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BRMALLS is the largest shopping mall company in Brazil with a nationwide presence and targeting all income segments. It has 45 regional malls totaling 1.4 million square meters of GLA, making it the largest mall owner and operator in Brazil. The presentation outlines BRMALLS' strong growth through acquisitions, organic expansion of existing malls, and new developments. Financial highlights show rising revenues, occupancy rates, and returns through same store sales growth and rent increases above inflation. The company sees continued opportunities for consolidation in the fragmented Brazilian mall market.

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Investor Presentation February 2012
Largest and Best Company in the Sector Growth Drivers •Acquisitions •Organic Growth •Developments Financials and Operational Highlights 2
Overview BRMALLS is the only shopping mall company in Brazil with NATIONWIDE PRESENCE and targeting ALL INCOME SEGMENTS ► Highlights • Largest mall company in Brazil • 45 regional malls • Total GLA: 1,433.5 tsqm • Owned GLA: 798.2 tsqm • 42 managed or leased malls1 • Over 8,000 tenants and largest landlord in Brazil • 6 malls under development (242,904 sqm in total GLA) • 7 expansions announced (77,709 sqm in total GLA) • Total sales in 2011: R$ 16.1 billion • 360 million people visited our malls in 2011 BR MALLS’ presence Note: 1. Considers also greenfield projects 3
2011 Highlights ► 2011 Highlights • R$1.4 billion invested in the acquisitions of Jardim Sul, Catuaí, Paralela and the add- on acquisitions of Piracicaba, Curitiba and Crystal. • R$437.1 million* invested in expansions and greenfield projects. • Two greenfield openings (Via Brasil and Mooca Plaza Shopping). • Mooca Plaza Shopping, was the largest mall opening in Brazil in 2011. • With the Mooca Plaza Shopping opening we reached a total of 45 malls. • Two expansions opened (Tamboré and Campo Grande). • Became the largest mall company in the state of São Paulo. • R$1.1 billion raised in two offerings (Perpetual Bond and Follow-On). • 1st Mall Company to enter the Ibovespa, IBrX-50 and ICO2 indexes. • In 2011 our shares increased 7.0% vs -18.1% of Ibovespa. Note: * Up to 3Q11. 4
Outlook for 2012 ► Outlook for 2012 • Three greenfield mall openings (Estãção BH, São Bernardo and Londrina Norte) adding a total of 71.1 thousand m² of owned GLA, an increase of 8.9%. • Two expansions to be open (Shopping Recife and Center Shopping Uberlândia) adding 4.3 thousand m² of owned GLA, na increase of 0.5%. • SSS and SSR shall increase in line with 2011 where they increased by 8.9% and 13.6%, respectively. • Fragmented market still offers opportunity for consolidation. Note: * invested up to 3Q11. 5
Overview Growth Drivers •Acquisitions •Organic Growth •Developments Financials and Operational Highlights 6
Largest and Best Company in the Sector BR MALLS is THE LARGEST shopping mall company in Latin America Market Cap (R$ mm)¹ 9M11 Total GLA (in sqm) 1,355,391 8,626 5,985 551,759 494,906 468,841 2,506 1,750 9M11 EBITDA (R$ mm) 9M11 # of Malls 476,555 43 321,550 164,097 15 134,395 13 13 Note: 1 Market Cap on September 30 , 2011 7
Largest and Best Company in the Sector THE FASTEST GROWING company in the sector with more than twice the average of our competitors GLA CAGR 2006 - 2010 Net Revenues CAGR 2006 - 2010 49.9% 58.8% 57.2% 24.0% 24.3% 21.5% 12.4% 10.3% AFFO/Share CAGR (2006-2010) EBITDA CAGR (2006-2010) 54.8% 65.4% 15.1% 25.8% 24.6% 5.5% 8
Largest and Best Company in the Sector BR MALLS became THE MOST EFFICIENT player in the sector 9M11 NOI Margin¹ 9M11 Rent/m² Growth 90.0% 18.3% 88.4% 86.0% 10.0% 75.7% 6.2% 5.3% 9M11 EBITDA Margin 9M11 NOI/m² Growth 80.5% 23.1% 72.8% 72.0% 17.7% 61.6% 14.8% 9.8% Note: 1 Reported NOI and EBITDA margin 9
Largest and Best Company in the Sector BR Malls has consistently DELIVERED MORE VALUE to its shareholders FFO / share FFOPS (R$ cents/share) 700.0 600.0 500.0 400.0 300.0 200.0 100.0 - 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 BRMalls Multiplan Iguatemi 10
Largest and Best Company in the Sector BRMALLS stock has presented the BEST PERFORMANCE in the sector Performance since event Event Date BRML3 IGTA3 MULT3 ALSC3 Ibovespa Iguatemi IPO 6-Feb-07 N/A 17.4% N/A N/A 39.1% BRMALLS IPO 3-Apr-07 161.9% 28.2% N/A N/A 36.3% Multiplan IPO 26-Jul-07 80.7% 29.3% 65.2% N/A 17.0% Gen. Shop. IPO 26-Jul-07 82.8% 29.3% 65.9% N/A 17.0% BRMALLS Follow-on 18-Oct-07 64.9% 40.8% 59.9% N/A (0.3%) BRMALLS Follow-on 1-Jul-09 171.3% 114.3% 100.3% N/A 22.4% Multiplan Follow-on 24-Sep-09 100.9% 49.2% 46.9% N/A 5.0% Iguatemi Follow-on 22-Oct-09 100.4% 41.1% 39.6% N/A (4.6%) Aliansce IPO 27-Jan-10 101.9% 38.4% 32.2% 73.5% (3.1%) Sonae IPO 2-Feb-11 40.3% 9.5% 27.9% 19.8% (5.4%) BRMALLS Follow-on 10-May-11 20.3% (2.4%) 14.6% 11.9% (2.8%) Font: Bloomberg (February 8th 2011) 11
Largest and Best Company in the Sector BRMALLS has consistently outperformed Ibovespa, MSCI Brazil and IMOB Index Price change in Local Currency (%) 136.3% 120.5% 60.8% 7.0% 82.7% 1.0% 3.8% -18.1% -24.7% BRMALLS IBOVESPA MSCI BRMALLS IBOVESPA MSCI BRMALLS IBOVESPA MSCI BRAZIL BRAZIL BRAZIL 2009 2010 2011 12
Largest and Best Company in the Sector BR MALLS is the company in the sector with the HIGHEST CORPORATE GOVERNANCE STANDARDS and free-float Average Daily Traded Volume (R$ mm)¹ Corporate Governance Full corporation 7.2 x the average ADTV of peers No shareholders’ agreement and only one 46.7 class of share Highly committed top management team 9.3 6.2 4.0 BRMALLS Multiplan Iguatemi Aliansce Key employees alignment via stock option program Source: Bloomberg – September 30, 2011 Note: Considers last 30 days 13
