1. BRMALLS reported strong financial results in 1Q11, with net revenue up 68.4% and NOI increasing 70.5% compared to 1Q10. Same store sales growth remained strong, particularly for leisure and satellite stores. 2. The company acquired interests in three malls during the quarter for a total of R$108.7 million, with actual NOI exceeding projections. BRMALLS also opened two new projects according to schedule. 3. Subsequent to 1Q11, BRMALLS acquired Shopping Center Paralela for R$285 million, and expects to improve occupancy and NOI through active management.

1. 1Q11 Earnings

2. | Net Revenue
Our Net Revenue totaled R$179.1 million in 1Q11, 68.4% up over 1Q10
Net Revenues Growth (R$ thousand)
68.4% Gross Revenues Breakdown 1Q11
Rent
0.9%
179,083 Parking 1.3% 56.3%
Services 3.9% 71.5%
Base Rent
Key Money 8.5% Overage Rent
106,325 Others
Mall & Merchandising
Transfer Fee
13.9%
Base Rent
8.8% 6.4%
Overage Rent
Mall & Merchandising
1Q10 1Q11
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3. | NOI
NOI reached R$158.6 million in the quarter, 70.5% up over 1Q10
NOI Growth (R$ thousand)
Same Mall NOI Growth (R$ thousand)
88,8% 89,5% * 26.0%
70.5%
111,552
158,635 88,539
93,021
1Q10 1Q11 1Q10 1Q11
Growth in
managed malls
(89.2% of our NOI)
registered 27.5%
•Adjusted by the revenue and cost of the condominium of Center Shopping Uberlândia
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4. | EBITDA and FFO
Adjusted EBITDA increased 58.6%, totaling R$140.6 million
Net Income Growth (R$ thousand)
36.1%
57,224
Adjusted EBITDA Growth (R$ thousand)
42,052
58.6%
140,602
88,638 1Q10 1Q11
FFO Growth (R$ thousand)
1Q10 1Q11 33.3%
60,077
45,055
1Q10 1Q11
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5. | Sales
Leisure and satellite stores continue to post SSS growth above double digits
Same Store Sales per Segment
(1Q11 versus 1Q10)
18.5%
11.6%
8.7%
6.7%
0.9%
Anchors Megastore Satellites Leisure Average
Same Store Sales Growth (%)
16.2% 16.6%
12.7% 13.2%
10.7% 10.8% 11.0% 11.8%
8.8% 8.7%
6.4% 7.0%
5.1%
3.5%
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 2009 1Q10 2Q10 3Q10 4Q10 1Q11
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6. | Rent
Consistent growth in occupancy rate and resilient business protected against inflation
Occupancy Rate (%)
98.1%
97.9%
96.9%
96.0%
94.9%
1Q07 1Q08 1Q09 1Q10 1Q11
Same Store Rent Growth (%)
13.4%
12.4% 12.3% 12.0%
9.5% 9.9% 10.1% 10.1% 9.7%
8.3% 8.8% 8.6% 8.0%
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11
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7. | Leasing Activities
Leasing Spread for Renewals reached its highest historical level
Average Rent per m²
Renewals Leasing Spread (%) (Current Portfolio versus New Contracts)
27.7% 28.1%
22.9%
22.3% 22.5%
17.7% 18.3%
13.9% 14.7% 101.5
8.1%
82.6
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 Current Portf olio Negotiated
Contracts
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8. | Acquisitions
We concluded in 1Q11 increases in ownership in 3 malls, representing a total capex of R$108.7
million and a real and unleveraged average IRR of 13.7%.
Owned GLA from Acquisitions in 1Q11 (m²)
29,512
11,346
8,617 9,549
Shopping Shopping Shopping Total
Crystal Piracicaba Curitiba
Actual NOI in 1Q11 from acquired malls outperformed the projected NOI by 27.2%.
NOI of Acquisitions (R$ thousand)
27.2%
79,356
62,378
Projected NOI Actual NOI 1Q11
1Q11 8

