Operating Shoppings Portfolio

Total GLA
BHShopping
RibeiroShopping
BarraShopping
MorumbiShopping
ParkShopping
DiamondMall
New York City Center
Shopping AnliaFranco
ParkShoppingBarigi
Ptio Savassi
Shopping Santarsula
BarraShoppingSul
Shopping VilaOlmpia
ParkShoppingSoCaetano
JundiaShopping
ParkShoppingCampoGrande
VillageMall
#REF!
Multiplan Interest
BHShopping
RibeiroShopping
BarraShopping
MorumbiShopping
ParkShopping
DiamondMall
New York City Center
Shopping AnliaFranco
ParkShoppingBarigi
Ptio Savassi
Shopping Santarsula
BarraShoppingSul
Shopping VilaOlmpia
ParkShoppingSoCaetano
JundiaShopping
ParkShoppingCampoGrande
VillageMall
#REF!
Owned GLA
BHShopping
RibeiroShopping
BarraShopping
MorumbiShopping
ParkShopping
DiamondMall
New York City Center
Shopping AnliaFranco
ParkShoppingBarigi
Ptio Savassi
Shopping Santarsula
BarraShoppingSul
Shopping VilaOlmpia
ParkShoppingSoCaetano
JundiaShopping
ParkShoppingCampoGrande

State
MG
SP
RJ
SP
DF
MG
RJ
SP
PR
MG
SP
RS
SP
SP
SP
RJ
RJ

RJ
MG
SP
RJ
SP
DF
MG
RJ
SP
PR
MG
SP
RS
SP
SP
SP
RJ
RJ

State
MG
SP
RJ
SP
DF
MG
RJ
SP
PR
MG
SP
RS
SP
SP
SP
RJ

Mar-06
1Q06
35,450 m
39,130 m
69,138 m
49,670 m
39,276 m
20,757 m
22,067 m
39,310 m
39,022 m
0 m
0 m
14,400 m
0 m

Jun-06
2Q06
35,450 m
39,130 m
69,355 m
49,665 m
39,276 m
20,757 m
22,067 m
39,310 m
39,022 m
0 m
0 m
14,400 m
0 m

368,220 m

368,432 m

1Q06
80.0%
56.2%
51.1%
51.7%
60.0%
45.0%
50.0%
30.0%
90.0%
0.0%
0.0%
50.0%
0.0%

2Q06
80.0%
56.2%
51.1%
51.7%
60.0%
45.0%
50.0%
30.0%
90.0%
0.0%
0.0%
50.0%
0.0%

56.9%

56.9%

1Q06
28,360 m
21,979 m
35,308 m
25,683 m
23,559 m
9,341 m
11,034 m
11,793 m
35,119 m
0 m
0 m
7,200 m
0 m

2Q06
28,360 m
21,979 m
35,419 m
25,680 m
23,559 m
9,341 m
11,034 m
11,793 m
35,119 m
0 m
0 m
7,200 m
0 m

VillageMall
New York City Center

RJ

Total GLA (avg.)

BHShopping
RibeiroShopping
BarraShopping
MorumbiShopping
ParkShopping
DiamondMall
New York City Center
Shopping AnliaFranco
ParkShoppingBarigi
Ptio Savassi
Shopping Santarsula
BarraShoppingSul
Shopping VilaOlmpia
ParkShoppingSoCaetano
JundiaShopping
ParkShoppingCampoGrande
VillageMall
New York City Center

State
MG
SP
RJ
SP
DF
MG
RJ
SP
PR
MG
SP
RS
SP
SP
SP
RJ
RJ

Owned GLA (avg.)

BHShopping
RibeiroShopping
BarraShopping
MorumbiShopping
ParkShopping
DiamondMall
New York City Center
Shopping AnliaFranco
ParkShoppingBarigi
Ptio Savassi
Shopping Santarsula
BarraShoppingSul
Shopping VilaOlmpia
ParkShoppingSoCaetano
JundiaShopping
ParkShoppingCampoGrande
VillageMall
New York City Center

State
MG
SP
RJ
SP
DF
MG
RJ
SP
PR
MG
SP
RS
SP
SP
SP
RJ
RJ

Average Occupancy Rate

BHShopping
RibeiroShopping
BarraShopping
MorumbiShopping
ParkShopping
DiamondMall
New York City Center
Shopping AnliaFranco
ParkShoppingBarigi
Ptio Savassi
Shopping Santarsula
BarraShoppingSul
Shopping VilaOlmpia
ParkShoppingSoCaetano
JundiaShopping
ParkShoppingCampoGrande
VillageMall
New York City Center

State
MG
SP
RJ
SP
DF
MG
RJ
SP
PR
MG
SP
RS
SP
SP
SP
RJ
RJ

209,376 m

209,484 m

1Q06
35,450 m
39,295 m
69,138 m
49,670 m
39,297 m
20,757 m
22,067 m
39,310 m
39,028 m
0 m
0 m
0 m
0 m

2Q06
35,450 m
39,130 m
69,280 m
49,656 m
39,276 m
20,757 m
22,067 m
39,310 m
39,022 m
0 m
0 m
0 m
0 m

354,013 m

353,948 m

1Q06
28,360 m
22,072 m
35,308 m
25,683 m
23,571 m
9,341 m
11,034 m
11,793 m
35,125 m
0 m
0 m
0 m
0 m

2Q06
28,360 m
21,979 m
35,381 m
25,676 m
23,559 m
9,341 m
11,034 m
11,793 m
35,119 m
0 m
0 m
0 m
0 m

202,287 m

202,241 m

1Q06
96.5%
98.5%
98.5%
93.1%
93.7%
94.1%
98.7%
94.6%
88.2%
0.0%
0.0%
0.0%
0.0%

2Q06
95.8%
98.2%
98.2%
95.8%
93.9%
94.9%
98.7%
94.6%
96.1%
0.0%
0.0%
0.0%
0.0%

95.2%

96.3%

Sep-06
3Q06
35,450 m
39,130 m
69,312 m
49,774 m
39,276 m
20,757 m
22,067 m
39,310 m
38,793 m
0 m
0 m
14,400 m
0 m

Dec-06
4Q06
35,450 m
39,130 m
69,312 m
54,987 m
39,276 m
20,757 m
22,067 m
39,310 m
38,791 m
0 m
0 m
14,400 m
0 m

Mar-07
1Q07
35,450 m
39,130 m
69,312 m
54,967 m
39,276 m
20,757 m
22,067 m
39,310 m
38,794 m
0 m
0 m
14,400 m
0 m

Jun-07
2Q07
35,450 m
39,130 m
69,316 m
54,967 m
39,293 m
20,757 m
22,068 m
39,310 m
41,389 m
17,534 m
0 m
14,400 m
0 m

Sep-07
3Q07
35,450 m
39,188 m
69,825 m
54,999 m
39,293 m
20,806 m
22,068 m
39,310 m
41,395 m
15,545 m
0 m
14,400 m
0 m

Dec-07
4Q07
35,450 m
39,188 m
69,825 m
54,999 m
39,293 m
20,806 m
22,068 m
39,310 m
41,395 m
15,545 m
0 m
14,400 m
0 m

Mar-08
1Q08
34,739 m
39,188 m
69,829 m
54,958 m
39,775 m
20,806 m
22,068 m
39,310 m
41,405 m
15,538 m
0 m
14,400 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
80.0%
56.2%
51.1%
51.7%
60.0%
45.0%
50.0%
30.0%
90.0%
0.0%
0.0%
50.0%
0.0%

4Q06
80.0%
56.2%
51.1%
56.3%
60.0%
45.0%
50.0%
30.0%
90.0%
0.0%
0.0%
50.0%
0.0%

1Q07
80.0%
76.2%
51.1%
56.3%
60.0%
90.0%
50.0%
30.0%
90.0%
0.0%
0.0%
100.0%
0.0%

2Q07
80.0%
76.2%
51.1%
56.3%
60.0%
90.0%
50.0%
30.0%
90.0%
83.8%
0.0%
100.0%
0.0%

3Q07
80.0%
76.2%
51.1%
56.3%
60.0%
90.0%
50.0%
30.0%
84.0%
83.8%
0.0%
100.0%
0.0%

4Q07
80.0%
76.2%
51.1%
65.8%
60.0%
90.0%
50.0%
30.0%
84.0%
83.8%
0.0%
100.0%
0.0%

1Q08
80.0%
76.2%
51.1%
65.8%
60.0%
90.0%
50.0%
30.0%
84.0%
83.8%
37.5%
100.0%
0.0%

56.8%

57.4%

64.0%

65.0%

64.3%

65.6%

65.6%

3Q06
28,360 m
21,979 m
35,397 m
25,736 m
23,559 m
9,341 m
11,034 m
11,793 m
34,913 m
0 m
0 m
7,200 m
0 m

4Q06
28,360 m
21,979 m
35,397 m
30,951 m
23,559 m
9,341 m
11,034 m
11,793 m
34,912 m
0 m
0 m
7,200 m
0 m

1Q07
28,360 m
29,805 m
35,397 m
30,940 m
23,559 m
18,681 m
11,034 m
11,793 m
34,915 m
0 m
0 m
14,400 m
0 m

2Q07
28,360 m
29,805 m
35,399 m
30,940 m
23,569 m
18,681 m
11,034 m
11,793 m
37,250 m
14,695 m
0 m
14,400 m
0 m

3Q07
28,360 m
29,850 m
35,659 m
30,958 m
23,569 m
18,725 m
11,034 m
11,793 m
34,772 m
13,028 m
0 m
14,400 m
0 m

4Q07
28,360 m
29,850 m
35,659 m
36,179 m
23,569 m
18,725 m
11,034 m
11,793 m
34,772 m
13,028 m
0 m
14,400 m
0 m

1Q08
27,791 m
29,850 m
35,661 m
36,152 m
23,856 m
18,725 m
11,034 m
11,793 m
34,780 m
13,022 m
0 m
14,400 m
0 m

209,312 m

214,525 m

238,883 m

255,927 m

252,147 m

257,369 m

257,063 m

3Q06
35,450 m
39,130 m
69,326 m
49,697 m
39,276 m
20,757 m
22,067 m
39,310 m
38,945 m
0 m
0 m
0 m
0 m

4Q06
35,450 m
39,130 m
69,312 m
53,578 m
39,276 m
20,757 m
22,067 m
39,310 m
38,791 m
0 m
0 m
0 m
0 m

1Q07
35,450 m
39,130 m
69,312 m
54,979 m
39,276 m
20,757 m
22,067 m
39,310 m
38,792 m
15,545 m
0 m
0 m
0 m

2Q07
35,450 m
39,130 m
69,313 m
54,967 m
39,288 m
20,757 m
22,068 m
39,310 m
41,389 m
15,545 m
0 m
0 m
0 m

3Q07
35,450 m
39,130 m
69,653 m
54,988 m
39,293 m
20,757 m
22,068 m
39,310 m
41,393 m
15,545 m
0 m
0 m
0 m

4Q07
35,450 m
39,188 m
69,826 m
54,999 m
39,295 m
20,806 m
22,068 m
39,310 m
41,397 m
15,545 m
0 m
0 m
0 m

1Q08
35,219 m
39,188 m
69,829 m
54,985 m
39,453 m
20,806 m
22,248 m
39,310 m
41,404 m
15,540 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

3Q06
28,360 m
21,979 m
35,404 m
25,697 m
23,559 m
9,341 m
11,034 m
11,793 m
35,051 m
0 m
0 m
0 m
0 m

4Q06
28,360 m
21,979 m
35,397 m
30,158 m
23,559 m
9,341 m
11,034 m
11,793 m
34,912 m
0 m
0 m
0 m
0 m

1Q07
28,360 m
29,805 m
35,397 m
30,946 m
23,559 m
18,681 m
11,034 m
11,793 m
34,913 m
0 m
0 m
0 m
0 m