Largest and Best Company in the Sector Outstanding performance in a RESILIENT BUSINESS protected against inflation Same Store Sales Quarterly Growth (%) Annual Growth (%) 16.2% 16.6% 14.1% 13.2% 11.8% 11.0% 9.0% 10.6% 8.9% 8.8% 8.7% 10.0% 8.3% 8.8% 7.0% 6.4% 5.1% 3.5% 2007 2008 2009 2010 2011 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 Same Store Rent (%) IGP-M (%) Same Store Rent Quarterly Growth (%) Annual Growth (%) 13.6% 13.4% 12.3% 14.2% 14.3% 15.2% 11.2% 10.5% 12.0% 9.3% 9.9% 8.8% 8.6% 10.1% 10.1% 9.7% 6.5% 8.0% 2007 2008 2009 2010 2011 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 14
Overview Largest and Best Company in the Sector •Organic Growth •Developments Financials and Operational Highlights 15
Growth Drivers: Acquisition Since 2007, BR MALLS acquired stakes in 36 different malls with a total CAPEX of R$4.3 billion Acquisition CAPEX Acquired Malls 36 R$ mm 4,775 Acquired Add-on1 30 1,369 1,301 232 Total CAPEX 366 4.8 1,507 (R$ billion) Equity Raised in 2007 2008 2009 2010 2011 Total 2.4 Offerings (R$ billion) Average NOI from Acquired Entry 9.0% 8.5% 11.6% 9.9% 9.5% 9.1% CAP Rate Assets - 2011 0.6 (R$ billion) IRR 12.3% 14.4% 14.2% 13.9% 13.4% 13.3% Note: Revised IRR 14.7% 17.7% 17.5% 17.0% N.A. 16.1% 1 Considers add-ons on the same malls 16
Growth Drivers: Acquisition Unique turnaround track record NOI of Acquisitions since 2006 (R$ mm) Actual / Projected NOI 23.0% Projected 23.3% 21.4% 297.2 Actual 23.2% 225.6 241.6 163.1 183.1 298.3 134.2 242.1 2008 2009 2010 9M11 Case Studies of Major Acquisitions (NOI Evolution – R$ mm) Plaza Niterói Shopping Estação Campinas Shopping 65.4 Shopping Tamboré +61.1% 40.6 +57.9% +95.1% +119.4% 34.0 21.0 12.2 23.8 13.3 15.5 2007 2010 2007 2010 2007 2008 2010 2007 2010 Acquisition Price Acquisition Price Acquisition Price Acquisition Price R$550.7 mm R$108.8 mm R$155.0 mm (R$138mm NPV) R$221.5 mm 17
Growth Drivers: Acquisition We still see a great opportunity for acquisitions in Brazil. With the recent offering, we expect to increase our acquisition capability in approximately R$1.5 billion Market Share – Ownership of Brazilian Shopping Malls Acquisition Opportunities Total GLA - Brazil Main Targets (in million of m²) 9.4 3.0% 17.0% 77.8% 6.0% 78.0% 79.0% 78.6% 77.8% 86.6% 2.1 4.5% 21.0% 5.7% 22.0% 21.4% 22.2% 13.4% 11.9% 2006 2007 2008 2009 2010 2010 Pension Plans Top 8 competitors BR MALLS BRMALLS Outros Others Others Main Targets Iguatemi Multiplan # of Malls 75 BRMALLS NOI (R$ billion) 1.8 Capex (R$ billion)1 18.0 Note: 1. Assumes a cap rate of 10% 18
Overview Largest and Best Company in the Sector •Acquisitions •Developments Financials and Operational Highlights 19
Growth Drivers: Organic Growth Excellent performance in current Malls Same Store Sales Occupancy Cost Occupancy rate (%) Leasing Spread – Growth (%) (% of sales) Renewal contracts (%) 14.1% 9.8% 98.3% 27.9% 9.4% 9.7% 10.6% 9.3% 10.1% 97.1% 97.3% 23.1% 9.0% 95.8% 97.6% 7.0% 8.9% 13.7% 13.3% 1.0% 2007 2008 2009 2010 2007 2008 2007 2011 2009 2010 2007 2008 2008 2009 2011 2009 2010 2010 2011 2011 Same Mall NOI (R$ mm) +23.2% +19.1% 477.0 562,133 400.5 456,170 +18.8% +25.4% 335.4 282.4 281.9 224.9 2008 2009 2007 2009 2010 2010 2008 2011 20
Overview Largest and Best Company in the Sector •Acquisitions •Organic Growth Financials and Operational Highlights 21
Growth Drivers: Developments Solid development track record with the largest pipeline of greenfields and expansions Total GLA (in ‘000 sqm) Already developed (Total GLA) 208.5 Pipeline (Total GLA) 319.8 Increase of 22% in Total Already developed (Owned GLA) 115.2 Pipeline (Owned GLA) 184.4 GLA and 23% in Owned GLA 194.6 528.3 65.0 145.3 125.2 129.6 12.7 91.7 112.5 20.5 383.1 65.1 71.2 18.8 28.2 46.3 23.5 28.2 23.5 2008 2009 2010 2011 2012 2013 onwards TOTAL Expansions Greenfield Capex 2,064.8 135.7 67.2 361.3 437.1 502.6 561.0 (R$ mm) 22
Overview Largest and Best Company in the Sector Growth Drivers •Acquisitions •Organic Growth •Developments 23
Financial Highlights Net Revenues (R$ ‘000) Gross Revenues Breakdown (3Q’11) 597,833 Growth Gross Revenues Breakdown 3Q11 546,437 67.3% CAGR 1.0% 56.5% 0.4% 55.8% 4.3% 72.1% 392,583 8.1% 360,495 318,999 14.0% 7.1% 9.3% 207,039 Rent Minimum Rent Parking Mall & Merchandising 91,059 Services Rendered Variable Rent Key Money Others Transfer Fee 2006 2007 2008 2009 2010 9M10 9M11 24
Financial Highlights (Cont’d) NOI (R$ ‘000) NOI/m² (R$ ‘000) CAGR Growth CAGR Growth 17.4% 65.7% 22.8% 60.2% 97 530,844 89 485,821 79 76 66 362,074 320,323 55 287,632 171,631 73,861 2006 2007 2008 2009 2010 9M10 9M11 2007 2008 2009 2010 9M10 9M11 25
Financial Highlights (Cont’d) FFO (R$ ‘000) EBITDA (R$ ‘000) Growth CAGR 62.8% 65.3% 476,555 Growth 431,157 CAGR 9.5% 63.7% 285,043 319,378 235,485 292,749 232,954 215,102 240,273 139,201 140,560 78,815 57,728 39,696 2006 2007 2008 2009 2010 9M10 9M11 2006 2007 2008 2009 2010 9M10 9M11 26
Capital Structure 3Q11 Cash R$765.9 million Debt Indexes (% of the total) Average Yield 102.1% IPCA 12.1% Gross Debt R$2.8 billion Average Debt Duration 13.8 years USD Average Debt Cost IGP-M + 6.92% TR Net Debt R$2.1 billion 55.0% IGP-M 5.3% Net Debt / EBITDA 2.96x CDI TJLP 0.5% 0.4% Net Debt / EBITDA 1.88x (excluding Perps) Debt Amortization Schedule (R$ million) 853 259 270 262 262 171 165 156 135 107 89 76 40 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Notes: onwards 1. Coupon hedge (5 years) of perpetual bond through a simple cash flow swap, exchanging our position from USD+9.75% to 109.3% of CDI for 3 years and 100.3% of CDI for 2 last years 2. Assumes payment of perpetual bond on 2023 27
