1. 2Q11 Earnings

2. | Net Revenues
In 2Q11, Net Revenues totaled R$199.4 million, a 62.1% increase
Net Revenues Growth (R$ thousand)
Gross Revenues Breakdown 2Q11
378,501
65.0% 1.3%
Parking 0.7% 55.1%
62.1% Services 3.2% 71.4%
229,374
199,418 Key Money Base Rent
9.6%
Others Overage Rent
123,049
Transfer Fee Mall & Merchandising
13.8%
Base Rent 7.3%
8.9%
Overage Rent
2Q10 2Q11 6M10 6M11 Mall & Merchandising
2

3. | NOI
NOI reached R$176.0 million in the quarter, a 61.0% increase
Same Mall NOI Growth (R$ thousand)
NOI growth (R$ thousand)
24.1%
234,347
65.3%
334,475 22.5% 188,809
61.0%
202,343 122,794
176,033 100,270
109,322
2Q10 2Q11 6M10 6M11 2Q10 2Q11 6M10 6M11
Growth in managed malls
(90.1% of our NOI) registered
23.0% in the quarter
3

4. | EBITDA and FFO
We ended the quarter with an adjusted EBITDA of R$160.5 million, a 58.3% increase
Adjusted Net Income Growth (R$ thousand)
49.0%
172,618
56.3%
115,394 115,860
Adjusted EBITDA Growth (R$ thousand) 73,808
58.4% 301,069
58.3%
2Q10 2Q11 6M10 6M11
190,015
160,466
101,377
FFO Growth (R$ thousand)
47.3%
2Q10 2Q11 6M10 6M11 179,015
55.5%
118,938 121,535
76,480
2Q10 2Q11 6M10 6M11
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5. | Sales
Leisure and satellites stores had a good perfomance in the quarter, with SSS growth above 2
digits.
Same Store Sales per Segment
(2Q11 versus 2Q10)
29.0%
13.1%
2.9%
1.9%
Anchors Megastore Satellites Leisure
SSS (%)
16.2% 16.6%
12.7% 13.2%
10.8% 11.0% 11.8%
10.0%
8.8% 8.7%
6.4%
5.1%
3.5%
2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11
5

6. | Rent
SSR growth reached the Company’s highest historical level, increasing by 14.2%
Occupancy (%) Renewals Leasing Spread (%)
98.3% 98.3% * 27.7% 28.1% 27.4%
97.0%
22.3% 22.5%
96.0%
18.3%
94.1% 13.9% 14.7%
8.1%
2Q07 2Q08 2Q09 2Q10 2Q11 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11
SSR (%)
13.4% 14.2%
12.4% 12.3% 12.0%
9.5% 9.9% 10.1% 10.1% 9.7%
8.8% 8.6% 8.0%
2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11
* Excluding acquired and inaugurated malls in the last 12 months. 6

7. | Acquisitions
We concluded in 2Q11 increases in ownership in 3 malls and 1 acquisition, representing a total
capex of R$346.2 million.
Owned GLA from Acquisitions 6M11 (m²)
67,324
37,812
9,549 11,346
8,617
Shopping Shopping Shopping Shopping Total
Crystal Piracicaba Curitiba Paralela
Actual NOI in 2Q11 from acquired malls outperformed the projected NOI by 23.6%.
NOI of Realized Acquisitions (R$ thousand)
25.1%
23.6% 185,386
148,180
106,031
85,802
Projected Realized Projected Realized
NOI 2Q11 NOI 2Q11 NOI 6M11 NOI 6M11 7

8. | Greenfield Projects –Mooca Plaza Shopping
Mooca Plaza Shopping
•opening in the fourth quarter of 2011;
•stabilized NOI of R$34.6 million;
•approximately 95.7% of the GLA already leased;
•project on schedule, with approximately 67.0% of
construction carried out;
•Total GLA (m²): 41,964
•Owned GLA (m²): 25,178
•BRMALLS Stabilized NOI: R$34.6 million
•IRR: 16.9% (real and unleveraged)
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9. | Greenfield Projects – Other Developments
Shopping Estação BH
•Total GLA (m²): 36,504
•Owned GLA (m²): 21,902 Owned GLA with Developments
• % Developed: 54.2%
10.8%
73,040 747,155
• Leasing Status: 72.8%
•IRR (real and unleveraged): 20.3%
674,115
•Opening: 2Q12
Current Owned Owned GLA - Total Owned GLA
São Bernardo
GLA Developments
•Total GLA (m²): 43,268
•Owned GLA (m²): 25,961
•% Developed: 20.3%
•Leasing Status: 52.7%
•IRR (real and unleveraged): 16.8%
•Opening: 4Q12
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10. | Summary of Greenfield and Expansion projects
We expect our projects under development to add 192.0k m² of total GLA by 2013
Total GLA of Greenfields amd Expansions Projects ('000 m²)
Already developed 161,2 Pipeline 192,0 15% increase
in Total GLA
44.5
20.3
132.4
5.5 79.8
15.1
42.0
18.8
29.2
220.7
28.2
23.5 46.3
2008 2009 2010 2011YTD 2011 pipeline 2012 2013 Total
Greenfields Expansions
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11. | Cash and Debt Position
BRMALLS ended 2Q11 with a cash position of R$1,255.3 million, a 73.2% increase over 1Q11
Cash Position and Net Debt (R$ million)
+73.2% vs 1Q11 Debt Amortization Schedule (R$ million) 737
1,255.3
0.7% vs 1Q11 -27.0% vs 1Q11 244 246 238 238
(2,641.4) (1,386.0)
155 156 147
131
98 98 80 71
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
onwards
Cash Position Gross Debt Net Debt
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12. | Capital Markets
Follow On
•On May 25, we concluded our share offering, raising approximately R$731 million at a price of
R$17.20 per share;
•The proceeds will be used mainly for acquisitions of interest in malls;
Stock Performance
•Daily traded volume averaged R$43.0 million in 2Q11, a 192.0% increase compared to 2Q10;
•The number of trades averaged 5,483, up 301.5% compared to 2Q10;
Base 100 Stock split
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nov-09 jan-10 mar-10 mai-10 jul-10 set-10 nov-10 jan-11 mar-11 mai-11 jul-11
Trading Volume (30 days) BRML3 Ibovespa
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