2Q07
28,360 m
29,805 m
35,398 m
30,940 m
23,566 m
18,681 m
11,034 m
11,793 m
37,250 m
13,028 m
0 m
0 m
0 m

3Q07
28,360 m
29,805 m
35,571 m
30,952 m
23,569 m
18,681 m
11,034 m
11,793 m
34,770 m
13,028 m
0 m
0 m
0 m

4Q07
28,360 m
29,850 m
35,660 m
36,179 m
23,570 m
18,725 m
11,034 m
11,793 m
34,774 m
13,028 m
0 m
0 m
0 m

1Q08
28,175 m
29,850 m
35,661 m
36,170 m
23,662 m
18,725 m
11,124 m
11,793 m
34,779 m
13,023 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
96.1%
98.6%
98.0%
92.9%
94.0%
95.1%
98.7%
94.6%
97.9%
0.0%
0.0%
0.0%
0.0%

4Q06
96.5%
99.6%
97.4%
99.2%
93.8%
94.9%
98.4%
94.3%
98.8%
0.0%
0.0%
0.0%
0.0%

1Q07
96.3%
99.5%
97.3%
99.8%
97.0%
93.8%
97.5%
94.3%
98.2%
0.0%
0.0%
0.0%
0.0%

2Q07
94.9%
98.8%
97.7%
99.3%
98.5%
94.9%
98.9%
94.3%
98.1%
99.5%
0.0%
0.0%
0.0%

3Q07
93.9%
98.8%
97.6%
99.2%
98.3%
95.9%
99.6%
94.3%
97.9%
99.5%
0.0%
0.0%
0.0%

4Q07
92.6%
98.4%
95.6%
99.2%
98.2%
97.1%
99.6%
94.3%
98.1%
98.8%
0.0%
0.0%
0.0%

1Q08
94.7%
97.9%
97.5%
99.7%
97.6%
97.4%
99.6%
97.7%
98.8%
98.8%
0.0%
0.0%
0.0%

96.2%

97.2%

97.4%

97.6%

97.5%

97.0%

97.9%

* These percentages do not include Shopping Santa rsula, BarraShoppingSul, Shopping VilaOlmp

* Average GLA for Shopping Vila Olmpia does not include 2,500 m from stores that were not open

Jun-08
2Q08
35,105 m
39,188 m
69,812 m
54,958 m
39,775 m
20,808 m
22,068 m
39,310 m
41,411 m
15,537 m
24,043 m
14,400 m
0 m

Sep-08
3Q08
35,022 m
39,188 m
69,775 m
54,958 m
39,775 m
20,809 m
22,068 m
39,310 m
41,409 m
16,172 m
24,043 m
14,400 m
0 m

Dec-08
4Q08
36,895 m
46,221 m
69,501 m
54,988 m
43,210 m
20,809 m
22,068 m
39,310 m
42,968 m
16,172 m
24,043 m
68,187 m
0 m

Jan-09
1Q09
36,895 m
46,221 m
69,503 m
54,988 m
43,178 m
21,360 m
22,068 m
39,310 m
42,968 m
16,172 m
24,043 m
68,187 m
0 m

Jun-09
2Q09
36,899 m
46,221 m
69,320 m
54,988 m
43,178 m
21,360 m
22,068 m
39,309 m
42,975 m
16,319 m
24,043 m
68,192 m
0 m

Sep-09
3Q09
36,899 m
46,846 m
69,317 m
54,988 m
43,215 m
21,360 m
22,269 m
50,972 m
42,978 m
16,319 m
24,043 m
68,041 m
0 m

Dec-09
4Q09
36,899 m
46,846 m
69,318 m
55,085 m
51,512 m
21,360 m
22,269 m
50,972 m
42,986 m
16,319 m
24,043 m
68,041 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
80.0%
76.2%
51.1%
65.8%
59.9%
90.0%
50.0%
30.0%
84.0%
83.8%
37.5%
100.0%
0.0%

3Q08
80.0%
76.2%
51.1%
65.8%
59.9%
90.0%
50.0%
30.0%
84.0%
83.8%
37.5%
100.0%
0.0%

4Q08
80.0%
76.2%
51.1%
65.8%
59.1%
90.0%
50.0%
30.0%
84.0%
83.8%
37.5%
100.0%
0.0%

1Q09
80.0%
76.2%
51.1%
65.8%
59.1%
90.0%
50.0%
30.0%
84.0%
83.8%
37.5%
100.0%
0.0%

2Q09
80.0%
76.2%
51.1%
65.8%
59.1%
90.0%
50.0%
30.0%
84.0%
83.8%
37.5%
100.0%
0.0%

3Q09
80.0%
76.2%
51.1%
65.8%
59.1%
90.0%
50.0%
30.0%
84.0%
80.9%
37.5%
100.0%
0.0%

4Q09
80.0%
76.2%
51.1%
65.8%
59.6%
90.0%
50.0%
30.0%
84.0%
80.9%
37.5%
100.0%
30.0%

64.0%

64.0%

68.2%

68.2%

68.2%

67.2%

65.2%

2Q08
28,084 m
29,850 m
35,652 m
36,142 m
23,808 m
18,728 m
11,034 m
11,793 m
34,785 m
13,021 m
9,016 m
14,400 m
0 m

3Q08
28,018 m
29,850 m
35,633 m
36,142 m
23,808 m
18,728 m
11,034 m
11,793 m
34,783 m
13,553 m
9,016 m
14,400 m
0 m

4Q08
29,516 m
35,207 m
35,494 m
36,161 m
25,526 m
18,728 m
11,034 m
11,793 m
36,093 m
13,553 m
9,016 m
68,187 m
0 m

1Q09
29,516 m
35,207 m
35,495 m
36,161 m
25,507 m
19,224 m
11,034 m
11,793 m
36,093 m
13,553 m
9,016 m
68,187 m
0 m

2Q09
29,519 m
35,207 m
35,401 m
36,161 m
25,510 m
19,224 m
11,034 m
11,793 m
36,099 m
13,677 m
9,016 m
68,192 m
0 m

3Q09
29,519 m
35,682 m
35,400 m
36,161 m
25,528 m
19,224 m
11,135 m
15,292 m
36,101 m
13,198 m
9,016 m
68,041 m
0 m

4Q09
29,519 m
35,682 m
35,400 m
36,225 m
30,717 m
19,224 m
11,135 m
15,292 m
36,108 m
13,198 m
9,016 m
68,041 m
8,427 m

266,314 m

266,759 m

330,308 m

330,786 m

330,833 m

334,298 m

347,985 m

2Q08
35,004 m
39,188 m
69,812 m
54,958 m
39,775 m
20,808 m
22,068 m
39,310 m
41,410 m
15,537 m
16,029 m
0 m
0 m

3Q08
35,004 m
39,188 m
69,787 m
54,958 m
39,775 m
20,809 m
22,068 m
39,310 m
41,408 m
16,172 m
24,043 m
0 m
0 m

4Q08
36,912 m
41,530 m
69,482 m
54,988 m
42,910 m
20,809 m
22,068 m
39,310 m
41,928 m
16,172 m
24,043 m
50,258 m
0 m

1Q09
36,895 m
46,221 m
69,503 m
54,988 m
43,189 m
21,344 m
22,068 m
39,310 m
42,968 m
16,172 m
24,043 m
68,187 m
0 m

2Q09
36,898 m
46,221 m
69,377 m
54,988 m
43,178 m
21,360 m
22,068 m
39,310 m
42,970 m
16,319 m
24,043 m
68,192 m
0 m

3Q09
36,899 m
46,626 m
69,322 m
54,988 m
43,207 m
21,360 m
22,269 m
48,667 m
42,978 m
16,319 m
24,043 m
68,089 m
0 m

4Q09
36,899 m
46,846 m
69,318 m
55,085 m
51,531 m
21,360 m
22,269 m
50,972 m
42,986 m
16,319 m
24,043 m
68,041 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

2Q08
28,004 m
29,850 m
35,652 m
36,142 m
23,808 m
18,728 m
11,034 m
11,793 m
34,785 m
13,021 m
6,011 m
0 m
0 m

3Q08
28,003 m
29,850 m
35,640 m
36,142 m
23,808 m
18,728 m
11,034 m
11,793 m
34,783 m
13,553 m
9,016 m
0 m
0 m

4Q08
29,530 m
31,633 m
35,484 m
36,161 m
25,348 m
18,728 m
11,034 m
11,793 m
35,220 m
13,553 m
9,016 m
50,258 m
0 m

1Q09
29,516 m
35,207 m
35,495 m
36,161 m
25,513 m
19,210 m
11,034 m
11,793 m
36,093 m
13,553 m
9,016 m
68,187 m
0 m

2Q09
29,518 m
35,207 m
35,431 m
36,161 m
25,510 m
19,224 m
11,034 m
11,793 m
36,095 m
13,677 m
9,016 m
68,192 m
0 m

3Q09
29,519 m
35,515 m
35,403 m
36,161 m
25,523 m
19,224 m
11,135 m
14,600 m
36,102 m
13,198 m
9,016 m
68,089 m
0 m

4Q09
29,519 m
35,682 m
35,400 m
36,225 m
30,728 m
19,224 m
11,135 m
15,292 m
36,108 m
13,198 m
9,016 m
68,041 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
95.4%
98.5%
97.3%
99.5%
98.0%
97.7%
99.6%
99.4%
98.7%
98.7%
87.1%
0.0%
0.0%

3Q08
95.8%
98.7%
97.6%
99.4%
97.1%
96.9%
98.4%
99.6%
98.5%
98.5%
82.4%
0.0%
0.0%

4Q08
97.2%
97.4%
98.9%
99.4%
96.0%
97.7%
98.2%
99.1%
99.2%
99.1%
72.5%
94.1%
0.0%

1Q09
99.1%
96.8%
98.0%
99.6%
96.9%
99.1%
97.5%
98.6%
99.1%
98.8%
69.8%
93.9%
0.0%

2Q09
99.3%
96.8%
99.0%
100.0%
97.6%
99.5%
97.9%
98.8%
99.2%
99.5%
67.9%
94.0%
0.0%

3Q09
99.4%
96.4%
99.4%
99.2%
97.3%
99.8%
99.8%
96.9%
98.7%
99.4%
65.9%
94.0%
0.0%

4Q09
99.3%
97.4%
99.3%
99.4%
99.5%
99.5%
99.6%
99.4%
98.6%
99.6%
65.8%
98.0%
87.8%

98.2%

98.1%

98.3%

98.3%

98.7%

98.4%

99.1%

a rsula, BarraShoppingSul, Shopping VilaOlmpia and expansions opened in 4Q08

include 2,500 m from stores that were not opened in the period

Mar-10
1Q10
36,840 m
46,784 m
69,318 m
55,085 m
51,512 m
21,360 m
22,269 m
50,974 m
42,985 m
16,319 m
23,088 m
68,149 m
28,091 m

Jun-10
2Q10
36,840 m
46,784 m
69,319 m
55,085 m
51,532 m
21,388 m
22,269 m
50,974 m
42,985 m
16,319 m
23,088 m
68,229 m
28,091 m

Sep-10
3Q10
47,547 m
46,784 m
69,351 m
55,085 m
51,532 m
21,388 m
22,271 m
50,974 m
42,934 m
17,254 m
23,088 m
68,405 m
28,091 m

Dec-10
4Q10
47,547 m
46,784 m
69,278 m
55,085 m
51,526 m
21,388 m
22,271 m
50,974 m
49,917 m
17,254 m
23,132 m
68,400 m
28,274 m

Mar-11
1Q11
47,547 m
46,784 m
69,313 m
55,085 m
51,526 m
21,388 m
22,271 m
50,377 m
49,934 m
17,254 m
23,208 m
68,407 m
28,274 m

Jun-11
2Q11
47,520 m
46,739 m
69,580 m
55,085 m
51,566 m
21,386 m
22,271 m
50,377 m
49,935 m
17,254 m
23,199 m
68,407 m
28,274 m