28
Income Class Pyramid Evolution A Secular Trend Population Distribution by Income Class (millions of people) Growth Growth +7m +11m 13 20 31 66 95 113 Growth Growth +29m +18m 96 73 59 2003 2009 2014 A & B Class C Class D & E Class ► A Class: over R$9,050 ► B Class: R$6,941 – R$9,050 ► C Class: R$1,610 – R$6,941 ► D Class: R$1,008 – R$1,610 ► E Class: under R$1,008 Source: Political Sciences Center at FGV-Rio 29
Labor Market Employment conditions continue to improve Source: IBGE/Goldman Sachs 30
Credit Market Total Debt –to-Income Ratio in Brazil (%) Source: Brazilian Central Bank 31
Credit Market Total Credit Growth (%) Source: Bloomberg and Brazilian Central Bank 32
Credit Market Interest Rate and Spread (p.p.) Default Rate (%) 8.4% 8.3% 8.1% 8.1% 8.0% 7.7% 7.5% 7.2% 7.0% 6.8% 6.8% 6.5% 6.3% 6.4% 6.4% 6.2% 6.0% 6.0% 5.8% 5.9% 5.8% 5.8% 5.8% 5.9% 5.7% 5.7% 5.8% 6.0% 6.1% 5.5% 5.5% 5.3% 5.1% 5.1% 5.1% 5.0% 4.9% 5.1% 5.1% 4.8% 4.7% 4.7% 4.7% 4.8% 4.5% 4.6% 4.7% 4.7% Total Def Individual Def Rate 3.8% 3.9% 4.0% 4.0% 3.9% 3.8% 3.8% 3.7% 3.6% 3.6% 3.7% 3.6% 3.6% 3.6% 3.8% 3.8% Corporate Def Rate 3.5% 3.5% 3.6% 3.5% 3.6% 3.6% 3.7% 3.7% Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Source: Brazilian Central Bank 33
Credit Market Central Bank Target Interest Rate (%) Source: Bacen/Goldman Sachs 34
Shopping Mall A Safe Harbor Sales Performance in the Shopping Mall Sector from 1995 87.0 Average Inflation (1995-2010): 6.5% Average GDP Growth (1995-2010): 3.0% 71.0 Sales CAGR (1995-2010): 15.5% 64.6 58.0 50.0 45.5 41.6 36.0 32.0 26.0 23.0 16.0 18.0 12.0 14.0 10.0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Mexican Crisis (1994) & Russian Crisis (1998) & 2002 Crisis – Lula Subprime Crisis Asian Crisis (1997) Real Depreciation (1999) Election (2008 and on) ► Avg. GDP Growth (95-97): 3.3% ► Avg. GDP Growth (98-00): 1.5% ► Avg. GDP Growth (03-05): 3.3% ► Avg. GDP Growth (08-09): 2.4% ► Avg. Inflation (95-97): 12.4% ► Avg. Inflation (98-00): 5.5% ► Avg. Inflation (03-05): 7.5% ► Avg. Inflation (08-09): 5.1% ► Avg. Interest Rate (95-97): 34.5% ► Avg. Interest Rate (98-00): 21.3% ► Avg. Interest Rate (03-05): 17.4% ► Avg. Interest Rate (08-09):11.2% ► Sales Growth CAGR (95-97): 18.3% ► Sales Growth CAGR (98-00): 20% ► Sales Growth CAGR (03-05): 12% ► Sales Growth (08-09): 9.9% Source: IPEA Data and ABRASCE 35
Shopping Mall Industry Brazilian Mall industry offers strong potential for growth and expansion GLA per 1,000 inhabitants (m²) % of Retail Sales in Shopping Malls (2010) 66.0% 2,180 51.0% 50.0% 1,290 28.0% 18.0% 81 49 USA Canada Mexico Brazil Canada USA Mexico France Brazil Source: ICSC 2010 Source: ICSC / ABRASCE 36
Brazilian Mall Industry Growth of Brazil´s shopping mall industry to continue Million of sqm Source: Bacen/Goldman Sachs 37
Spread over BR Gov´t Bond Mall Companies: FFO yield x real rates Source: Bloomberg, Goldman Sachs estimates 38
Recent Acquisition – Shopping Jardim Sul With an expected stablizied NOI of R$50.1 million, Shopping Jardim Sul will become one of the largest NOI contributors for BRMALLS and was our 10th mall in the state of São Paulo TRANSACTION OVERVIEW BRMALLS acquired 100% ownership interest in Shopping DEAL Jardim Sul, of which 60% were by HoldCo and 40% by Rubi SUMMARY Real Estate Investment Fund, which we currently hold 100% of the shares. INVESTMENT The price paid for the mall was R$460 million R$37.9 million of NOI (including service revenues) to NOI BRMALLS in 2012 and a stabilized NOI of R$50.1 million. Nominal entry cap rate (2012) of 8.2% and a stabilized real Shopping Jardim Sul: RETURN cap rate of 10.9%. The IRR of the acquisition was 11.5%, real and unleveraged. •Total GLA (m²): 30,800 BRMALLS intends to distribute shares of the real estate • Owned GLA (m²): 30,800 REAL ESTATE investment fund to retail investors in the near future raising, • Ownership Interest: 100.0% FUND through the service revenues resulting from this transaction, • Number of Stores: 190 the IRR above 12.5%, real and unleveraged. • Parking Spaces: 1,350 • Investment: R$460 million MULTI-USE BRMALLS acquired two plots of land next to the mall with a • NOI BRMALLS 1st year: R$37.9 million POTENTIAL total area of 14.3 thousand m² for R$ 30 million. • NOI BRMALLS Stab.: R$50.1 million • IRR (real and unleveraged): 11.5% 39
Recently Opened Greenfield Mall Information: • Landbank (m²): 112,000 • Total GLA (m²): 41,964 • Owned GLA (m²): 25,178 • Leasing Status: 100.0% • Expected Opening: 4Q11 • Stabilized NOI: R$35.6 million • IRR (real and unleveraged): 16.1% Regional Information: • Population: 750 thousand • Consumption potential: R$1.5 billion per year 40
Greenfield Under Development Mall Information: • Total GLA (m²): 37,051 • Owned GLA (m²): 22,230 • Construction Status: 70.1% • Leasing Status: 82.3% • Expected Opening: 2Q12 • Stabilized NOI: R$25.6 million • IRR (real and unleveraged): 20.5% Regional Information: • Population: 2.4 million • Consumption potential: R$3.0 billion per year 41
Greenfield Under Development Mall Information: • Total GLA (m²): 42,885 • Owned GLA (m²): 25,731 • Construction Status: 26.0% • Leasing Status: 67.6% • Expected Opening: 4Q12 • Stabilized NOI: R$33.5 million • IRR (real and unleveraged): 16.2% Regional Information: • Population: 750 thousand • Consumption potential: R$4.2 billion per year 42
