In 3Q11, Multiplan's net revenues totaled R$219.3 million, a 67.3% increase over 3Q10. NOI reached R$196.4 million, a 66.4% increase, and adjusted EBITDA was R$175.5 million, a 70.8% increase. Excluding foreign exchange impacts, net income was R$92 million, up 29.1%. The company also acquired additional GLA and concluded the acquisition of a portfolio with two malls during the quarter.

1. 3Q11 Earnings

2. Net Revenues
In 3Q11, Net Revenues totaled R$219.3 million, a 67.3% increase over 3Q10
Net Revenues Growth (R$ thousand) Gross Revenues Breakdown 3Q11
1.0%
597,833
Parking 0.4% 55.8%
65.8%
Services 4.3% 72.1%
67.3% Key Money 8.1%
360,495
Others
Transfer Fee 14.0%
219,333
Base Rent 7.1%
131,121 9.3%
Overage Rent
Mall & Merchandising Rent Base Rent
Parking Overage Rent
3Q10 3Q11 9M10 9M11 Services Mall & Merchandising
Key Money
Others
Transfer Fee
2

3. NOI
NOI reached R$196.4 million in the quarter, a 66.4% increase over 3Q10.
NOI growth (R$ thousand) Same Mall NOI Growth (R$ thousand)
22.7%
375,219
65.7% 530,844
20.4% 305,804
66.4%
320,323
196,370 140,872
116,994
117,980
3Q10 3Q11 9M10 9M11 3Q10 3Q11 9M10 9M11
3

4. EBITDA and FFO
We ended the quarter with an adjusted EBITDA of R$175.5 million, a 70.8% increase.
Adjusted EBITDA Growth (R$ thousand) Adjusted FFO Growth (R$ thousand)
9.5%
62.8%
476,555
235,485
215,102
292,749 26.5%
70.8%
175,487 93,466
102,734 73,899
3Q10 3Q11 9M10 9M11 3Q10 3Q11 9M10 9M11
4

5. Net Income
Excluding the negative impact of R$113.0 million of foreign exchange variation and the non-cash
effects, net income totaled R$92.0 million, up 29.1% on 3Q10.
Net Income Growth (R$ thousand) Adjusted Net Income Growth (R$ thousand)
-11.6% 76.2%
264,770
205,850
181,946
-89.6% 29.1%
162,154
89,990 92,030
71,267
9,328
3Q10 3Q11 9M10 9M11 3Q10 3Q11 9M10 9M11
5

6. Rent and Sales Performance
Record SSR of 14.3%, while SSS went up 8.3% in the quarter, showing a healthy performance of
our tenants, however impacted by a higher SSS base in 3Q10 of 16.6%.
SSR (%)
14.3%
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 3Q11
SSS (%)
16.2% 16.6%
12.7% 13.2%
10.8% 11.0% 11.8%
10.0%
8.8% 8.7%
6.4% 8.3%
5.1%
3.5%
2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
6

7. Operating Highlights
Renewals Leasing Spread reached 29.8%, exceeding 20% for the 6th consecutive quarter.
98.2% excluding
the malls that
were acquired or
Occupancy (%) opened in the Renewals Leasing Spread (%)
last 12 months
98.5%
97.3% 97.6% 29.8%
96.8% 27.7% 28.1% 27.4%
22.3% 22.5%
94.0% 18.3%
14.7%
8.1%
3Q07 3Q08 3Q09 3Q10 3Q11 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
7

8. Acquisitions
We concluded in 3Q11 the increase in ownership in one mall and the acquisition of a portfolio
with two malls in operation.
Owned GLA from Acquisitions on 3Q11 (m²) NOI of Acquisitions (R$ thousand)
23.2%
96,099
20.2% 242,094 298,294
63,089
112,907
32,329 93,914
681
Catuaí Catuaí Shopping Total Projected Actual NOI Projected Actual NOI
Shopping Shopping Piracicaba NOI 3Q11 3Q11 NOI 9M11 9M11
Maringá Londrina
8

9. Acquisitions – Catuaí Portfolio
In 3Q11 BRMALLS acquired a portfolio of four malls* in the state of Paraná, which will add 106.9
thousand m² of owned GLA and will generate a stabilized NOI of approximately R$95.0 million.
Catuaí Portfolio - Increase in NOI (R$ millions) Catuaí portfolio aquisition- GLA increase (m²)
14.5%
13.4%
802.8 106,892 845,389
95.0
738,498
707.8
NOI 9M11 Catuaí stabilized To tal Current owned Catuaí portfolio Total
ann ualized NOI GLA owned GLA
* Portfolio composed of two existing malls (Catuaí Shopping Londrina and Catuaí Shopping Maringá) and two greenfield projects (Londrina
Norte Shopping and Catuaí Shopping Cascavel) 9