Sep-11
3Q11
47,520 m
46,805 m
69,585 m
55,085 m
51,526 m
21,386 m
22,271 m
50,429 m
49,935 m
17,253 m
23,334 m
68,431 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
80.0%
76.2%
51.1%
65.8%
59.6%
90.0%
50.0%
30.0%
84.0%
80.9%
37.5%
100.0%
30.0%

2Q10
80.0%
76.2%
51.1%
65.8%
59.6%
90.0%
50.0%
30.0%
84.0%
80.9%
37.5%
100.0%
30.0%

3Q10
80.0%
76.2%
51.1%
65.8%
59.6%
90.0%
50.0%
30.0%
84.0%
96.5%
37.5%
100.0%
30.0%

4Q10
80.0%
76.2%
51.1%
65.8%
59.6%
90.0%
50.0%
30.0%
84.0%
96.5%
62.5%
100.0%
30.0%

1Q11
80.0%
76.2%
51.1%
65.8%
59.6%
90.0%
50.0%
30.0%
84.0%
96.5%
62.5%
100.0%
30.0%

2Q11
80.0%
76.2%
51.1%
65.8%
59.6%
90.0%
50.0%
30.0%
84.0%
96.5%
62.5%
100.0%
30.0%

3Q11
80.0%
76.2%
51.1%
65.8%
59.6%
90.0%
50.0%
30.0%
84.0%
96.5%
62.5%
100.0%
30.0%

65.3%

65.3%

66.1%

67.3%

67.4%

67.4%

67.4%

1Q10
29,472 m
35,635 m
35,400 m
36,225 m
30,717 m
19,224 m
11,135 m
15,292 m
36,107 m
13,198 m
8,658 m
68,149 m
8,427 m

2Q10
29,472 m
35,635 m
35,401 m
36,225 m
30,729 m
19,250 m
11,135 m
15,292 m
36,107 m
13,198 m
8,658 m
68,229 m
8,427 m

3Q10
38,038 m
35,635 m
35,418 m
36,225 m
30,729 m
19,250 m
11,136 m
15,292 m
36,065 m
16,646 m
8,658 m
68,405 m
8,427 m

4Q10
38,038 m
35,649 m
35,401 m
36,246 m
30,709 m
19,249 m
11,136 m
15,292 m
41,930 m
16,650 m
14,458 m
68,400 m
8,482 m

1Q11
38,038 m
35,649 m
35,419 m
36,246 m
30,709 m
19,249 m
11,136 m
15,113 m
41,945 m
16,650 m
14,505 m
68,407 m
8,482 m

2Q11
38,016 m
35,601 m
35,534 m
36,225 m
30,749 m
19,247 m
11,136 m
15,113 m
41,945 m
16,646 m
14,499 m
68,407 m
8,482 m

3Q11
38,016 m
35,651 m
35,537 m
36,225 m
30,726 m
19,247 m
11,135 m
15,129 m
41,945 m
16,645 m
14,584 m
68,431 m
8,460 m

347,640 m

347,757 m

359,921 m

371,640 m

371,548 m

371,601 m

371,730 m

2Q09
36,879 m
46,784 m
69,318 m
55,085 m
51,512 m
21,360 m
22,269 m
50,972 m
42,986 m
16,319 m
23,088 m
68,077 m
25,569 m

2Q10
36,840 m
46,784 m
69,319 m
55,085 m
51,532 m
21,388 m
22,269 m
50,974 m
42,985 m
16,319 m
23,088 m
68,202 m
25,569 m

3Q10
40,515 m
46,784 m
69,351 m
55,085 m
51,532 m
21,388 m
22,270 m
50,974 m
42,950 m
16,631 m
23,088 m
68,405 m
28,091 m

4Q10
47,547 m
46,784 m
69,278 m
55,085 m
51,526 m
21,388 m
22,271 m
50,974 m
49,917 m
17,254 m
23,132 m
68,400 m
27,090 m

1Q11
47,547 m
46,784 m
69,290 m
55,085 m
51,526 m
21,388 m
22,271 m
50,576 m
49,923 m
17,254 m
23,157 m
68,407 m
28,274 m

2Q11
47,539 m
46,783 m
69,394 m
55,085 m
51,540 m
21,387 m
22,271 m
50,377 m
49,934 m
17,254 m
23,207 m
68,439 m
28,274 m

3Q11
47,520 m
46,805 m
69,585 m
55,085 m
51,526 m
21,386 m
22,271 m
50,429 m
49,935 m
17,253 m
23,334 m
68,431 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

2Q09
29,504 m
35,635 m
35,400 m
36,225 m
30,717 m
19,224 m
11,135 m
15,292 m
36,108 m
13,198 m
8,658 m
68,077 m
7,671 m

2Q10
29,472 m
35,635 m
35,401 m
36,225 m
30,729 m
19,250 m
11,135 m
15,292 m
36,107 m
13,198 m
8,658 m
68,202 m
7,671 m

3Q10
32,412 m
35,635 m
35,418 m
36,225 m
30,729 m
19,250 m
11,135 m
15,292 m
36,078 m
16,044 m
8,658 m
68,405 m
8,427 m

4Q10
38,038 m
35,649 m
35,401 m
36,246 m
30,709 m
19,249 m
11,136 m
15,292 m
41,930 m
16,650 m
14,457 m
68,400 m
8,127 m

1Q11
38,038 m
35,649 m
35,407 m
36,246 m
30,709 m
19,249 m
11,136 m
15,173 m
41,935 m
16,650 m
14,473 m
68,407 m
8,482 m

2Q11
38,031 m
35,634 m
35,439 m
36,225 m
30,734 m
19,248 m
11,135 m
15,113 m
41,944 m
16,646 m
14,504 m
68,439 m
8,482 m

3Q11
38,016 m
35,651 m
35,537 m
36,225 m
30,726 m
19,247 m
11,135 m
15,129 m
41,945 m
16,645 m
14,584 m
68,431 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
99.1%
98.8%
99.5%
100.0%
99.6%
99.8%
99.8%
99.4%
98.7%
99.9%
70.4%
98.2%
98.2%

2Q10
99.1%
98.8%
99.3%
99.9%
99.8%
99.3%
99.7%
99.2%
98.2%
100.0%
76.2%
98.6%
91.4%

3Q10
99.8%
98.8%
99.7%
99.9%
99.9%
99.6%
99.5%
99.6%
98.7%
99.6%
86.6%
98.7%
90.6%

4Q10
99.8%
98.8%
99.8%
99.8%
99.9%
99.8%
99.5%
99.9%
99.7%
100.0%
88.3%
98.9%
88.5%

1Q11
99.8%
98.8%
99.7%
99.4%
99.6%
99.3%
99.8%
99.8%
99.9%
99.4%
91.1%
98.6%
85.9%

2Q11
99.5%
98.8%
99.6%
99.7%
98.9%
99.7%
100.0%
98.7%
99.1%
99.4%
92.8%
98.1%
84.3%

3Q11
99.7%
99.0%
99.5%
99.8%
98.6%
99.6%
99.9%
98.1%
99.2%
99.7%
93.3%
98.5%
84.3%

97.9%

97.8%

98.4%

98.6%

98.4%

98.1%

98.1%

Dec-11
4Q11
47,543 m
46,717 m
69,440 m
55,085 m
53,213 m
21,386 m
22,271 m
50,429 m
49,935 m
17,253 m
23,339 m
68,212 m
28,201 m
39,025 m

Mar-12
1Q12
47,565 m
46,669 m
69,422 m
55,085 m
53,332 m
21,386 m
22,271 m
50,429 m
49,939 m
17,253 m
23,339 m
68,212 m
28,201 m
39,149 m

Jun-12
2Q12
47,565 m
46,592 m
69,422 m
55,088 m
53,332 m
21,386 m
22,271 m
50,427 m
50,056 m
17,253 m
23,339 m
68,212 m
28,201 m
39,345 m

Sep-12
3Q12
47,565 m
46,483 m
69,119 m
55,090 m
53,332 m
21,386 m
22,271 m
50,427 m
50,176 m
17,253 m
22,993 m
68,212 m
28,363 m
39,274 m

592,048 m

592,251 m

592,489 m

591,945 m

4Q11
80.0%
76.2%
51.1%
65.8%
59.6%
90.0%
50.0%
30.0%
84.0%
96.5%
62.5%
100.0%
30.0%
100.0%

1Q12
80.0%
76.2%
51.1%
65.8%
59.6%
90.0%
50.0%
30.0%
84.0%
96.5%
62.5%
100.0%
60.0%
100.0%

2Q12
80.0%
76.7%
51.1%
65.8%
59.3%
90.0%
50.0%
30.0%
84.0%
96.5%
62.5%
100.0%
60.0%
100.0%

3Q12
80.0%
76.7%
51.1%
65.8%
59.3%
90.0%
50.0%
30.0%
84.0%
96.5%
62.5%
100.0%
60.0%
100.0%

69.5%

70.9%

71.0%

71.0%

4Q11
38,035 m
35,584 m
35,463 m
36,225 m
31,732 m
19,247 m
11,135 m
15,129 m
41,945 m
16,645 m
14,587 m
68,212 m
8,460 m
39,025 m

1Q12
38,052 m
35,548 m
35,454 m
36,225 m
31,803 m
19,247 m
11,135 m
15,129 m
41,949 m
16,645 m
14,587 m
68,212 m
16,921 m
39,149 m

2Q12
38,052 m
35,753 m
35,449 m
36,223 m
31,627 m
19,247 m
11,135 m
15,128 m
42,047 m
16,649 m
14,587 m
68,212 m
16,921 m
39,345 m

3Q12
38,052 m
35,670 m
35,294 m
36,225 m
31,627 m
19,248 m
11,135 m
15,128 m
42,148 m
16,649 m
14,371 m
68,212 m
17,018 m
39,274 m

Dec-12
4Q12
47,565 m
50,552 m
69,224 m
55,086 m
53,448 m
21,386 m
22,271 m
50,427 m
50,175 m
17,253 m
22,992 m
68,212 m
28,363 m
39,274 m
34,535 m
42,342 m
25,529 m
698,634 m

Mar-13
1Q13
47,565 m
50,552 m
69,465 m
55,089 m
53,448 m
21,386 m
22,271 m
50,427 m
50,182 m
17,253 m
23,057 m
68,261 m
28,363 m
39,274 m
34,501 m
42,355 m
25,235 m
698,685 m

Jun-13
2Q13
47,565 m
49,972 m
69,294 m
55,091 m
53,455 m
21,386 m
22,271 m
50,427 m
50,182 m
17,291 m
23,057 m
68,212 m
28,363 m
39,274 m
34,429 m
42,820 m
25,437 m
698,528 m

4Q12
80.0%
76.7%
51.1%
65.8%
59.3%
90.0%
50.0%
30.0%
84.0%
96.5%
62.5%
100.0%
60.0%
100.0%
100.0%
90.0%
100.0%
74.6%

1Q13
80.0%
76.7%
51.1%
65.8%
61.7%
90.0%
50.0%
30.0%
84.0%
96.5%
62.5%
100.0%
60.0%
100.0%
100.0%
90.0%
100.0%
74.8%

2Q13
80.0%
76.7%
51.1%
65.8%
61.7%
90.0%
50.0%
30.0%
84.0%
96.5%
62.5%
100.0%
60.0%
100.0%
100.0%
90.0%
100.0%
74.8%

4Q12
38,052 m
38,768 m
35,348 m
36,222 m
31,696 m
19,248 m
11,135 m
15,128 m
42,147 m
16,649 m
14,370 m
68,212 m
17,018 m
39,274 m
34,535 m
38,108 m

1Q13
38,052 m
38,792 m
35,471 m
36,224 m
32,989 m
19,248 m
11,135 m
15,128 m
42,153 m
16,649 m
14,411 m
68,261 m
17,018 m
39,274 m
34,501 m
38,119 m