Greenfield Under Development Mall Information: • Total GLA (m²): 32,601 • Owned GLA (m²): 22,820 • Expected Opening: 4Q12 • Stabilized NOI: R$16.8 million Regional Information: • Population: 507 thousand • Consumption potential: R$1.7 billion per year 43
Greenfield Under Development Mall Information: • Total GLA (m²): 30,000 • Owned GLA (m²): 20,370 • Expected Opening: 4Q13 • Stabilized NOI: R$20.1 million Regional Information: • Population: 286 thousand • Consumption potential: R$1 billion per year 44
Greenfield Under Development Mall Information: • Total GLA (m²): 64,238 • Owned GLA (m²): 32,119 • Expected Opening: 4Q13 • Stabilized NOI: R$26.4 million Regional Information: • Population: 415 thousand • Consumption potential: R$2.1 billion per year 45
Greenfield Under Development Mall Information: • Total GLA (m²): 35,320 • Owned GLA (m²): 24,724 • Expected Opening: 4Q13 • Stabilized NOI: R$30.0 million Regional Information: • Population: 610 thousand • Consumption potential: R$2.6 billion per year 46
Leasing Scale – Partnership Case Study 2011 Total Le Lis Total Le Lis % Piracicaba Stores (3Q11) Stores - BRMalls Independência ABC 65 16 24% Crystal Catuaí Maringa Catuaí Londrina Store added through the acquisition of malls Jardim Sul Store added through new lease 2010 Mooca Granja Vianna Granja Vianna 2009 Uberlândia Uberlândia 2008 Caxias do Sul Caxias do Sul Caxias do Sul C. Grande C. Grande C. Grande C. Grande 2007 Amazonas Amazonas Amazonas Amazonas 2006 Fashion Mall Fashion Mall Fashion Mall Fashion Mall Fashion Mall Recife Recife Recife Recife Recife Recife Villa Lobos Villa Lobos Villa Lobos Villa Lobos Villa Lobos Villa Lobos 47
IR Contacts Leandro Bousquet – CFO and IRO Phone: 55 21 3138-9997 E-mail: leandro.bousquet@brmalls.com.br Derek Tang – Coordinator Phone: 55 21 3138-9914 E-mail: derek.tang@brmalls.com.br Eduardo Siqueira Phone: 55 21 3138-9980 E-mail: eduardo.siqueira@brmalls.com.br Juliana Lamberts Phone: 55 21 3138-9939 E-mail: juliana.lamberts@brmalls.com.br 48
Disclaimer The material that follows is a presentation of general background information about BR Malls Participações S.A. and its consolidated subsidiaries (“BR Malls" or the "Company") as of the date of the presentation. It is information in summary form and does not purport to be complete and is not intended to be relied upon as advice to potential investors. You should consult the offering memorandum for complete information about the transaction and base your investment decision on such offering memorandum. No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this presentation. Neither the Company nor any of its affiliates, advisers or representatives, accepts any responsibility whatsoever for any loss or damage arising from any information presented or contained in this presentation. The information presented or contained in this presentation is current as of the date hereof and is subject to change without notice and its accuracy is not guaranteed. Neither the Company nor any of its affiliates, advisers or representatives make any undertaking to update any such information subsequent to the date hereof. This presentation should not be construed as legal, tax, investment or other advice. Certain data in this presentation was obtained from various external data sources, and the Company has not verified such data with independent sources. Accordingly, the Company makes no representations as to the accuracy or completeness of that data, and such data involves risks and uncertainties and is subject to change based on various factors. This presentation is strictly confidential and may not be disclosed to any other person. This presentation contains forward-looking statements. Such statements are not statements of historical facts, and reflect the beliefs and expectations of BR Malls’ management. The words "anticipates", "wishes", "expects", "estimates", "intends", "forecasts", "plans", "predicts", "projects", "targets" and similar words are intended to identify these statements. Although the Company believes that expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to the Company's management, the Company cannot guarantee future results or events. You are cautioned not to rely on forward-looking statements as actual results could differ materially from those expressed or implied in the forward-looking statements. Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). Any offering of securities to be made will be made solely by means of an offering circular. This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities, and neither any part of this presentation nor any information or statement contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any decision to purchase securities in any offering of securities of the Company should be made solely on the basis of the information contained in the offering document which may be published or distributed in due course in connection with any offering of securities of the Company, if any. This presentation is being made only to investors that, by means of their attendance at this presentation, represent to the underwriters and the agents that they are “Qualified Institutional Buyers” as that term is defined in the Securities Act. 49

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Brmalls 3 q11_eng

  • 1.
  • 2.
    Largest and BestCompany in the Sector Growth Drivers •Acquisitions •Organic Growth •Developments Financials and Operational Highlights 2
  • 3.
