764 492,799 348,126 376,795 388,276 514,217300,487 285,584 388,812 280,560 319,709 296,147 407,136187,682 187,205 264,535 192,022 199,933 205,980 284,274106,631 108,232 143,459 109,161 121,696 122,680 155,93344,717 47,638 56,144 52,938 47,285 50,123 58,606

186,595 179,858 246,707 168,475 201,468 190,978 268,056159,125 157,110 218,658 161,382 184,355 175,495 237,27273,497 73,084 93,038 72,999 78,883 77,927 101,70131,624 32,235 44,117 32,823 36,640 40,568 54,006

132,018 136,255 183,857 139,603 150,499 156,285 204,39867,017 64,777 88,903 69,328 74,946 68,715 89,698

- - 80,041 85,974 99,618 98,642 134,21880,44150,57426,659

1,966,778 1,950,693 2,757,235 2,050,575 2,254,494 2,241,454 3,176,216

2T11 3T11 4T11 1Q12 2T12 3T12 4T12115,208 117,351 142,049 128,089 133,583 130,358 184,599

14,753 14,699 19,801 15,077 16,594 15,426 21,0947,217 7,115 9,740 7,621 7,703 7,550 10,829

17,431 17,533 23,551 18,328 18,186 17,641 23,74218,705 19,512 25,822 19,803 21,015 19,946 27,7958,361 9,071 14,583 8,699 9,125 9,692 13,110

7,436 7,412 9,885 7,750 7,884 8,039 10,8341,415 1,491 1,953 1,636 1,520 1,615 2,0484,791 4,727 6,301 4,842 5,064 5,041 7,0778,743 9,262 13,114 9,329 10,281 9,649 14,1194,774 4,992 6,619 5,084 5,230 5,235 7,3961,145 1,178 1,605 1,185 1,263 1,372 1,8669,237 9,739 14,330 9,528 10,476 10,294 16,3114,417 4,570 6,774 4,949 4,547 4,519 5,650

6,972 8,142 7,995 8,222 11,1957,4645,1793,136

6,783 6,049 (19,003) 6,114 6,700 6,118 (4,247)100,349 101,081 120,961 114,187 115,380 115,312 160,121

13,158 13,101 18,138 13,636 14,844 14,103 19,1596,196 6,089 8,229 6,753 6,771 6,739 9,34515,161 15,365 20,550 16,463 15,907 15,983 21,39215,852 16,418 21,975 17,314 17,263 17,407 23,3227,248 7,694 12,999 7,651 7,928 8,455 11,4976,409 6,376 8,466 6,721 6,614 6,750 9,1331,239 1,322 1,612 1,334 1,340 1,434 1,7094,051 4,026 5,426 4,320 4,346 4,452 5,9827,412 7,565 10,658 7,937 7,969 7,878 11,4173,869 4,074 5,505 4,229 4,265 4,407 6,092


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796 908 1,335 1,005 984 1,058 1,3658,189 8,012 12,462 8,776 8,886 8,975 14,3153,987 4,082 6,334 4,465 4,064 3,994 5,110

6,278 7,470 7,499 7,559 10,1306,6344,8692,896

6,783 6,049 (19,003) 6,114 6,700 6,118 (4,247)4,836 5,587 7,914 4,784 6,987 5,960 9,334

446 559 714 536 698 607 771320 427 556 329 406 412 714575 384 750 444 515 465 643732 796 1,026 500 905 543 1,000271 499 531 378 468 463 677598 668 892 612 814 750 98957 74 98 181 64 96 189

285 301 427 195 366 245 419563 645 1,388 580 1,339 950 1,484449 438 527 394 510 402 55369 93 87 61 161 124 250

317 417 462 200 464 464 542

155 287 196 220 154 218 140262 154 122 222 317

277180189

10,022 10,683 13,175 9,117 11,216 9,087 15,1451,149 1,039 949 906 1,051 716 1,165

702 599 956 539 525 399 7691,695 1,784 2,251 1,421 1,764 1,193 1,7072,122 2,298 2,822 1,988 2,847 1,996 3,473

843 878 1,054 669 729 774 936429 369 528 416 457 538 711119 95 242 121 115 85 151455 400 449 328 352 344 676

767 1,052 1,068 813 973 821 1,218456 480 588 461 455 426 750280 178 183 119 118 190 251732 1,310 1,407 553 1,126 855 1,455275 201 245 264 329 307 400

- - 432 518 374 442 74855313051

2T11 3T11 4Q11 1Q12 2T12 3T12 4T121,555 1,566 1,884 1,544 1,597 1,720 2,069

1,017 969 1,166 1,009 1,005 976 1,3372,168 2,195 2,473 2,734 2,646 2,524 3,1492,864 2,797 3,716 3,088 3,236 3,010 3,835

831 848 1,130 861 797 826 1,1821,348 1,369 1,617 1,373 1,492 1,624 1,8491,022 1,144 972 1,337 1,323 1,396 1,2311,704 1,752 1,942 1,583 1,720 1,687 1,9622,210 2,647 3,029 2,534 2,823 2,736 3,2471,554 1,623 1,747 1,595 1,861 2,245 2,072