2Q13
38,052 m
38,347 m
35,383 m
36,225 m
32,993 m
19,248 m
11,135 m
15,128 m
42,153 m
16,686 m
14,411 m
68,212 m
17,018 m
39,274 m
34,429 m
38,538 m

411,423 m

420,054 m

420,377 m

420,051 m

4Q11
47,542 m
46,775 m
69,488 m
55,085 m
52,629 m
21,413 m
22,271 m
50,429 m
49,935 m
17,253 m
23,339 m
68,212 m
28,201 m
39,020 m

1Q12
47,576 m
46,685 m
69,437 m
55,085 m
53,332 m
21,386 m
22,271 m
50,429 m
49,939 m
17,253 m
23,339 m
68,212 m
28,201 m
39,093 m

2Q12
47,571 m
46,649 m
69,429 m
55,086 m
53,332 m
21,386 m
22,271 m
50,428 m
50,008 m
17,253 m
23,338 m
68,212 m
28,249 m
39,139 m

3Q12
47,569 m
46,614 m
69,354 m
55,087 m
53,332 m
21,386 m
22,271 m
50,437 m
50,064 m
17,253 m
23,223 m
68,212 m
28,287 m
39,192 m

591,592 m

592,236 m

592,351 m

592,281 m

4Q11
38,034 m
35,629 m
35,488 m
36,225 m
31,383 m
19,272 m
11,135 m
15,129 m
41,945 m
16,645 m
14,587 m
68,212 m
8,460 m
39,020 m

1Q12
38,061 m
35,560 m
35,461 m
36,225 m
31,802 m
19,247 m
11,135 m
15,129 m
41,949 m
16,645 m
14,587 m
68,212 m
16,921 m
39,093 m

2Q12
38,057 m
35,798 m
35,452 m
36,222 m
31,627 m
19,247 m
11,135 m
15,128 m
42,007 m
16,649 m
14,586 m
68,212 m
16,949 m
39,139 m

3Q12
38,055 m
35,770 m
35,414 m
36,223 m
31,627 m
19,247 m
11,135 m
15,131 m
42,054 m
16,649 m
14,514 m
68,212 m
16,972 m
39,192 m

411,163 m

420,026 m

420,209 m

420,197 m

4Q11
99.9%
99.9%
99.2%
99.7%
95.9%
99.6%
100.0%
99.8%
99.3%
99.7%
97.2%
98.8%
86.8%
90.3%

1Q12
99.7%
99.8%
99.3%
99.5%
94.9%
99.1%
100.0%
99.8%
99.4%
99.7%
82.8%
98.5%
83.8%
93.8%

2Q12
99.7%
99.8%
99.6%
99.4%
96.0%
99.3%
99.8%
99.9%
98.9%
99.5%
86.7%
99.1%
87.8%
95.5%

3Q12
99.4%
99.5%
99.5%
97.6%
97.3%
99.6%
100.0%
99.9%
99.5%
99.6%
96.9%
99.3%
90.1%
98.2%

98.0%

97.2%

97.8%

98.5%

25,529 m
521,439 m

25,235 m
522,661 m

25,437 m
522,671 m

4Q12
47,568 m
47,260 m
69,368 m
55,085 m
53,289 m
21,386 m
22,271 m
50,434 m
50,092 m
17,253 m
23,165 m
68,221 m
28,306 m
39,212 m
34,535 m
34,297 m
25,529 m
687,271 m

1Q13
47,565 m
50,552 m
69,500 m
55,088 m
53,448 m
21,386 m
22,271 m
50,427 m
50,178 m
17,253 m
23,014 m
68,229 m
28,363 m
39,274 m
34,570 m
42,665 m
25,239 m
699,022 m

2Q13
47,565 m
50,341 m
69,309 m
55,091 m
53,455 m
21,386 m
22,271 m
50,427 m
50,182 m
17,266 m
23,057 m
68,319 m
28,363 m
39,274 m
34,477 m
42,820 m
25,654 m
699,257 m

4Q12
38,054 m
36,243 m
35,421 m
36,221 m
31,601 m
19,247 m
11,135 m
15,130 m
42,077 m
16,649 m
14,478 m
68,221 m
16,983 m
39,212 m
34,535 m
30,867 m
25,529 m
511,607 m

1Q13
38,052 m
38,792 m
35,489 m
36,223 m
32,989 m
19,248 m
11,135 m
15,128 m
42,149 m
16,649 m
14,384 m
68,229 m
17,018 m
39,274 m
34,570 m
38,399 m
25,239 m
522,967 m

2Q13
38,052 m
38,630 m
35,391 m
36,225 m
32,993 m
19,248 m
11,135 m
15,128 m
42,153 m
16,662 m
14,411 m
68,319 m
17,018 m
39,274 m
34,477 m
38,538 m
25,654 m
523,308 m

4Q12
99.3%
99.1%
99.5%
96.6%
98.3%
99.3%
100.0%
99.9%
99.6%
99.2%
96.7%
99.3%
90.3%
99.6%
95.0%
96.2%
88.7%
98.1%

1Q13
98.7%
99.0%
98.9%
96.1%
97.5%
99.2%
100.0%
99.8%
99.1%
99.2%
96.1%
99.1%
89.8%
98.3%
97.2%
94.0%
89.0%
97.5%

2Q13
97.4%
99.2%
99.7%
96.1%
97.8%
98.7%
100.0%
99.6%
98.9%
99.4%
95.4%
96.5%
88.8%
98.2%
97.9%
98.6%
92.4%
97.6%

Profit & Loss

Rental revenue
Services
Key Money
Parking
Sales of properties
Straight line effect
Other
Gross Revenue
Taxes and contributions on sales and services
Net Revenue
Headquarters
Stock-option-based remuneration expenses*
Non-recurring expenses (IPO)
Shopping Malls
New projects for lease expenses
New projects for sale expenses
Parking
Cost of properties sold
Equity in earnings of afiliates
Amortization
Financial Revenue
Financial Expenses
Non-recurring financial expenses
Depreciation
Other Operating income/expenses
Operational Income
Non-Operating Income
Income before taxes and social contribution
Tax Income and Social Contribution
Diferred income and social contribution taxes
Minority interest
Net Income

1Q06
29,557
10,987
2,069
1,690
5,718

2Q06
47,994
13,740
3,402
2,362
2,062

3Q06
44,269
11,657
3,353
2,288
5,206

63
50,084
(4,352)
45,732
(15,995)
(4,967)
(4,286)

2
69,562
(5,469)
64,093
(17,316)
(5,337)
(9,207)

66,773
(5,461)
61,313
(19,199)
(3,548)
(7,551)

(2,936)
(575)
(5,783)
3,443
(2,662)
(5,968)
(3,794)
(891)
1,317
571
1,888
(5,291)
2,627
(4,281)
(5,056)

(1,366)
1,278
(21,375)
2,725
(5,248)
(24,562)
(4,582)
260
(20,636)
1,124
(19,512)
(5,909)
(3,453)
(1,746)
(30,620)

(2,738)
(1,405)
(28,694)
2,781
(2,057)
(4,170)
613
(4,655)
(744)
(5,399)
(1,816)
(1,140)
(8,355)

Net Income

(5,056)

(30,620)

(8,355)

Adjusted Net Income

11,663

20,654

23,887

FFO

15,457

25,236

28,057

Shopping Center EBITDA

24,877

42,392

33,199

Consolidated EBITDA

10,684

8,967

26,741

Adjusted Consolidated EBITDA

21,620

38,866

30,289

NOI + Key Money

29,030

44,551

42,358

NOI

26,961

41,149

39,006

86.3%

81.7%

83.8%

368,220 m
209,376 m
354,013 m
202,287 m
354,013 m
202,287 m

368,432 m
209,484 m
353,948 m
202,241 m
353,948 m
202,241 m

368,269 m
209,312 m
353,959 m
202,217 m
353,959 m
202,217 m

Net margin

Adjusted Net margin

Adjusted FFO margin

Shopping Center EBITDA margin
Consolidated EBITDA margin
Adjusted Consolidated EBITDA Margin
NOI + Key Money Margin
NOI Margin
Efeito ABL
Total GLA
Own GLA
Total GLA (avg.)
Own GLA (avg.)
Adjusted Total GLA (avg.)
Adjusted Own GLA (avg.)

-11.1%

25.5%
0

23.4%
47.3%
87.1%

-47.8%

32.2%
39.4%

14.0%
60.6%
82.9%

-13.6%

39.0%
45.8%

43.6%
49.4%
84.9%

BarraShoppingSul (BIG)

0 m

0 m

0 m

Multiplan interest
BarraShoppingSul (BIG)
RibeiroShopping (additional 20%)
Ptio Savassi

0 m
0 m
0 m

0 m
0 m
0 m

0 m
0 m
0 m

Considerations:
In order to calculate the ndex R$/sq.m
1. Do not consider the BIGs GLA
2. Do not consider the additional interest in RibeiroShopping (20%) dec/2006
3. 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 2008 expense of R$1.3 milli

This Line was adjusted so it could be compared to 2Q09 results. This adjustment results from the application of CPC pronouncement No. 2, as
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 improve the accounting practice
Numbers were presented in accordance to new accounting principles

4Q06
71,259
8,360
4,782
3,082
2,585

1Q07
52,453
10,873
4,567
4,025
5,175

2Q07
54,368
12,116
4,859
9,723
5,188

3Q07
55,572
12,942
4,385
11,637
8,545

4Q07
77,001
16,401
5,091
13,333
154

1Q08
60,564
11,254
4,764
12,724
-

2Q08
68,772
21,716
8,717
14,779
-

90,068
(8,236)
81,833
(15,014)
(6,229)
(11,826)

0
77,093
(6,729)
70,364
(9,666)
(8,942)

86,254
(7,490)
78,764
(15,620)
(1,361)
(10,309)

(0)
93,081
(7,986)
85,095
(13,069)
(11,983)
(13,583)

384
112,364
(10,194)
102,170
(17,551)
(14,032)

33
89,339
(8,447)
80,892
(11,671)
(318)
(14,633)
(86)

0
113,984
(9,878)
104,107
(27,539)
(318)
(11,972)
(644)

(1,658)
(826)
(27,594)
2,570
(4,630)
(4,965)
522
12,182
(2)
12,180
(603)
1,150
(886)
11,841

(1,463)
(2,998)
1,577
(28,177)
1,367
(5,745)
(5,172)
670
11,816
1,005
12,821
(2,297)
(194)
26
10,356

(5,061)
(2,971)
596
(28,177)
1,697
(6,139)
(5,285)
88
6,222
(22)
6,200
616
(120)
(21)
6,675

(6,209)
(5,012)
1,660
(30,022)
8,835
(5,771)
(23,700)
(5,993)
53
(19,698)
0
(19,698)
842
(6,412)
(81)
(25,348)

(6,437)
(1,638)
4,194
(31,884)
11,570
(4,595)
(7,263)
434
34,968
74
35,042
(975)
(4,504)
(88)
29,474

(6,500)
2,603
(31,428)
15,622
(7,932)
(7,584)
623
19,587
19,587
(770)
(5,710)
(145)
12,962

(6,600)
2,120
(31,477)
9,503
(9,468)
(8,248)
(54)
19,410
19,410
(723)
(5,775)
(172)
12,739

11,841

10,356

6,675

(25,348)

29,474

12,962

12,739

45,664

38,532

36,214

40,357

61,358

50,101

49,991

50,629

43,704

41,498

46,350

68,621

57,685

58,239

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

59,100

53,029

50,547

45,464

48,936

67,213

50,910

59,100

67,298

50,640

53,580

51,803

74,955

56,919

73,697

62,516

46,073

48,721

47,418

69,865

52,155

64,979

84.1%

81.6%

76.0%

70.6%

77.3%

71.2%

77.8%

373,480 m
214,525 m
357,671 m
206,532 m
357,671 m
206,532 m

373,464 m
238,883 m
374,618 m
224,488 m
374,618 m
216,662 m

393,615 m
255,927 m
377,217 m
239,855 m
377,217 m
219,001 m

392,279 m
252,147 m
377,588 m
237,563 m
377,588 m
229,738 m

392,279 m
257,369 m
377,884 m
242,972 m
377,884 m
235,135 m

392,015 m
257,063 m
377,981 m
242,963 m
377,981 m
235,126 m

416,416 m
266,314 m
393,900 m
248,827 m
393,900 m
248,827 m

14.5%
55.8%
61.9%

57.2%
64.8%
85.1%

14.7%
54.8%
62.1%

71.8%
71.8%
83.0%

8.5%

46.0%
52.7%

56.0%
57.7%
77.7%

-29.8%

47.4%
54.5%

15.6%
57.5%
72.4%

28.8%
60.1%
67.2%

65.8%
65.8%
78.5%

16.0%
61.9%
71.3%

62.9%
62.9%
72.9%

12.2%
48.0%
55.9%

56.8%
56.8%
79.9%

0 m

0 m

0 m

0 m

0 m

0 m

0 m

0 m
0 m
0 m

0 m
7,826 m
0 m

0 m
7,826 m
13,028 m

0 m
7,826 m
0 m

0 m
7,838 m
0 m

0 m
7,838 m
0 m

0 m

o 4Q08 figures. The full 2008 expense of R$1.3 million was equally divided by the four quarters of the year, for comparison

rom the application of CPC pronouncement No. 2, as required by CVM Rule No. 534 of January 29, 2008.

ducting transfers, to improve the accounting practices and converging with market standards.