    Overview BRMALLS isthe only shopping mall company in Brazil with NATIONWIDE PRESENCE and targeting ALL INCOME SEGMENTS ► Highlights • Largest mall company in Brazil • 45 regional malls • Total GLA: 1,433.5 tsqm • Owned GLA: 798.2 tsqm • 42 managed or leased malls1 • Over 8,000 tenants and largest landlord in Brazil • 6 malls under development (242,904 sqm in total GLA) • 7 expansions announced (77,709 sqm in total GLA) • Total sales in 2011: R$ 16.1 billion • 360 million people visited our malls in 2011 BR MALLS’ presence Note: 1. Considers also greenfield projects 3
  • 4.
    2011 Highlights ► 2011 Highlights • R$1.4 billion invested in the acquisitions of Jardim Sul, Catuaí, Paralela and the add- on acquisitions of Piracicaba, Curitiba and Crystal. • R$437.1 million* invested in expansions and greenfield projects. • Two greenfield openings (Via Brasil and Mooca Plaza Shopping). • Mooca Plaza Shopping, was the largest mall opening in Brazil in 2011. • With the Mooca Plaza Shopping opening we reached a total of 45 malls. • Two expansions opened (Tamboré and Campo Grande). • Became the largest mall company in the state of São Paulo. • R$1.1 billion raised in two offerings (Perpetual Bond and Follow-On). • 1st Mall Company to enter the Ibovespa, IBrX-50 and ICO2 indexes. • In 2011 our shares increased 7.0% vs -18.1% of Ibovespa. Note: * Up to 3Q11. 4
  • 5.
    Outlook for 2012 ► Outlook for 2012 • Three greenfield mall openings (Estãção BH, São Bernardo and Londrina Norte) adding a total of 71.1 thousand m² of owned GLA, an increase of 8.9%. • Two expansions to be open (Shopping Recife and Center Shopping Uberlândia) adding 4.3 thousand m² of owned GLA, na increase of 0.5%. • SSS and SSR shall increase in line with 2011 where they increased by 8.9% and 13.6%, respectively. • Fragmented market still offers opportunity for consolidation. Note: * invested up to 3Q11. 5
  • 6.
    Overview Growth Drivers •Acquisitions •Organic Growth •Developments Financials and Operational Highlights 6
  • 7.
    Largest and BestCompany in the Sector BR MALLS is THE LARGEST shopping mall company in Latin America Market Cap (R$ mm)¹ 9M11 Total GLA (in sqm) 1,355,391 8,626 5,985 551,759 494,906 468,841 2,506 1,750 9M11 EBITDA (R$ mm) 9M11 # of Malls 476,555 43 321,550 164,097 15 134,395 13 13 Note: 1 Market Cap on September 30 , 2011 7
  • 8.
    Largest and BestCompany in the Sector THE FASTEST GROWING company in the sector with more than twice the average of our competitors GLA CAGR 2006 - 2010 Net Revenues CAGR 2006 - 2010 49.9% 58.8% 57.2% 24.0% 24.3% 21.5% 12.4% 10.3% AFFO/Share CAGR (2006-2010) EBITDA CAGR (2006-2010) 54.8% 65.4% 15.1% 25.8% 24.6% 5.5% 8
  • 9.
    Largest and BestCompany in the Sector BR MALLS became THE MOST EFFICIENT player in the sector 9M11 NOI Margin¹ 9M11 Rent/m² Growth 90.0% 18.3% 88.4% 86.0% 10.0% 75.7% 6.2% 5.3% 9M11 EBITDA Margin 9M11 NOI/m² Growth 80.5% 23.1% 72.8% 72.0% 17.7% 61.6% 14.8% 9.8% Note: 1 Reported NOI and EBITDA margin 9
  • 10.
    Largest and BestCompany in the Sector BR Malls has consistently DELIVERED MORE VALUE to its shareholders FFO / share FFOPS (R$ cents/share) 700.0 600.0 500.0 400.0 300.0 200.0 100.0 - 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 BRMalls Multiplan Iguatemi 10
  • 11.
    Largest and BestCompany in the Sector BRMALLS stock has presented the BEST PERFORMANCE in the sector Performance since event Event Date BRML3 IGTA3 MULT3 ALSC3 Ibovespa Iguatemi IPO 6-Feb-07 N/A 17.4% N/A N/A 39.1% BRMALLS IPO 3-Apr-07 161.9% 28.2% N/A N/A 36.3% Multiplan IPO 26-Jul-07 80.7% 29.3% 65.2% N/A 17.0% Gen. Shop. IPO 26-Jul-07 82.8% 29.3% 65.9% N/A 17.0% BRMALLS Follow-on 18-Oct-07 64.9% 40.8% 59.9% N/A (0.3%) BRMALLS Follow-on 1-Jul-09 171.3% 114.3% 100.3% N/A 22.4% Multiplan Follow-on 24-Sep-09 100.9% 49.2% 46.9% N/A 5.0% Iguatemi Follow-on 22-Oct-09 100.4% 41.1% 39.6% N/A (4.6%) Aliansce IPO 27-Jan-10 101.9% 38.4% 32.2% 73.5% (3.1%) Sonae IPO 2-Feb-11 40.3% 9.5% 27.9% 19.8% (5.4%) BRMALLS Follow-on 10-May-11 20.3% (2.4%) 14.6% 11.9% (2.8%) Font: Bloomberg (February 8th 2011) 11
  • 12.
    Largest and BestCompany in the Sector BRMALLS has consistently outperformed Ibovespa, MSCI Brazil and IMOB Index Price change in Local Currency (%) 136.3% 120.5% 60.8% 7.0% 82.7% 1.0% 3.8% -18.1% -24.7% BRMALLS IBOVESPA MSCI BRMALLS IBOVESPA MSCI BRMALLS IBOVESPA MSCI BRAZIL BRAZIL BRAZIL 2009 2010 2011 12
  • 13.
    Largest and BestCompany in the Sector BR MALLS is the company in the sector with the HIGHEST CORPORATE GOVERNANCE STANDARDS and free-float Average Daily Traded Volume (R$ mm)¹ Corporate Governance Full corporation 7.2 x the average ADTV of peers No shareholders’ agreement and only one 46.7 class of share Highly committed top management team 9.3 6.2 4.0 BRMALLS Multiplan Iguatemi Aliansce Key employees alignment via stock option program Source: Bloomberg – September 30, 2011 Note: Considers last 30 days 13
  • 14.