9. | Greenfield Projects –Mooca Plaza Shopping
Mooca Plaza Shopping
•opening in the fourth quarter of 2011;
•stabilized NOI of R$33.3 million;
•approximately 79.7% of the GLA already leased;
•project on schedule, with approximately 40% of
construction carried out;
•Total GLA (m²): 41,963
•Owned GLA (m²): 25,178
•BRMALLS Stabilized NOI: R$33.3 million
•IRR: 18.3% (real and unleveraged)
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10. | Greenfield Projects – Other Developments
Shopping Estação BH
•Total GLA (m²): 36,317
•Owned GLA (m²): 21,790
• % Developed: 37.0%
• Leasing Status: 66.4% Owned GLA Added by Greenfield Projects
•Opening: 1Q12
744,846
10.8%
72,730
672,116
São Bernardo
Current Owned Owned GLA - Total Owned GLA
•Total GLA (m²): 42,338 GLA Developments
•Owned GLA (m²): 25,403
• % Developed: 17.3%
•Opening: 4Q12
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11. | Summary of Greenfield and Expansion projects
We expect our projects under development to add 188.7k m² of total GLA by 2013
Total GLA of Greenfield and Expansions ('000 m²)
Already Developled 161.2 Pipeline 188.7 15% increase in
Total GLA
42.7 349.9
20.6
131.0
5.5 78.0
15.1
41.9
18.8
29.2
218.9
28.2 46.3
23.5
2008 2009 2010 2011YTD 2011 pipeline 2012 2013 Total
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12. | Cash and Debt Position
BRMALLS ended 1Q11 with a cash position of R$725.0 million, a 228.2% increase
over 4Q10
Cash and Debt Position (R$ million)
228.2% vs 4Q10
Debt Amortization Schedule (R$ million)
R$ 725.00 67.6% vs 4Q10 59.1% vs 4Q10 861
R$ (2,623.80) R$ (1,898.80)
237 239 231 231
127 150 151 142
114 94 76 69
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Cash Gross Debt Net Debt onwards
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13. | Capital Markets
Stock Performance
•Daily traded volume averaged R$27.9 million in 1Q11
•The number of trades averaged 2,518, an increase of 71.6% compared to 1Q10
•Since the IPO in 2007, BRMALLS share has increased 120.8%, compared to a 41.8% increase of the Ibovespa index
Stock split
200 45
Millions
180 40
160 35
140
30
120
25
100
20
80
15
60
40 10
20 5
0 0
Aug 09 Oct 09 Dec 09 Feb 10 Apr 10 Jun 10 Aug 10 Oct 10 Dec 10 Feb 11
Trading Volume (30 days) BRML3 Ibovespa
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14. | Recent Events
• Last week we added 68k m² of owned GLA through the:
• Opening of Via Brasil Shopping located in Irajá (RJ) on April 27
• Opening of the expansion of Shopping Tamboré located in Barueri (SP) on April 28
• Acquisition of Shopping Paralela located in Salvador (BA) on April 29
• On April 29 we filed with CVM a public offering in Brazil and a private
placement elsewhere of common shares of R$598.4 million* (approximately
$381 million**)
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*Based on closing share price of R$17.60, as of April 27th, 2011.
** Based on FX rate of R$1.57 / US$ , as of April 27th, 2011.

15. | Inauguration – Via Brasil Shopping
Via Brasil Shopping
•Acquisition concluded on May 2010, and
inaugurated on April 27, 2011
•The mall opens with 95% of its GLA leased;
•In February 2011 BRMALLS became responsible
for leasing, elevating total GLA leased from 82%
to 95% in only 2 months
• Total capex of R$102.9 million, fully disbursed in
2010
•stabilized NOI of R$13.9 million to BRMALLS
Total GLA: 30,680 m²
Owned GLA: 15,033 m²
Stores: 189
Parking spots: 2,850
BRMALLS Stabilized NOI: R$13.9
milhões
IRR (real and unleveraged): 14.7%
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16. | Inauguration – Shopping Tamboré Expansion
Shopping Tamboré Expansion
• The project was initiated in October 2009 and
opened according to schedule on April, 28th
• stabilized NOI of R$20.4 million;
• 98.5% of the GLA was leased on the opening date
(100% considering signed contracts), above our
initial estimate of 94.3%;
• Approximately 80% of the stores were open on the
inauguration
• With the expansion, the stabilized NOI should be
greater than R$60 million.
•Owned GLA: 15,140 m²
•Number of stores expansion: 84
•Parking spots: 832
•Stabilized NOI BRMALLS: R$
20.4 million
•IRR (real and unleveraged):
16.8%
•Cash on Cash (real and
unleveraged): 18.5%
•Total Capex: R$124.0 million 16

17. | Subsequent Acquisiton – Shopping Center Paralela
Shopping Center Paralela
• On April 29, 2011 BRMALLS acquired a 95% interest in Shopping
Paralela for R$237.5 million, of which 40% were paid upfront and the
rest in 4 annual installments, additionally R$47.5 million for the parking
operation
• Opened only two years ago, the mall is still undergoing a consolidation
phase due to its recent openning, resulting in a vacancy of 8.5%
•The implementation of BRMALLS management practices shall bring
substantial improvements related to leasing, tenant mix and
vacancy reduction
•NOI for the next 12 months of R$22.2 million for BRMALLS
•Present value of the acquisition price is equivalent to
R$5,778.8/m², in line with replacement cost and the average investment
of our greenfields
Total GLA: 39,800 m²
Owned GLA: 37,800 m²
Number of stores: 330
Parking spots: 2,400
Total Capex: R$285.0 million
Entry cap rate: 10,1%
IRR (real and unleveraged): 15.4%
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