3Q08
67,994
18,604
3,606
18,989
2,268

4Q08
97,923
14,521
4,155
21,016
513

111,461
(10,363)
101,098
(20,119)
(318)
(11,132)
(2,279)

(0)
138,129
(12,995)
125,134
(19,791)
(318)
(11,979)
(4,322)

(7,828)
(884)
(1,640)
(31,337)
6,863
(5,117)
(7,732)
221
19,797
(65)
19,732
(4,086)
(6,359)
(201)
9,086

(8,992)
(267)
526
(30,469)
2,311
(8,237)
(7,846)
172
35,922
35,922
(7,221)
10,764
(248)
39,216

1Q09
79,389
15,389
5,168
10,540
426
110,913
(9,972)
100,941
(18,885)
(510)
(16,152)
(182)
(41)
(233)
(6,198)
4,362
(9,745)
(8,605)
1,265
46,017
46,017
(1,286)
407
(228)
44,911

2Q09
81,499
18,108
6,034
12,807
882

3Q09
81,759
22,005
8,108
13,860
3,458

(8,684)
19,822
74,522
74,522
(10,762)
(22,992)
89
40,857

4Q09
117,533
17,870
7,680
17,752
7,102
6,000
308
174,245
(16,148)
158,097
(25,945)
(1,047)
(15,612)
(11,445)
(770)
(4,527)
(4,576)
0
19,964
(11,183)
(9,549)
258
93,665
93,665
(11,982)
(50,815)
377
31,245

1Q10
90,020
14,709
11,179
15,995
9,016
9,031
15
149,964
(13,585)
136,380
(20,068)
(1,164)
(15,318)
(6,362)
(264)
(5,094)
(3,954)
20,346
(11,208)
(10,537)
1,136
83,894
83,894
(1,414)
(32,219)
(2,764)
47,497

87
119,417
(12,348)
107,069
(24,657)
(807)
(13,001)
(2,289)
(131)
(481)
(3,354)
5,063
(10,706)

603
129,793
(13,166)
116,627
(18,695)
(1,051)
(17,013)
(4,271)
(143)
(3,298)
(5,904)
6,884
(9,752)

(8,913)
1,093
48,886
48,886
(2,254)
(76)
(228)
46,327

9,086

39,216

44,911

46,327

40,857

31,245

47,497

46,782

58,922

44,504

46,403

63,849

82,060

79,716

54,514

66,768

53,109

55,316

72,533

91,609

90,253

57,521

79,439

66,089

66,617

92,312

97,862

86,405

57,055

80,163

60,005

63,442

86,074

94,433

85,292

57,055

80,163

60,005

63,442

86,074

94,433

85,292

71,629

102,123

78,946

87,339

86,714

133,353

110,907

68,023

97,968

73,778

81,305

78,606

125,673

99,728

78.2%

82.4%

82.0%

86.2%

82.2%

88.9%

86.7%

416,928 m
266,759 m
402,522 m
252,350 m
402,522 m
252,350 m

484,373 m
330,308 m
460,410 m
307,759 m
446,010 m
293,359 m

484,894 m
330,786 m
484,888 m
330,778 m
470,488 m
316,378 m

484,873 m
330,833 m
484,925 m
330,858 m
470,525 m
316,458 m

497,248 m
334,298 m
494,769 m
333,486 m
480,369 m
319,086 m

533,741 m
347,985 m
523,405 m
344,890 m
509,005 m
330,490 m

532,773 m
347,640 m
530,218 m
346,843 m
515,818 m
332,443 m

9.0%

46.3%
53.9%

56.4%
56.4%
79.1%

31.3%
47.1%
53.4%

64.1%
64.1%
83.0%

44.5%
44.1%
52.6%
65.7%
59.4%
59.4%
83.0%

43.3%
43.3%
51.7%
62.7%
59.3%
59.3%
87.0%

35.0%
54.7%
62.2%
81.3%
73.8%
73.8%
83.6%

19.8%
51.9%
57.9%
64.5%
59.7%
59.7%
89.5%

34.8%
58.5%
66.2%
67.4%
62.5%
62.5%
87.9%

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

2Q10
94,254
21,077
6,350
15,505
12,240
6,412
1,534
157,373
(14,277)
143,096
(25,324)
(1,380)
(16,263)
(10,685)
(507)
(7,283)
(997)
21,996
(11,564)
(10,460)
266
80,894
80,894
(1,500)
(25,189)
(2,021)
52,184

3Q10
93,765
18,347
8,384
16,825
13,719
8,319
591
159,950
(13,438)
146,512
(24,744)
(1,382)
(14,990)
(13,145)
(795)
(7,420)
1,777
24,567
(9,208)
(10,755)
(12,801)
77,616
77,616
(1,676)
(27,001)
(2,584)
46,355

4Q10
138,075
18,793
9,328
21,179
26,453
(18,658)
167
195,337
(16,949)
178,388
(22,962)
(1,749)
(19,313)
(8,882)
(2,796)
(12,498)
(337)
22,214
(13,600)
(12,862)
1,119
106,722
106,722
(10,382)
(20,746)
(3,246)
72,348

1Q11
105,476
19,068
9,162
18,553
13,592
6,974
328
173,153
(15,340)
157,813
(21,626)
(1,345)
(15,433)
(3,445)
(1,202)
(13,992)
604
24,897
(13,340)
(14,317)
1,468
100,082
100,082
(8,605)
(25,017)
(2,738)
63,722

2Q11
108,425
21,344
10,045
19,046
8,468
6,783
394
174,505
(15,823)
158,682
(20,071)
(2,164)
(17,243)
(3,296)
(1,273)
(9,390)
778
21,808
(14,194)
(14,941)
1,125
99,821
99,821
(31,949)
(4,798)
(2,002)
61,072

3Q11
111,301
23,644
9,802
19,775
10,515
6,050
731
181,818
(16,160)
165,658
(20,955)
(2,040)
(15,378)
(2,537)
(4,497)
(9,852)
141
18,406
(9,593)
(15,134)
1,020
105,239
105,239
(17,313)
(19,329)
(3,329)
65,268

4Q11
161,053
18,268
10,123
24,687
16,819
(19,004)
802
212,748
(18,649)
194,099
(25,717)
(2,112)
(10,219)
(2,951)
(8,915)
(11,516)
620
22,085
(18,510)
(15,989)
441
121,316
121,316
(2,801)
(7,727)
(2,674)
108,114

52,184

46,355

72,348

63,722

61,072

65,268

108,114

77,373

73,356

93,094

88,739

65,870

84,597

115,841

87,833

84,111

105,956

103,056

80,811

99,731

131,830

78,579

66,884

102,443

105,044

109,333

116,187

138,196

80,922

73,012

110,970

102,842

107,148

111,560

133,730

80,922

73,012

110,970

102,842

107,148

111,560

133,730

106,257

112,303

130,611

124,732

127,056

131,550

166,640

99,907

103,919

121,283

115,570

117,011

121,748

156,517

86.0%

87.4%

86.3%

88.2%

87.2%

88.8%

93.9%

532,902 m
347,757 m
530,353 m
346,974 m
515,953 m
332,574 m

544,703 m
359,921 m
537,063 m
353,708 m
522,663 m
339,308 m

551,830 m
371,640 m
550,645 m
371,285 m
536,245 m
356,885 m

551,368 m
371,548 m
551,481 m
371,555 m
537,081 m
357,155 m

551,592 m
371,601 m
551,482 m
371,576 m
537,082 m
357,176 m

551,759 m
371,730 m
551,759 m
371,730 m
537,359 m
357,330 m

592,048 m
411,423 m
591,592 m
411,163 m
577,192 m
396,763 m

36.5%
54.1%
61.4%
59.5%
56.6%
56.6%
86.7%

31.6%
50.1%
57.4%
49.9%
49.8%
49.8%
88.2%

40.6%
52.2%
59.4%
66.4%
62.2%
62.2%
87.1%

40.4%
56.2%
65.3%
72.2%
65.2%
65.2%
89.0%

38.5%
41.5%
50.9%
72.4%
67.5%
67.5%
88.1%

39.4%
51.1%
60.2%
74.4%
67.3%
67.3%
89.5%

55.7%
59.7%
67.9%
77.3%
68.9%
68.9%
94.2%

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

1Q12
121,975
20,447
8,907
22,418
166,054
6,114
111
346,026
(22,677)
323,349
(25,561)
(2,101)
(18,360)
(2,343)
(5,982)
(80,165)
1,064
20,085
(27,193)
(17,263)
817
166,347
166,347
(22,079)
(18,528)
(1,248)
124,492

2Q12
126,883
26,592
9,540
25,213
15,583
6,699
1,069
211,579
(19,802)
191,777
(21,170)
(2,782)
(20,718)
(11,207)
(3,375)
(12,929)
(214)
17,822
(23,926)
(17,656)
1,041
96,663
96,663
(20,423)
(13,118)
(19)
63,103

3Q12
124,240
22,920
8,773
25,580
35,521
6,119
538
223,691
(18,329)
205,362
(29,173)
(2,324)
(12,423)
(7,013)
(4,216)
(18,421)
72
10,895
(19,125)
(17,721)
1,349
107,262
107,262
(22,371)
(12,862)
(17)
72,012

4Q12
188,846
28,417
10,624
32,137
10,311
(4,247)
588
266,676
(25,291)
241,385
(23,990)
(2,324)
(23,624)
(12,795)
(2,069)
(8,516)
1,951
10,104
(30,208)
(22,100)
1,390
129,204
129,204
7,608
(8,340)
(23)
128,449

1Q13
154,436
24,827
12,802
30,196
14,111
9,546
5
245,923
(22,377)
223,546
(19,860)
(2,324)
(24,897)
(4,371)
(2,509)
(11,841)
(450)
9,665
(40,038)
(28,104)
1,993
100,810
100,810
(26,938)
(3,443)
(7)
70,422

2Q13
153,123
27,234
14,164
30,902
26,612
9,027
1,778
262,840
(25,417)
237,423
(32,123)
(2,439)
(34,386)
(1,192)
(3,090)
(17,186)
(235)
13,777
(41,465)
(29,295)
2,179
91,968
91,968
(11,832)
(9,783)
(9)
70,344