    Largest and BestCompany in the Sector Outstanding performance in a RESILIENT BUSINESS protected against inflation Same Store Sales Quarterly Growth (%) Annual Growth (%) 16.2% 16.6% 14.1% 13.2% 11.8% 11.0% 9.0% 10.6% 8.9% 8.8% 8.7% 10.0% 8.3% 8.8% 7.0% 6.4% 5.1% 3.5% 2007 2008 2009 2010 2011 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 Same Store Rent (%) IGP-M (%) Same Store Rent Quarterly Growth (%) Annual Growth (%) 13.6% 13.4% 12.3% 14.2% 14.3% 15.2% 11.2% 10.5% 12.0% 9.3% 9.9% 8.8% 8.6% 10.1% 10.1% 9.7% 6.5% 8.0% 2007 2008 2009 2010 2011 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 14
  • 15.
    Overview Largest and BestCompany in the Sector •Organic Growth •Developments Financials and Operational Highlights 15
  • 16.
    Growth Drivers: Acquisition Since2007, BR MALLS acquired stakes in 36 different malls with a total CAPEX of R$4.3 billion Acquisition CAPEX Acquired Malls 36 R$ mm 4,775 Acquired Add-on1 30 1,369 1,301 232 Total CAPEX 366 4.8 1,507 (R$ billion) Equity Raised in 2007 2008 2009 2010 2011 Total 2.4 Offerings (R$ billion) Average NOI from Acquired Entry 9.0% 8.5% 11.6% 9.9% 9.5% 9.1% CAP Rate Assets - 2011 0.6 (R$ billion) IRR 12.3% 14.4% 14.2% 13.9% 13.4% 13.3% Note: Revised IRR 14.7% 17.7% 17.5% 17.0% N.A. 16.1% 1 Considers add-ons on the same malls 16
  • 17.
    Growth Drivers: Acquisition Uniqueturnaround track record NOI of Acquisitions since 2006 (R$ mm) Actual / Projected NOI 23.0% Projected 23.3% 21.4% 297.2 Actual 23.2% 225.6 241.6 163.1 183.1 298.3 134.2 242.1 2008 2009 2010 9M11 Case Studies of Major Acquisitions (NOI Evolution – R$ mm) Plaza Niterói Shopping Estação Campinas Shopping 65.4 Shopping Tamboré +61.1% 40.6 +57.9% +95.1% +119.4% 34.0 21.0 12.2 23.8 13.3 15.5 2007 2010 2007 2010 2007 2008 2010 2007 2010 Acquisition Price Acquisition Price Acquisition Price Acquisition Price R$550.7 mm R$108.8 mm R$155.0 mm (R$138mm NPV) R$221.5 mm 17
  • 18.
    Growth Drivers: Acquisition Westill see a great opportunity for acquisitions in Brazil. With the recent offering, we expect to increase our acquisition capability in approximately R$1.5 billion Market Share – Ownership of Brazilian Shopping Malls Acquisition Opportunities Total GLA - Brazil Main Targets (in million of m²) 9.4 3.0% 17.0% 77.8% 6.0% 78.0% 79.0% 78.6% 77.8% 86.6% 2.1 4.5% 21.0% 5.7% 22.0% 21.4% 22.2% 13.4% 11.9% 2006 2007 2008 2009 2010 2010 Pension Plans Top 8 competitors BR MALLS BRMALLS Outros Others Others Main Targets Iguatemi Multiplan # of Malls 75 BRMALLS NOI (R$ billion) 1.8 Capex (R$ billion)1 18.0 Note: 1. Assumes a cap rate of 10% 18
  • 19.
    Overview Largest and BestCompany in the Sector •Acquisitions •Developments Financials and Operational Highlights 19
  • 20.
    Growth Drivers: OrganicGrowth Excellent performance in current Malls Same Store Sales Occupancy Cost Occupancy rate (%) Leasing Spread – Growth (%) (% of sales) Renewal contracts (%) 14.1% 9.8% 98.3% 27.9% 9.4% 9.7% 10.6% 9.3% 10.1% 97.1% 97.3% 23.1% 9.0% 95.8% 97.6% 7.0% 8.9% 13.7% 13.3% 1.0% 2007 2008 2009 2010 2007 2008 2007 2011 2009 2010 2007 2008 2008 2009 2011 2009 2010 2010 2011 2011 Same Mall NOI (R$ mm) +23.2% +19.1% 477.0 562,133 400.5 456,170 +18.8% +25.4% 335.4 282.4 281.9 224.9 2008 2009 2007 2009 2010 2010 2008 2011 20
  • 21.
    Overview Largest and BestCompany in the Sector •Acquisitions •Organic Growth Financials and Operational Highlights 21
  • 22.
    Growth Drivers: Developments Soliddevelopment track record with the largest pipeline of greenfields and expansions Total GLA (in ‘000 sqm) Already developed (Total GLA) 208.5 Pipeline (Total GLA) 319.8 Increase of 22% in Total Already developed (Owned GLA) 115.2 Pipeline (Owned GLA) 184.4 GLA and 23% in Owned GLA 194.6 528.3 65.0 145.3 125.2 129.6 12.7 91.7 112.5 20.5 383.1 65.1 71.2 18.8 28.2 46.3 23.5 28.2 23.5 2008 2009 2010 2011 2012 2013 onwards TOTAL Expansions Greenfield Capex 2,064.8 135.7 67.2 361.3 437.1 502.6 561.0 (R$ mm) 22
  • 23.
    Overview Largest and BestCompany in the Sector Growth Drivers •Acquisitions •Organic Growth •Developments 23
  • 24.
    Financial Highlights NetRevenues (R$ ‘000) Gross Revenues Breakdown (3Q’11) 597,833 Growth Gross Revenues Breakdown 3Q11 546,437 67.3% CAGR 1.0% 56.5% 0.4% 55.8% 4.3% 72.1% 392,583 8.1% 360,495 318,999 14.0% 7.1% 9.3% 207,039 Rent Minimum Rent Parking Mall & Merchandising 91,059 Services Rendered Variable Rent Key Money Others Transfer Fee 2006 2007 2008 2009 2010 9M10 9M11 24
  • 25.
    Financial Highlights (Cont’d) NOI(R$ ‘000) NOI/m² (R$ ‘000) CAGR Growth CAGR Growth 17.4% 65.7% 22.8% 60.2% 97 530,844 89 485,821 79 76 66 362,074 320,323 55 287,632 171,631 73,861 2006 2007 2008 2009 2010 9M10 9M11 2007 2008 2009 2010 9M10 9M11 25
  • 26.