359 387 487 487 491 531 655


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1,649 1,724 2,297 1,602 2,215 2,422 2,682766 754 809 961 2,052 1,886 1,947

1,418 1,710 1,955 1,997 2,3391,477

560542

19,046 19,775 24,687 22,418 25,214 25,580 32,137

- - - - - - -19,046 19,775 24,687 22,418 25,214 25,580 32,137


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R$ 1,000

1Q13 2T13234,122 246,823143,978 150,381379,329 379,149296,526 331,521213,737 223,279120,580 128,97057,941 48,867

188,961 213,797181,566 193,99977,972 81,51441,127 44,833

149,631 161,84470,436 77,951

100,045 112,32866,477 77,00267,838 75,28355,347 66,646

2,445,613 2,614,187

1T13 2T13163,982 162,149

19,185 16,4768,595 8,668

18,758 18,91420,938 21,07810,146 10,466

8,704 8,7821,814 1,7195,307 5,666

10,284 10,9945,478 5,7171,345 1,389

10,882 11,0824,600 4,2518,640 8,1686,262 6,4697,485 7,2066,016 6,0769,546 9,027

148,408 143,782

17,653 14,8557,846 7,62717,080 17,03818,462 18,3359,112 9,2127,428 7,5621,450 1,4244,771 4,8308,833 9,2164,710 4,738


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1,055 1,0599,942 9,7434,060 3,7627,881 7,3766,078 6,0587,192 6,7275,310 5,192

9,546 9,0275,826 6,727

551 543338 346500 390637 794430 415665 730194 161186 310741 999346 424126 159205 346

186 137284 23918 11689 83

330 5359,749 11,641

981 1,077411 695

1,178 1,4861,840 1,949

604 839610 490170 134350 525

709 779422 554164 171736 994354 351475 554165 296203 396376 350

1T13 2T131,954 2,027

1,134 1,1032,366 2,6663,303 3,391

966 9261,797 1,9141,455 1,2901,730 1,7782,727 2,9232,345 2,012

649 738


203/209

2,192 2,4091,967 1,9591,996 2,0871,277 1,3401,017 1,0841,322 1,253

30,196 30,902

- -30,196 30,902


204/209

IndicatorsFinancial (MTE %) 1Q06 2Q06 3Q06Gross Revenue 50,084 69,562 66,773Net Revenue 45,732 64,093 61,313Headquarters 15,995 17,316 19,199Rental Revenue 29,557 47,994 44,269Rental Revenue/m 146 R$/m 237 R$/m 219 R$/mShopping Center EBITDAShopping Center EBITDA/m2

Adjusted Consolidated EBITDA 21,620 38,866 30,289Adjusted Consolidated EBITDA/m 107 R$/m 192 R$/m 150 R$/mShopping Center EBITDA Margin

Adjusted Consolidated EBITDA Margin 47.3% 60.6% 49.4%NOI + Key Money 29,030 44,551 42,358NOI + Key Money/m2 144 R$/m 220 R$/m 209 R$/mNOI + Key Money Margin 87.1% 82.9% 84.9%NOI 26,961 41,149 39,006NOI/m2 133 R$/m 203 R$/m 193 R$/mNOI Margin 86.3% 81.7% 83.8%

Adjusted FFO 15,457 25,236 28,057Adjusted FFO/m 76 R$/m 125 R$/m 139 R$/mPerformance (100%) 1Q06 2Q06 3Q06Total GLA 368,220 m 368,432 m 368,269 mOwn GLA 209,376 m 209,484 m 209,312 m

Adjusted Total GLA (avg.) 354,013 m 353,948 m 353,959 mAdjusted Own GLA (avg.) 202,287 m 202,241 m 202,217 mTotal Sales 727,675 834,928 845,313Total Sales/m 2,056 R$/m 2,359 R$/m 2,388 R$/mSame Stores Sales/m N/A N/A N/ASame Stores Rent/m N/A N/A N/AOccupancy Costs 15.8% 14.9% 15.7%

Rent as Sales % 9.8% 8.6% 9.4%

Others as Sales % 6.0% 6.3% 6.2%Turnover 1.0% 0.8% 0.9%Occupancy Rate 95.2% 96.3% 96.2%Delinquency 8.2% 6.9% 6.6%Rent Loss 0.0% 0.0% 10.4%


205/209

4Q06 1Q07 2Q07 3Q07 4Q0790,068 77,093 86,254 93,081 112,36481,833 70,364 78,764 85,095 102,17015,014 9,666 15,620 13,069 17,55171,259 52,453 54,368 55,572 77,001