124,492

63,103

72,012

128,449

70,422

70,344

143,020

76,221

84,874

136,789

73,865

80,127

160,283

93,877

102,595

158,889

101,969

109,422

120,629

122,816

123,168

170,709

161,260

145,423

190,718

120,423

133,213

171,408

159,287

148,951

190,718

120,423

133,213

171,408

159,287

148,951

141,054

147,617

152,289

203,736

182,083

172,830

132,147

138,077

143,516

193,112

169,281

158,666

87.8%

87.0%

92.0%

89.1%

87.2%

82.2%

592,251 m
420,054 m
592,236 m
420,026 m
577,836 m
405,626 m

592,489 m
420,377 m
592,351 m
420,209 m
577,951 m
405,809 m

591,945 m
420,051 m
592,281 m
420,197 m
577,881 m
405,797 m

698,634 m
521,439 m
687,271 m
511,607 m
672,871 m
497,207 m

698,685 m
522,661 m
699,022 m
522,967 m
684,622 m
508,567 m

698,528 m
522,671 m
699,257 m
523,308 m
684,857 m
508,908 m

38.5%
44.2%
49.6%
71.7%
59.0%
59.0%
88.5%

32.9%
39.7%
49.0%
69.1%
62.8%
62.8%
87.7%

35.1%
41.3%
50.0%
71.3%
64.9%
64.9%
92.5%

53.2%
56.7%
65.8%
73.6%
71.0%
71.0%
89.6%

31.5%
33.0%
45.6%
76.5%
71.3%
71.3%
88.0%

29.6%
33.7%
46.1%
68.2%
62.7%
62.7%
83.4%

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

Balance Sheet

Mar-06

Jun-06

ASSETS
Current Assets
Cash and cash equivalent
Accounts Receivable
Lands and properties held for sale
Loans Receivable and Prepaid Acc. ST
Sundry loans and advances
Credit with related Parties
Recoverable taxes and contributions
Deffered income and social contribution taxes
Other
Total Current Assets
Non Current Assets
Receivables with related Parties
Accounts Receivable
Loans Receivable and Prepaid Acc. LT
Lands and properties held for sale
Sundry loans and advances
Legal Deposit
Deffered income and social contribution taxes
Other
Investments
Investment properties
Property and equipment
Intangible
Deffered charges
Total Non Current Assets
Total Assets

26,739
38,134

232,631
40,421

2,491
8,959
21,632
3,218
101,173

2,651
6,046
10,786
89
292,624

4,978
990
2,767
2,533
13,852
11,928
502
343,266

1,103
941
3,477
5,471
14,245
6,469
45
176,344

580,756
10,245
971,817

546,760
377,528
1,132,383

1,072,989

1,425,007

632,406
6,896
3,446
17,937
30,235
1,403
3,499
4,088
1,479
701,390

14,075
5,908
16,744
13,217
1,775
2,166
5,323
1,439
60,647

38,691

36,990

10,295
100
-

5,382
272,295
-

LIABILITIES
Current Liabilities
Loans and financing
Stock Aquisitions
Accounts payable
Property acquisition obligations
Taxes and contributions payable
Taxes paid in installments
Proposed dividends
Deferred incomes
Payables to related parties
Debentures
Clients antecipation
Other
Total Current Liabilities
Non Current Liabilities
Loans and financing
Debentures
Stock aquisitions
Debt with related Parties
Deffered income and social contribution taxes

Property acquisition obligations

Taxes paid in installments
Provision for contingencies
Deferred incomes
Total Non Current Liabilities
Minority Interest
Shareholder's Equity
Capital
Capital Reserves
Income Reserve
Acumulatted profits
Addionatal dividends proposed
Efects on capital transactions
Share issue costs
Equity Valuation adjustment
Shares in treasure department
Minority Interest
Total Shareholder's equity
Total Liabilities and Shareholder's Equity

2,238
18,614
58,047
127,985

2,215
18,329
54,977
390,189

87,791

503

160,296
(4,472)
-

264,419
745,877
(36,629)
-

155,823

973,667

1,072,989

1,425,007

Sep-06

Dec-06

Mar-07

Jun-07

59,841
36,072

10,598
52,593

11,268
52,000

12,039
45,996

475,243
58,830

416,445
80,220

2,709
5,026
4,986
108
108,742

1,353
3,002
1,209
5,224
369
74,348

1,113
5,116
5,846
230
75,574

897
41,850
6,837
152
107,771

817
3,884
8,210
546,983

3,087
11,384
16,840
172
528,148

1,601
941
4,198
4,593
14,276
6,469
45
1,948

1,123
7,096
680
26,728
3,564
14,276
7,165
46
41,122

1,145
544
39,152
2,294
14,335
6,971
44
42,471

1,192
355
10,995
74,719
3,062
14,222
193,963
44
42,804

210
12,088
76,032
2,915
14,404
187,815
840
153,784

1,201
16,106
76,810
1,569
166,208
1,431
48,561

557,373
524,123
1,115,567

612,394
480,069
14,086
1,208,349

641,303
463,819
1,212,080

644,750
441,349
1,427,454

711,650
416,904
1,576,642

916,278
427,793
26,311
1,682,267

1,224,309

1,282,697

1,287,653

1,535,225

2,123,625

2,210,415

23,592
47,975
5,320
29,086
6,676
1,014
525
2,644
4,103
375
121,310

13,120
45,320
4,652
37,710
6,886
518
496
2,228
1,555
666
113,150

27,212
44,114
5,955
53,008
6,396
319
430
858
664
138,955

17,532
48,994
9,471
44,874
6,564
253
211
3
340
2,634
130,876

16,333
46,996
8,934
44,775
9,115
263
1,488
6,128
134,034

40,068

34,434

32,152

51,829

25,260

21,969

45,991
-

46,718
-

47,211
(0)
-

9,655
201
7,973
61,063
6,763
1,524
551
(201)
1,814
89,343

77
-

Sep-07

Dec-07

0
-

0
-

50,435
1,912
18,329
53,362
164,182

25,702
1,927
17,231
57,177
182,462

22,068
1,881
16,873
64,894
184,585

25,644
1,849
16,488
70,023
213,044

21,137
1,807
17,271
81,194
146,668

77,510
1,755
3,363
96,381
200,978

79

83

906

1,236

1,280

1,317

264,419
932,425
(14,854)

952,747
932,425
(40,371)

952,747
932,425
(11,086)

264,419
745,877
(39,591)
-

264,419
745,877
(31,454)
-

264,419
745,877
(21,284)
-

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

Mar-08

Jun-08

Sep-08

Dec-08

Jan-09

Jun-09

362,596
64,620

263,893
77,441

114,716
75,246

167,585
99,529

187,213
91,334

187,337
88,674

28,108
15,444
28,506
664
499,938

2,839
16,882
28,506
508
390,069

5,470
20,402
28,506
887
245,226

18,496
20,198
38,704
344,512

16,450
21,090
39,492
965
356,544

19,831

1,300
17,806
77,036
1,605
149,094
3,812
11,613

1,409
12,177
116,032
1,554
143,057
1,460
20,250

1,557
19,872
116,359
4,650
136,698
1,868
18,711

1,687
17,762
129,457
10,328
137,263
3,029
22,847

1,698
18,037
131,200
19,773
137,259
3,529
17,603

132,210
10,968
137,726
3,422
16,053

1,087,241
396,639
34,401
1,780,547

1,213,178
366,636
35,598
1,911,352

1,373,033
335,866
41,987
2,050,601

1,573,204
309,890
32,757
2,238,224

1,630,588
310,529
31,648
2,301,865

1,711,326
310,035
30,588
2,371,507

2,280,485

2,301,420

2,295,827

2,582,737

2,658,409

2,733,997

15,846
47,337
8,115
58,003
8,035
259
142
8,334
146,071

15,726
53,041
19,653
52,873
8,652
262
142
2,426
152,775

15,704
45,898
46,583
11,474
264
190
3,538
10,849
134,500

107,360
55,052
45,222
25,326
267
20,084
21,265
23,780
8,600
1,510
308,465

112,996
60,108
43,622
14,189
271
20,084
21,602
54,535
11,818
1,567
340,791

29,678
61,126
44,269
21,406
273
26,528
55,312
321
13,083
1,439
253,435

18,028

13,584

9,978

128,912

126,110

154,985
100,000
-

22,179
39,308
5,161
362,490
1,722
17,457

113,277
1,718
3,388
110,183
246,594

106,020
1,671
4,728
110,506
236,510

98,367
1,623
4,239
121,479
235,685

90,049
1,574
4,571
105,035
330,140

81,609
1,522
4,552
117,186
330,979

72,731
1,464
4,472
114,696
448,348

1,311

12,915

12,914

12,953

13,077

13,019

952,747
932,425
1,337

952,747
932,425
17,443

952,747
932,425
27,556

952,747
958,276
22,084
-

952,747
958,786
22,473
44,180

952,747
959,593
21,673
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

Sep-09

Dec-09

Mar-10

796,794
88,549

827,967
115,117

980,467
98,589

35,785
34,563
60,382
3,268
1,019,340

30,985
38,744
3,483
1,016,296

21,471
38,702
8,442
1,147,671

1,875,904
309,729
29,650
2,504,955

18,028
0
141,268
9,908
113,891
21,631
15,382
2,006,505
15,582
309,475
2,651,670

74
20,793
142,074
9,001
23,117
81,673
766
14,418
2,057,732
15,510
310,206
2,675,364

3,524,295

3,667,966

43,757

Jun-10

Sep-10

Dec-10

933,011
116,307

840,118
132,998

21,300

21,471

29,864
10,091
1,110,573

19,823
10,559
1,024,969

17,177
21,892
14,153
1,028,183

74
27,362
136,479
8,494
23,217
56,483
799
14,891
2,122,432
16,306
313,867
2,720,404

75
28,755
138,146
7,111
23,217
29,483
801
11,841
2,266,899
18,299
317,901
2,842,528

36,154
33,183
8,658
23,217
8,737
69
12,018
2,496,675
18,504
320,588
2,957,803

3,823,035

3,830,977

3,867,497

3,985,986

39,642
72,921
2,888
13,346
1,861
317,013

41,660
66,762
62,122
24,904
40,521
54,279
92,214
386
9,559
1,743
394,150

50,784
59,843
62,130
23,754
281
40,521
68,878
94,290
2,764
4,533
1,850
409,627

72,413
64,947
54,207
12,543
1
284
33,154
94,290
100,541
3,928
436,309

59,968
73,155
46,619
13,479
1
287
41,839
94,274
103,621
2,096
435,339

61,798
79,384
41,989
25,900
51,469
42,163
94,274
100,709
10,879
2,277
510,842

135,660
100,000
-

130,035
100,000
-

223,566
100,000
-

221,154
-

218,759
-

246,378
-

2,120
17,781
142,277
12,782
93,980
5,865
14,864

71,333
53,398
17,591
276

794,839
180,122

122,465
1,415
4,945
97,457
461,943
12,679
1,641,747
960,644
21,292
138,515

127,481
1,359
21,435
77,698
458,008
-

115,454
1,302
22,413
67,863
530,598
-

110,302
1,244
22,467
116,821
471,988
-

104,188
1,184
22,348
116,692
463,171
-

98,961
1,122
21,662
141,570
509,693
-

1,745,097
961,691
122,408
-

1,761,662
962,855
169,263
-

1,761,662
966,153
201,125
-

1,761,662
967,535
102,192
145,050

1,761,662
969,186
268,060
-

2,732,660

(20,837)
(4,624)
12,073
2,815,808

(21,016)
(4,624)
14,670
2,882,810

(21,016)
(1,840)
16,597
2,922,681

(21,016)
(5,451)
19,015
2,968,987

(21,016)
(34,769)
22,328
2,965,451

3,524,295

3,667,966

3,823,035

3,830,977

3,867,497

3,985,986

(24,914)
(4,624)