    Financial Highlights (Cont’d) FFO(R$ ‘000) EBITDA (R$ ‘000) Growth CAGR 62.8% 65.3% 476,555 Growth 431,157 CAGR 9.5% 63.7% 285,043 319,378 235,485 292,749 232,954 215,102 240,273 139,201 140,560 78,815 57,728 39,696 2006 2007 2008 2009 2010 9M10 9M11 2006 2007 2008 2009 2010 9M10 9M11 26
  • 27.
    Capital Structure 3Q11 Cash R$765.9 million Debt Indexes (% of the total) Average Yield 102.1% IPCA 12.1% Gross Debt R$2.8 billion Average Debt Duration 13.8 years USD Average Debt Cost IGP-M + 6.92% TR Net Debt R$2.1 billion 55.0% IGP-M 5.3% Net Debt / EBITDA 2.96x CDI TJLP 0.5% 0.4% Net Debt / EBITDA 1.88x (excluding Perps) Debt Amortization Schedule (R$ million) 853 259 270 262 262 171 165 156 135 107 89 76 40 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Notes: onwards 1. Coupon hedge (5 years) of perpetual bond through a simple cash flow swap, exchanging our position from USD+9.75% to 109.3% of CDI for 3 years and 100.3% of CDI for 2 last years 2. Assumes payment of perpetual bond on 2023 27
  • 28.
  • 29.
    Income Class PyramidEvolution A Secular Trend Population Distribution by Income Class (millions of people) Growth Growth +7m +11m 13 20 31 66 95 113 Growth Growth +29m +18m 96 73 59 2003 2009 2014 A & B Class C Class D & E Class ► A Class: over R$9,050 ► B Class: R$6,941 – R$9,050 ► C Class: R$1,610 – R$6,941 ► D Class: R$1,008 – R$1,610 ► E Class: under R$1,008 Source: Political Sciences Center at FGV-Rio 29
  • 30.
    Labor Market Employment conditionscontinue to improve Source: IBGE/Goldman Sachs 30
  • 31.
    Credit Market Total Debt –to-Income Ratio in Brazil (%) Source: Brazilian Central Bank 31
  • 32.
    Credit Market Total CreditGrowth (%) Source: Bloomberg and Brazilian Central Bank 32
  • 33.
    Credit Market Interest Rateand Spread (p.p.) Default Rate (%) 8.4% 8.3% 8.1% 8.1% 8.0% 7.7% 7.5% 7.2% 7.0% 6.8% 6.8% 6.5% 6.3% 6.4% 6.4% 6.2% 6.0% 6.0% 5.8% 5.9% 5.8% 5.8% 5.8% 5.9% 5.7% 5.7% 5.8% 6.0% 6.1% 5.5% 5.5% 5.3% 5.1% 5.1% 5.1% 5.0% 4.9% 5.1% 5.1% 4.8% 4.7% 4.7% 4.7% 4.8% 4.5% 4.6% 4.7% 4.7% Total Def Individual Def Rate 3.8% 3.9% 4.0% 4.0% 3.9% 3.8% 3.8% 3.7% 3.6% 3.6% 3.7% 3.6% 3.6% 3.6% 3.8% 3.8% Corporate Def Rate 3.5% 3.5% 3.6% 3.5% 3.6% 3.6% 3.7% 3.7% Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Source: Brazilian Central Bank 33
  • 34.
    Credit Market Central BankTarget Interest Rate (%) Source: Bacen/Goldman Sachs 34
  • 35.
    Shopping Mall A Safe Harbor Sales Performance in the Shopping Mall Sector from 1995 87.0 Average Inflation (1995-2010): 6.5% Average GDP Growth (1995-2010): 3.0% 71.0 Sales CAGR (1995-2010): 15.5% 64.6 58.0 50.0 45.5 41.6 36.0 32.0 26.0 23.0 16.0 18.0 12.0 14.0 10.0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Mexican Crisis (1994) & Russian Crisis (1998) & 2002 Crisis – Lula Subprime Crisis Asian Crisis (1997) Real Depreciation (1999) Election (2008 and on) ► Avg. GDP Growth (95-97): 3.3% ► Avg. GDP Growth (98-00): 1.5% ► Avg. GDP Growth (03-05): 3.3% ► Avg. GDP Growth (08-09): 2.4% ► Avg. Inflation (95-97): 12.4% ► Avg. Inflation (98-00): 5.5% ► Avg. Inflation (03-05): 7.5% ► Avg. Inflation (08-09): 5.1% ► Avg. Interest Rate (95-97): 34.5% ► Avg. Interest Rate (98-00): 21.3% ► Avg. Interest Rate (03-05): 17.4% ► Avg. Interest Rate (08-09):11.2% ► Sales Growth CAGR (95-97): 18.3% ► Sales Growth CAGR (98-00): 20% ► Sales Growth CAGR (03-05): 12% ► Sales Growth (08-09): 9.9% Source: IPEA Data and ABRASCE 35
  • 36.
    Shopping Mall Industry BrazilianMall industry offers strong potential for growth and expansion GLA per 1,000 inhabitants (m²) % of Retail Sales in Shopping Malls (2010) 66.0% 2,180 51.0% 50.0% 1,290 28.0% 18.0% 81 49 USA Canada Mexico Brazil Canada USA Mexico France Brazil Source: ICSC 2010 Source: ICSC / ABRASCE 36
  • 37.
    Brazilian Mall Industry Growthof Brazil´s shopping mall industry to continue Million of sqm Source: Bacen/Goldman Sachs 37
  • 38.
    Spread over BRGov´t Bond Mall Companies: FFO yield x real rates Source: Bloomberg, Goldman Sachs estimates 38
  • 39.
    Recent Acquisition –Shopping Jardim Sul With an expected stablizied NOI of R$50.1 million, Shopping Jardim Sul will become one of the largest NOI contributors for BRMALLS and was our 10th mall in the state of São Paulo TRANSACTION OVERVIEW BRMALLS acquired 100% ownership interest in Shopping DEAL Jardim Sul, of which 60% were by HoldCo and 40% by Rubi SUMMARY Real Estate Investment Fund, which we currently hold 100% of the shares. INVESTMENT The price paid for the mall was R$460 million R$37.9 million of NOI (including service revenues) to NOI BRMALLS in 2012 and a stabilized NOI of R$50.1 million. Nominal entry cap rate (2012) of 8.2% and a stabilized real Shopping Jardim Sul: RETURN cap rate of 10.9%. The IRR of the acquisition was 11.5%, real and unleveraged. •Total GLA (m²): 30,800 BRMALLS intends to distribute shares of the real estate • Owned GLA (m²): 30,800 REAL ESTATE investment fund to retail investors in the near future raising, • Ownership Interest: 100.0% FUND through the service revenues resulting from this transaction, • Number of Stores: 190 the IRR above 12.5%, real and unleveraged. • Parking Spaces: 1,350 • Investment: R$460 million MULTI-USE BRMALLS acquired two plots of land next to the mall with a • NOI BRMALLS 1st year: R$37.9 million POTENTIAL total area of 14.3 thousand m² for R$ 30 million. • NOI BRMALLS Stab.: R$50.1 million • IRR (real and unleveraged): 11.5% 39
  • 40.