345 R$/m 242 R$/m 248 R$/m 242 R$/m 327 R$/m

53,029 50,547 45,464 48,936 67,213257 R$/m 233 R$/m 208 R$/m 213 R$/m 286 R$/m

64.8% 71.8% 57.7% 57.5% 65.8%67,298 50,640 53,580 51,803 74,955

326 R$/m 234 R$/m 245 R$/m 225 R$/m 319 R$/m85.1% 83.0% 77.7% 72.4% 78.5%

62,516 46,073 48,721 47,418 69,865303 R$/m 213 R$/m 222 R$/m 206 R$/m 297 R$/m

84.1% 83.7% 82.5% 77.7% 83.3%50,629 43,704 41,498 46,350 68,621

245 R$/m 202 R$/m 189 R$/m 202 R$/m 292 R$/m4Q06 1Q07 2Q07 3Q07 4Q07

373,480 m 373,464 m 393,615 m 392,279 m 392,279 m214,525 m 238,883 m 255,927 m 252,147 m 257,369 m357,671 m 374,618 m 377,217 m 377,588 m 377,884 m206,532 m 216,662 m 219,001 m 229,738 m 235,135 m1,173,432 864,642 971,737 1,029,860 1,377,449

3,281 R$/m 2,308 R$/m 2,576 R$/m 2,727 R$/m 3,645 R$/mN/A 13.8% 12.2% 14.4% 11.4%N/A 9.4% 10.4% 10.6% 9.0%

13.2% 14.1% 12.8% 13.8% 13.4%8.4% 9.2% 8.2% 9.2% 8.0%

4.9% 5.0% 4.6% 4.7% 5.4%0.5% 0.8% 0.8% 1.9% 1.7%

97.2% 97.4% 97.6% 97.5% 97.0%5.6% 6.6% 5.3% 4.5% 4.4%6.2% 1.0% 0.5% 0.9% 0.4%


206/209

1Q08 2Q08 3Q08 4Q08 1Q09 2Q0989,339 113,984 111,461 138,129 110,913 119,41780,892 104,107 101,098 125,134 100,941 107,06911,671 27,539 20,119 19,791 18,885 24,65760,564 68,772 67,994 97,923 79,389 81,499

258 R$/m 276 R$/m 269 R$/m 334 R$/m 251 R$/m 258 R$/m66,089 66,617

209 R$/m 211 R$/m50,910 59,100 57,055 80,163 60,005 63,442

217 R$/m 238 R$/m 226 R$/m 273 R$/m 190 R$/m 200 R$/m65.7% 62.7%

62.9% 56.8% 56.4% 64.1% 59.4% 59.3%56,919 73,697 71,629 102,123 78,946 87,339

242 R$/m 296 R$/m 284 R$/m 348 R$/m 250 R$/m 276 R$/m72.9% 79.9% 79.1% 83.0% 83.0% 87.0%

52,155 64,979 68,023 97,968 73,778 81,305222 R$/m 261 R$/m 270 R$/m 334 R$/m 233 R$/m 257 R$/m

78.1% 84.4% 85.9% 89.1% 82.0% 86.2%57,685 58,239 54,514 66,768 53,109 55,316

245 R$/m 234 R$/m 216 R$/m 228 R$/m 168 R$/m 175 R$/m1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

392,015 m 416,416 m 416,928 m 484,373 m 484,894 m 484,873 m257,063 m 266,314 m 266,759 m 330,308 m 330,786 m 330,833 m377,981 m 393,900 m 402,522 m 446,010 m 470,488 m 470,525 m235,126 m 248,827 m 252,350 m 293,359 m 316,378 m 316,458 m1,045,442 1,169,981 1,203,680 1,650,592 1,261,212 1,407,614

2,766 R$/m 2,970 R$/m 2,990 R$/m 3,701 R$/m 2,681 R$/m 2,992 R$/m14.0% 11.4% 9.9% 7.9% 5.1% 9.8%7.7% 9.0% 11.6% 13.9% 13.2% 14.0%13.6% 13.2% 12.2% 12.3% 14.6% 13.6%8.4% 7.8% 7.4% 8.1% 8.8% 8.1%

5.2% 5.4% 4.8% 4.2% 5.8% 5.5%1.1% 1.6% 2.2% 1.7% 1.4% 1.0%

97.9% 98.2% 98.1% 98.3% 98.3% 98.7%3.2% 3.9% 3.7% 3.7% 5.8% 4.5%1.0% 1.7% 0.5% 0.6% 0.4% 0.4%


207/209

3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11129,793 174,245 149,964 157,373 159,950 195,337 173,153116,627 158,097 136,380 143,096 146,512 178,388 157,81318,695 25,945 20,068 25,324 24,744 22,962 21,62681,759 117,533 90,020 94,254 93,765 138,075 105,476

256 R$/m 356 R$/m 271 R$/m 283 R$/m 276 R$/m 387 R$/m 295 R$/m92,312 97,862 86,405 78,579 66,884 102,443 105,044

289 R$/m 296 R$/m 260 R$/m 236 R$/m 197 R$/m 287 R$/m 294 R$/m86,074 94,433 85,292 80,922 73,012 110,970 102,842

270 R$/m 286 R$/m 257 R$/m 243 R$/m 215 R$/m 311 R$/m 288 R$/m81.3% 64.5% 67.4% 59.5% 49.9% 66.4% 72.2%73.8% 59.7% 62.5% 56.6% 49.8% 62.2% 65.2%86,714 133,353 110,907 106,257 112,303 130,611 124,732

272 R$/m 404 R$/m 334 R$/m 319 R$/m 331 R$/m 366 R$

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