Mar-11

Jun-11

Sep-11

Dec-11

784,726
150,708

559,467
168,683

532,860
179,108

558,343
219,219

19,887
24,499
17,706
997,526

21,920
40,472
14,040
804,582

19,162
66,444
12,929
810,503

35,913
35,685
9,910
23,464
86
12,624
2,587,533
18,277
319,837
3,043,329

37,044
71,004
9,396
23,592
86
10,657
2,739,211
18,218
319,100
3,228,308

4,040,855

Mar-12

Jun-12

22,817
83,335
14,140
897,854

655,034
194,177
91,236
21,801
90,769
17,783
1,070,800

445,938
207,495
107,318
18,247
48,631
13,278
840,907

36,767
77,060
10,038
24,901
85
10,799
2,922,756
18,395
318,218
3,419,019

26,326
457,183
8,909
24,943
75
11,429
2,987,757
19,812
317,349
3,853,783

21,540
312,602
8,459
25,274
75
12,493
3,115,590
19,497
321,582
3,837,112

19,142
314,235
9,630
25,301
940
12,279
3,380,000
19,312
326,901
4,107,740

4,032,890

4,229,522

4,751,637

4,907,912

4,948,647

45,752
72,464
35,474
31,040
51,469
37,118
325
103,833
1,598
1,530
380,603

46,629
88,380
40,361
41,312
53,125
325
1,624
271,756

51,089
104,117
38,892
57,301
38,326
450
3,467
293,642

55,652
108,941
41,436
60,887
85,042
52,097
9,095
13,543
426,693

66,025
118,571
45,542
78,697
85,072
41,886
303
2,310
17,245
3,154
458,805

77,832
146,918
49,893
51,869
46,464
9,391
30,967
2,897
416,231

253,545
16,281

320,036
21,079

402,622
40,408

501,503
300,000
48,135

724,587
300,000
66,320

804,180
300,000
79,628

94,592
1,060
21,678
152,483
539,639
-

111,346
993
21,425
151,454
626,333
-

102,949
952
21,338
168,766
737,035
-

92,214
861
21,360
144,511
1,108,584
-

80,181
818
21,427
137,712
1,331,045
-

69,118
723
21,343
123,854
1,398,846
-

1,761,662
970,414
330,619
-

1,761,662
966,239
340,062
-

1,761,662
968,237
405,958
-

1,761,662
968,403
414,101
-

1,761,662
969,120
414,228
123,579

1,761,662
960,997
365,381
186,951

(21,016)
(40,079)
119,013
3,120,613

(21,016)
(33,161)
121,015
3,134,801

(21,016)
(40,340)
124,344
3,198,845

(21,016)
(34,258)
127,468
3,216,360

(89,996)
(21,016)
(39,691)
176
3,118,062

(89,996)
(21,016)
(30,605)
196
3,133,570

4,040,855

4,032,890

4,229,522

4,751,637

4,907,912

4,948,647

Sep-12

Dec-12

Mar-13

R$ 1,000
Jun-13

324,230
204,170
135,588
21,197
3,593
19,905
708,683

395,001
219,592
166,084
14,963
28,623
27,075
851,338

231,400
174,262
195,116
6,803
5,649
66,491
679,721

453,224
182,035
228,702
6,103
14,746
39,166
923,976

35,808
320,862
25,354
10,903
12,351
3,741,046
19,265
330,336
4,495,925

16,750
61,473
333,175
24,792
4,013
4,493
4,030,575
17,366
340,537
4,833,174

15,523
58,226
335,532
25,816
4,752
4,330
4,215,348
17,114
342,875
5,019,516

15,167
58,084
337,734
25,494
3,645
3,800
4,419,542
17,338
342,131
5,222,936

5,204,608

5,684,512

5,699,237

6,146,912

80,382
214,251
52,953
19,726
41,468
1,548
17,796
3,006
431,130

106,928
185,325
50,093
19,126
106,997
49,929
7,425
18,373
5,232
549,428

125,621
184,322
44,350
23,013
106,997
55,485
1,575
9,913
5,062
556,338

157,637
154,779
48,102
34,106
38,416
41,716
7,732
3,775
486,263

981,181
300,000
92,490

1,385,281
300,000
101,934

1,357,301
300,000
106,075

1,309,396
300,000
114,333

60,012
658
24,252
105,846
1,564,439
-

50,497
579
24,663
66,790
1,929,744
-

44,020
510
22,880
44,500
1,875,286
1,761,662
967,597
568,725
58,726
69,361
(89,996)
(21,016)

61,906
747
22,740
25,877
1,835,000
-

1,761,662
962,947
365,536
258,802

1,761,662
965,271
626,696
-

(89,996)
(21,016)
(29,006)
110
3,209,039

(89,996)
(21,016)
(37,408)
131
3,205,340

(47,584)
138
3,267,613

2,388,062
959,012
570,280
93,560
(89,996)
(37,156)
(58,266)
154
3,825,649

5,204,608

5,684,512

5,699,237

6,146,912

1,000

Total Sales (Shopping 100%)

Operating Shoppings Portfolio
BHShopping
RibeiroShopping
BarraShopping
MorumbiShopping
ParkShopping
DiamondMall
New York City Center
Shopping AnliaFranco
ParkShoppingBarigi
Ptio Savassi
Shopping Santarsula
BarraShoppingSul
Shopping VilaOlmpia
ParkShoppingSoCaetano
JundiaShopping
ParkShoppingcampoGrande
VillageMall
Total

1Q06
88,748
51,481
180,263
122,346
88,182
37,632
30,874
69,739
58,410
-

2Q06
101,907
58,896
194,858
149,513
103,481
43,502
30,110
80,317
72,343
-

3Q06
104,145
62,450
201,381
142,051
103,360
46,789
29,853
80,322
74,962
-

4Q06
144,591
83,487
272,159
218,814
143,957
61,524
37,222
110,180
101,499
-

1Q07
104,442
63,288
200,991
158,471
101,315
46,655
34,153
78,595
76,732
-

727,675

834,928

845,313

1,173,432

864,642

Rent Revenue (Base Rent + Overage Rent + Merchandising) - Does not include Straight Line Effect
BarraShopping
1Q06
2Q06
3Q06
4Q06
1Q07
Receita de Aluguis
29,557
47,994
44,269
66,121
52,453
BHShopping
5,950
9,076
7,848
11,315
8,335
RibeiroShopping
1,612
3,313
3,054
4,218
3,265
BarraShopping
7,170
11,333
10,369
15,249
11,817
MorumbiShopping
4,881
9,331
8,635
13,466
11,600
ParkShopping
2,459
4,199
4,142
5,700
4,244
DiamondMall
1,883
2,323
2,146
4,450
4,585
New York City Center
526
1,116
1,095
1,363
1,187
Shopping AnliaFranco
2,332
2,361
2,432
3,268
2,600
ParkShoppingBarigi
2,725
4,922
4,540
7,085
4,813
Ptio Savassi
Shopping Santarsula
BarraShoppingSul
20
20
7
7
7
Shopping VilaOlmpia
ParkShoppingSoCaetano
JundiaShopping
ParkShoppingcampoGrande
VillageMall
Linearidade
Aluguel Mnimo
24,695
38,730
37,971
57,246
45,393
BHShopping
4,954
7,326
6,776
9,899
7,376
RibeiroShopping
1,241
2,587
2,601
3,646
2,850
BarraShopping
6,435
9,617
9,259
13,690
10,495
MorumbiShopping
3,817
7,580
7,307
11,710
9,644
ParkShopping
1,928
3,324
3,355
4,444
3,497
DiamondMall
1,694
1,946
1,889
4,164
4,102
New York City Center
410
972
942
1,171
1,021
Shopping AnliaFranco
2,018
1,833
2,037
2,659
2,192
ParkShoppingBarigi
2,177
3,524
3,799
5,857
4,209
Ptio Savassi
-

Shopping Santarsula
BarraShoppingSul
Shopping VilaOlmpia
ParkShoppingSoCaetano
JundiaShopping
ParkShoppingcampoGrande
VillageMall

Linearidade

Aluguel Complementar
BHShopping
RibeiroShopping
BarraShopping
MorumbiShopping
ParkShopping
DiamondMall
New York City Center
Shopping AnliaFranco
ParkShoppingBarigi
Ptio Savassi
Shopping Santarsula
BarraShoppingSul
Shopping VilaOlmpia
ParkShoppingSoCaetano
JundiaShopping
ParkShoppingcampoGrande
VillageMall
Merchandising
BHShopping
RibeiroShopping
BarraShopping
MorumbiShopping
ParkShopping
DiamondMall
New York City Center
Shopping AnliaFranco
ParkShoppingBarigi
Ptio Savassi
Shopping Santarsula
BarraShoppingSul (BIG)
Shopping VilaOlmpia
ParkShoppingSoCaetano
JundiaShopping
ParkShoppingcampoGrande
VillageMall
* + Increase in Accounts Receivables R$ 5.1M
Parking Revenue
Shopping Santarsula
BHShopping
RibeiroShopping
BarraShopping
MorumbiShopping
ParkShopping
DiamondMall
New York City Center
Shopping AnliaFranco
ParkShoppingBarigi
Ptio Savassi
Shopping Santarsula

20
-

20
-

7
-

7
-

7
-

955
123
99
216
143
94
49
31
68
132
-

1,305
132
79
207
127
148
80
11
63
457
-

1,393
158
84
201
137
303
95
11
99
304
-

2,246
216
135
337
178
482
101
48
194
555
-

2,412
185
112
453
796
260
212
75
128
191
-

3,907
872
271
518
921
437
139
85
246
416
-

7,960
1,618
647
1,509
1,624
727
297
133
465
940
-

4,905
914
368
909
1,191
484
163
142
296
438
-

6,629
1,200
438
1,222
1,578
773
184
145
416
673
-

4,648
774
303
869
1,160
487
271
91
280
413
-

1Q06
234
611
450
184
211
-

2Q06
274
1,029
686
124
249
-

3Q06
320
887
666
153
262
-

4Q06
426
936
996
356
368
-

1Q07
308
831
2,255
324
307
-

BarraShoppingSul
Shopping VilaOlmpia
ParkShoppingSoCaetano
JundiaShopping
ParkShoppingcampoGrande
VillageMall
Portfolio Total
Parking Transfer
Parking Net Revenue
Revenue net from transfer do partners in malls

1,690
1,690

2,362
2,362

2,287
2,287

3,082
3,082

4,025
(1,463)
2,562

2Q07
115,314
71,688
213,214
190,460
114,852
51,961
30,526
95,561
88,159
-

3Q07
120,742
73,836
219,210
181,729
118,335
57,011
31,927
92,943
91,996
42,133
-

4Q07
158,431
101,202
293,169
251,570
157,705
75,238
38,104
125,801
117,584
58,645
-

1Q08
119,872
76,149
224,292
183,552
115,046
59,966
35,691
93,862
93,077
43,936
-

2Q08
132,726
84,662
231,668
214,998
124,180
68,916
32,409
105,943
106,383
49,555
18,542
-

3Q08
137,235
86,871
242,282
216,411
129,997
70,547
33,132
103,858
102,374
54,678
26,294
-

4Q08
179,402
115,527
323,019
283,649
183,735
88,001
39,875
136,013
130,004
70,571
29,645
71,152
-

1Q09
133,842
88,991
235,403
204,535
135,676
64,670
33,246
97,928
101,228
52,637
21,051
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
54,368
8,690
3,535
11,877
11,555
4,469
4,762
1,186
2,812
5,474
7
-