    Recently Opened Greenfield Mall Information: • Landbank (m²): 112,000 • Total GLA (m²): 41,964 • Owned GLA (m²): 25,178 • Leasing Status: 100.0% • Expected Opening: 4Q11 • Stabilized NOI: R$35.6 million • IRR (real and unleveraged): 16.1% Regional Information: • Population: 750 thousand • Consumption potential: R$1.5 billion per year 40
  • 41.
    Greenfield Under Development Mall Information: • Total GLA (m²): 37,051 • Owned GLA (m²): 22,230 • Construction Status: 70.1% • Leasing Status: 82.3% • Expected Opening: 2Q12 • Stabilized NOI: R$25.6 million • IRR (real and unleveraged): 20.5% Regional Information: • Population: 2.4 million • Consumption potential: R$3.0 billion per year 41
  • 42.
    Greenfield Under Development Mall Information: • Total GLA (m²): 42,885 • Owned GLA (m²): 25,731 • Construction Status: 26.0% • Leasing Status: 67.6% • Expected Opening: 4Q12 • Stabilized NOI: R$33.5 million • IRR (real and unleveraged): 16.2% Regional Information: • Population: 750 thousand • Consumption potential: R$4.2 billion per year 42
  • 43.
    Greenfield Under Development Mall Information: • Total GLA (m²): 32,601 • Owned GLA (m²): 22,820 • Expected Opening: 4Q12 • Stabilized NOI: R$16.8 million Regional Information: • Population: 507 thousand • Consumption potential: R$1.7 billion per year 43
  • 44.
    Greenfield Under Development Mall Information: • Total GLA (m²): 30,000 • Owned GLA (m²): 20,370 • Expected Opening: 4Q13 • Stabilized NOI: R$20.1 million Regional Information: • Population: 286 thousand • Consumption potential: R$1 billion per year 44
  • 45.
    Greenfield Under Development Mall Information: • Total GLA (m²): 64,238 • Owned GLA (m²): 32,119 • Expected Opening: 4Q13 • Stabilized NOI: R$26.4 million Regional Information: • Population: 415 thousand • Consumption potential: R$2.1 billion per year 45
  • 46.
    Greenfield Under Development Mall Information: • Total GLA (m²): 35,320 • Owned GLA (m²): 24,724 • Expected Opening: 4Q13 • Stabilized NOI: R$30.0 million Regional Information: • Population: 610 thousand • Consumption potential: R$2.6 billion per year 46
  • 47.
    Leasing Scale –Partnership Case Study 2011 Total Le Lis Total Le Lis % Piracicaba Stores (3Q11) Stores - BRMalls Independência ABC 65 16 24% Crystal Catuaí Maringa Catuaí Londrina Store added through the acquisition of malls Jardim Sul Store added through new lease 2010 Mooca Granja Vianna Granja Vianna 2009 Uberlândia Uberlândia 2008 Caxias do Sul Caxias do Sul Caxias do Sul C. Grande C. Grande C. Grande C. Grande 2007 Amazonas Amazonas Amazonas Amazonas 2006 Fashion Mall Fashion Mall Fashion Mall Fashion Mall Fashion Mall Recife Recife Recife Recife Recife Recife Villa Lobos Villa Lobos Villa Lobos Villa Lobos Villa Lobos Villa Lobos 47
  • 48.
    IR Contacts Leandro Bousquet– CFO and IRO Phone: 55 21 3138-9997 E-mail: [email protected] Derek Tang – Coordinator Phone: 55 21 3138-9914 E-mail: [email protected] Eduardo Siqueira Phone: 55 21 3138-9980 E-mail: [email protected] Juliana Lamberts Phone: 55 21 3138-9939 E-mail: [email protected] 48
  • 49.
    Disclaimer The material thatfollows is a presentation of general background information about BR Malls Participações S.A. and its consolidated subsidiaries (“BR Malls" or the "Company") as of the date of the presentation. It is information in summary form and does not purport to be complete and is not intended to be relied upon as advice to potential investors. You should consult the offering memorandum for complete information about the transaction and base your investment decision on such offering memorandum. No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this presentation. Neither the Company nor any of its affiliates, advisers or representatives, accepts any responsibility whatsoever for any loss or damage arising from any information presented or contained in this presentation. The information presented or contained in this presentation is current as of the date hereof and is subject to change without notice and its accuracy is not guaranteed. Neither the Company nor any of its affiliates, advisers or representatives make any undertaking to update any such information subsequent to the date hereof. This presentation should not be construed as legal, tax, investment or other advice. Certain data in this presentation was obtained from various external data sources, and the Company has not verified such data with independent sources. Accordingly, the Company makes no representations as to the accuracy or completeness of that data, and such data involves risks and uncertainties and is subject to change based on various factors. This presentation is strictly confidential and may not be disclosed to any other person. This presentation contains forward-looking statements. Such statements are not statements of historical facts, and reflect the beliefs and expectations of BR Malls’ management. The words "anticipates", "wishes", "expects", "estimates", "intends", "forecasts", "plans", "predicts", "projects", "targets" and similar words are intended to identify these statements. Although the Company believes that expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to the Company's management, the Company cannot guarantee future results or events. You are cautioned not to rely on forward-looking statements as actual results could differ materially from those expressed or implied in the forward-looking statements. Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). Any offering of securities to be made will be made solely by means of an offering circular. This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities, and neither any part of this presentation nor any information or statement contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any decision to purchase securities in any offering of securities of the Company should be made solely on the basis of the information contained in the offering document which may be published or distributed in due course in connection with any offering of securities of the Company, if any. This presentation is being made only to investors that, by means of their attendance at this presentation, represent to the underwriters and the agents that they are “Qualified Institutional Buyers” as that term is defined in the Securities Act. 49