10. Acquisitions – Analysis of Acquisitions
Our acquisitions announced up to the end of 2009 of managed malls presented a consolidated
IRR of 18.1%, real and unleveraged.
+20.2%
+20,2%
37.1% +13.8%
+13,8%
+11.3%
+11,3%
33.4%
+11.9%
+11,9%
+13.4%
+13,4% +5.1%
+5,1%
27.4%
+6.6%
+6,6% 26.9% +1.0%
+1,0% Average
+6.8%
+6,8% +3.9%
+3,9%
+1.7%
+1,7%
+3.3%
+3,3% 23.3% 22.8% +2.0%
+2,0% Revised IRR:
21.1% 19.5% +2.1%
+2,1%
+0.2%
+0,2%
16.9% 19.6% -6.1%
-6,1%
18.5% 17.3%
18,1%
16.7% 17.7%
15.2% 16.4% 16.1% 16.2%
13.5% 14.5% 15.0% 14.2%
12.0% 12.2% 13.1% 12.5% 13.1% 11.0% 13.4%
9.9% 9.9%
6.4% Average
Initial IRR:
13,0%
Amazonas Tamboré Araguaia ABC¹ Estação Villa-lobos² Piracicaba Curitiba Plaza Ilha Fashion Rio West Center Campinas Metro Sta
Niterói Plaza Mall Plaza Cruz
Initial IRR Revised IRR
¹To calculate the IRR for ABC we disconsidered service revenue
²To calculate the IRR of Villa-Lobos we considered only 12% of NOI, a stake acquired in 2007 10

11. Greenfield Projects – Mooca Plaza Shopping
Mooca Plaza Shopping
•opening in the November 29th of 2011;
•stabilized NOI of R$35.6 million;
•100% of the GLA already leased;
•Total GLA (m²): 41,964
•Owned GLA (m²): 25,178
•BRMALLS Stabilized NOI: R$35.6 million
•IRR: 16.1% (real and unleveraged)
11

12. Greenfield Projects – Other Developments
Shopping Estação BH
•Total GLA (m²): 37,051
•Owned GLA (m²): 22,230
• % Developed: 70.1%
• Leasing Status: 82.3%
•IRR (real and unleveraged): 20.5%
•Opening: 2Q12
São Bernardo
•Total GLA (m²): 42,885
•Owned GLA (m²): 25,731
•% Developed: 26.0%
•Leasing Status: 52.7%
•IRR (real and unleveraged): 16.2%
•Opening: 4Q12
12

13. Greenfield Projects – Announced on 3Q11
Shopping Londrina Norte
•Total GLA (m²): 32,601
•Owned GLA (m²): 22,820
• % Developed: 39.5%
• Leasing Status: 33.3%
•IRR (real and unleveraged): 14.2%
•Opening: 4Q12
Catuaí Shopping Cascavel
•Total GLA (m²): 31,080
•Owned GLA (m²): 21,103
•% Developed: 0.0%
•Leasing Status: 0.0%
•IRR (real and unleveraged): 16.2%
•Opening: 4Q13
13

14. Greenfield Projects – Announced on 3Q11
Owned GLA with Developments
173,172 911,670
738,498
Shopping Vila Velha Current Owned Owned GLA - Total Owned GLA
GLA Developments
•Total GLA (m²): 64,238
•Owned GLA (m²): 32,119
• % Developed: 0.0%
• Leasing Status: 0.0%
•IRR (real and unleveraged): 22.6%
•Opening: 4Q13
Shopping Contagem
•Total GLA (m²): 35,000
•Owned GLA (m²): 24,500
•% Developed: 0.0%
•Leasing Status: 0.0%
•IRR (real and unleveraged): 17.3%
•Opening: 4Q13
14

15. Summary of Greenfield & Expansion pipeline
We expect our projects under development to add 367.1k m² of total GLA by 2014.
Total GLA of Greenfield and Expansions Projects ('000 m²)
Already developed (Total GLA) 161.2 Pipeline (Total GLA) 367.1 Increase of
27% in Total
Already developed (Owned GLA) 86.3 Pipeline (Owned GLA) 213.3 GLA and 29%
in Owned GLA
65.0
145.2
12.7
5.4 112.5
15.1
18.8 42.0 383.1
28.2 29.2
23.5
46.3
2008 2009 2010 2011YTD 2011 pipeline 2012 2013 onwards Total
Greenfields Expansions
15

16. Cash and Debt Position
BRMALLS ended 3Q11 with a cash position of R$765.9 million.
Cash Position and Net Debt (R$ million)
+39.0% vs 2Q11
765.9
7.7% vs 2Q11 +50.0% vs 2Q11
(2,844.4) (2,078.4)
Cash Position Gross Debt Net Debt
16

17. Debt Profile
Long-term and diversified debt profile with an average duration of 14 years
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
onwards
17

18. Capital Markets
In the quarter BRMALLS joined the portfolio indices Ibovespa, IBrX-50 e ICO2.
• First mall company to join the three indices:
• Ibovespa: entered with a weight of 0.799%
• IBrX-50: entered with a weight of 1.091%
• ICO2: entered with a weight of 1.007%
Average Daily Trading Volume (R$ millions)
Daily Number of Trades (R$ millions)
41.1%
40.5 282.5%
6,085.0
28.7
1,591.0
3T10 3T11
3T10 3T11
18