3Q07
55,571
8,508
3,520
11,840
11,457
4,433
4,832
1,266
2,830
5,214
1,665
7
-

4Q07
77,001
11,217
4,652
15,264
17,420
5,954
6,519
1,427
3,685
7,275
3,580
7
-

1Q08
60,564
8,554
3,696
12,435
14,499
4,455
5,097
1,268
2,924
4,851
2,777
7
-

2Q08
68,772
9,294
5,861
13,236
15,957
4,925
5,762
1,378
3,258
5,742
3,122
230
7
-

3Q08
67,994
9,242
5,562
13,137
15,464
5,148
5,794
1,264
3,074
5,566
3,192
545
6
-

4Q08
97,923
12,841
7,512
17,734
21,600
7,109
7,382
1,563
4,085
7,783
4,387
500
5,427
-

1Q09
79,390
10,239
6,216
14,127
16,157
5,515
5,620
1,326
3,128
5,810
3,398
446
7,408
-

45,187
7,249
2,901
10,232
9,706
3,472
4,017
1,048
2,167
4,389
-

46,896
7,301
2,937
10,502
9,701
3,474
4,155
1,077
2,200
4,338
1,205

64,128
9,455
3,758
13,559
14,216
4,569
5,652
1,156
2,902
5,991
2,864

51,991
7,310
3,091
11,080
12,472
3,608
4,410
1,097
2,390
4,234
2,292

54,548
7,232
4,607
11,169
12,434
3,790
4,637
1,169
2,478
4,449
2,375

56,478
7,941
4,460
11,579
12,825
3,977
4,923
1,100
2,498
4,287
2,439

82,769
10,955
6,232
15,749
17,653
5,713
6,417
1,336
3,331
6,546
3,315

69,272
9,058
5,234
12,765
14,151
4,580
4,984
1,081
2,701
4,938
2,906

7
-

7
-

7
-

7
-

202
7
-

443
6
-

401
5,122
-

296
6,578
-

2,341
256
132
332
387
315
309
8
188
414
-

2,438
307
134
339
387
342
325
22
171
223
188
-

3,712
397
231
411
679
463
418
109
257
398
348
-

2,514
262
182
443
442
285
328
68
178
132
197
-

2,829
296
254
273
582
211
417
40
163
318
270
5
-

2,718
294
259
279
400
424
349
17
116
251
317
13
-

3,294
371
269
324
583
325
320
26
168
239
462
13
193
-

1,948
168
162
301
282
288
148
79
64
110
221
5
121
-

6,840
1,185
502
1,313
1,461
682
436
131
457
672
-

6,237
900
449
998
1,369
617
352
167
459
654
271
-

9,162
1,365
663
1,295
2,525
922
449
162
526
886
368
-

6,059
982
424
912
1,586
562
359
104
356
486
288
-

11,395
1,766
1,000
1,795
2,941
924
709
169
617
974
478
23
-

8,798
1,007
843
1,279
2,239
747
523
147
460
1,027
437
89
-

11,860
1,514
1,011
1,662
3,364
1,071
644
201
586
998
610
86
113
-

8,170
1,013
820
1,062
1,724
648
488
166
364
762
272
144
708
-

2Q07
1,263
3,070
4,048
711
632
-

3Q07
1,333
4,081
3,933
840
838
612
-

4Q07
1,566
4,535
4,621
818
951
842
-

1Q08
1,568
4,321
3,943
863
1,091
938
-

2Q08
1,831
4,412
4,039
1,006
983
1,259
185
1,064
-

3Q08
1,921
4,654
5,195
1,038
952
2,108
1,903
1,218
-

4Q08
2,324
5,215
5,606
1,176
1,049
2,212
2,064
1,352
19

1Q09
2,040
4,065
4,582
1,082
1,073
1,488
2,000
1,326
-

45
-

9,723
(5,061)
4,662

11,637
(6,209)
5,428

13,333
(6,437)
6,896

12,724
(6,500)
6,224

14,779
(6,600)
8,179

18,989
(7,828)
11,161

21,016
(8,992)
12,024

17,700
(7,160)
10,540

2Q09
146,076
95,818
259,564
241,384
151,657
76,245
31,288
114,810
111,459
59,241
19,526
100,549
-

3Q09
148,605
93,305
280,378
231,348
149,990
77,816
33,050
121,863
104,175
60,264
18,068
96,983
-

4Q09
206,681
134,032
372,359
325,821
220,702
113,241
41,955
189,277
148,529
81,432
25,177
135,406
29,236
-

1Q10
156,877
103,379
288,129
239,220
173,024
93,355
46,219
142,517
113,556
60,256
20,579
107,308
41,174
-

2Q10
166,844
110,145
308,648
275,052
172,797
103,431
40,481
158,804
122,748
66,582
24,991
117,185
46,884
-

3Q10
168,976
112,293
319,099
266,599
181,973
105,399
40,983
157,381
119,291
68,787
28,066
123,603
52,445
-

4Q10
273,554
151,630
434,730
368,055
247,583
129,343
50,829
229,041
185,508
88,330
36,158
162,185
73,898
-

1Q11
193,415
111,744
317,774
259,922
175,587
96,186
47,860
160,946
143,504
68,766
29,055
120,286
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
81,498
10,086
6,342
13,930
16,946
5,864
6,331
1,206
3,262
6,200
3,640
405
7,287
-

3Q09
81,759
10,519
6,264
14,204
16,530
6,062
6,276
1,213
3,777
5,796
3,617
327
7,176
-

4Q09
123,533
13,237
8,373
20,309
22,841
9,798
8,392
1,555
5,167
8,306
4,674
409
11,244
3,227

1Q10
99,051
10,135
6,570
14,726
17,129
7,592
6,774
1,421
3,985
5,744
3,548
376
7,416
4,604

2Q10
100,666
11,113
6,677
15,193
17,999
7,848
7,167
1,332
4,139
6,421
4,090
453
7,581
4,240

3Q10
102,084
10,293
6,825
15,184
17,799
7,917
7,131
1,367
4,177
5,912
4,810
549
7,847
3,953

4T10
119,416
17,723
9,188
20,497
24,739
10,906
9,109
1,666
5,663
11,275
6,526
1,350
12,203
5,434

1T11
112,450
13,726
7,050
16,492
18,263
8,750
7,100
1,542
4,472
8,849
4,821
1,081
8,945
4,385

69,916
9,011
5,404
12,355
14,353
4,732
5,415
1,049
2,761
5,133
2,861

69,306
9,110
5,334
12,271
13,974
4,677
5,449
1,020
3,279
4,799
2,884

6,000
106,438
11,373
7,067
18,124
18,868
7,969
7,237
1,341
4,489
6,917
3,613

9,031
87,012
9,038
5,569
13,093
14,639
6,520
5,714
1,157
3,541
4,771
2,810

6,412
85,072
9,490
5,596
13,121
14,548
6,519
5,879
1,161
3,534
5,259
2,832

8,319
87,634
8,898
5,790
13,255
15,489
6,679
5,858
1,131
3,619
4,795
3,356

(16,861)
97,803
15,810
7,563
17,809
20,419
9,081
7,709
1,425
4,778
8,882
4,733

6,974
97,743
12,520
6,072
14,550
15,447
7,163
6,186
1,234
3,841
7,264
3,780

264
6,577
-

216
6,294
-

252
9,998
3,191

237
6,479
4,413

378
6,420
3,923

438
6,332
3,675

1,023
10,628
4,802

745
7,975
3,991

2,837
196
194
319
511
325
398
16
141
198
397
2
140
-

3,058
233
145
617
446
502
325
22
103
151
389
0
126
-

6,000
4,781
506
248
353
924
733
501
45
225
344
599
2
282
19

9,031
3,349
204
169
455
587
384
544
124
135
145
332
2
207
60

6,412
4,517
369
206
508
757
490
642
27
187
273
740
13
235
70

8,319
4,719
351
203
479
646
381
687
54
161
332
961
49
325
90

(16,861)
7,756
692
437
788
1,107
594
805
66
367
1,077
1,128
119
421
155

6,974
4,520
316
262
491
613
433
450
161
194
658
514
64
183
182

8,746
878
744
1,255
2,082
807
518
141
360
870
382
139
570
-

9,395
1,176
785
1,315
2,110
884
502
171
395
846
345
111
756
-

12,314
1,358
1,059
1,833
3,049
1,096
655
169
453
1,044
462
155
963
17
-

8,690
893
832
1,178
1,902
689
515
141
309
827
406
137
730
131
-

11,077
1,254
875
1,565
2,694
839
646
145
417
889
518
62
925
248
-

9,731
1,044
832
1,450
1,663
858
587
182
398
785
493
62
1,189
189
-

13,857
1,221
1,187
1,900
3,212
1,231
595
174
518
1,316
665
207
1,154
477
-

10,188
890
716
1,451
2,203
1,154
465
147
437
927
527
273
787
212
-

2Q09
2,155
761
5,897
5,903
1,071
1,244
2,346
1,714
1,196
185

3Q09
2,090
1,509
5,333
5,770
1,191
1,102
2,219
1,717
1,261
222

4Q09
2,615
2,015
5,923
6,718
1,770
1,486
1,340
2,816
2,191
1,844
285

1Q10
1,118
769
1,968
2,557
800
1,214
1,068
1,419
1,732
1,367
207

2Q10
1,118
801
1,984
2,588
605
1,211
914
1,370
1,754
1,352
238

3Q10
1,166
844
2,101
2,804
726
1,243
1,056
1,426
2,017
1,413
313

4T10
1,613
1,040
2,672
3,430
1,020
1,369
1,042
1,700
2,716
1,594
444

1T11
1,534
958
2,038
2,743
763
1,395
1,092
1,493
2,183
1,663
362

635
-

1,338
-

1,639
127

1,471
305

1,481
89

1,516
199

2,024
516

1,681
648

23,106
(10,299)
12,807

23,754
(9,893)
13,860

30,771
(13,020)
17,751

15,995
15,995

15,505
15,505

16,825
16,825

21,180
21,180

18,553
18,553

2Q11
208,609
119,475
349,298
300,487
187,682
106,631
44,717
186,595
159,125
73,497
31,624
132,018
67,017
-

3Q11
213,858
115,091
349,764
285,584
187,205
108,232
47,638
179,858
157,110
73,084
32,235
136,255
64,777
-

4Q11
295,096
161,072
492,799
388,812
264,535
143,459
56,144
246,707
218,658
93,038
44,117
183,857
88,903
80,041

1Q12
218,348
118,834
348,126
280,560
192,022
109,161
52,938
168,475
161,382
72,999
32,823
139,603
69,328
85,974

2Q12
234,747
127,921
376,795
319,709
199,933
121,696
47,285
201,468
184,355
78,883
36,640
150,499
74,946
99,618

3Q12
240,754
128,885
388,276
296,147
205,980
122,680
50,123
190,978
175,495
77,927
40,568
156,285
68,715
98,642

1,966,778

1,950,693

2,757,235

2,050,575

2,254,494

2,241,454

2T11
115,208
14,753
7,217
17,431
18,705
8,361
7,436
1,415
4,791
8,743
4,774
1,145
9,237
4,417

3T11
117,351
14,699
7,115
17,533
19,512
9,071
7,412
1,491
4,727
9,262
4,992
1,178
9,739
4,570

4T11
142,049
19,801
9,740
23,551
25,822
14,583
9,885
1,953
6,301
13,114
6,619
1,605
14,330
6,774
6,972

1Q12
128,089
15,077
7,621
18,328
19,803
8,699
7,750
1,636
4,842
9,329
5,084
1,185
9,528
4,949
8,142

2T12
133,583
16,594
7,703
18,186
21,015
9,125
7,884
1,520
5,064
10,281
5,230
1,263
10,476
4,547
7,995

3T12
130,358
15,426
7,550
17,641
19,946
9,692
8,039
1,615
5,041
9,649
5,235
1,372
10,294
4,519
8,222

6,783
100,349
13,158
6,196
15,161
15,852
7,248
6,409
1,239
4,051
7,412
3,869

6,049
101,081
13,101
6,089
15,365
16,418
7,694
6,376
1,322
4,026
7,565
4,074

(19,003)
120,961
18,138
8,229
20,550
21,975
12,999
8,466
1,612
5,426
10,658
5,505

6,114
114,187
13,636
6,753
16,463
17,314
7,651
6,721
1,334
4,320
7,937
4,229

6,700
115,380
14,844
6,771
15,907
17,263
7,928
6,614
1,340
4,346
7,969
4,265

6,118
115,312
14,103
6,739
15,983
17,407
8,455
6,750
1,434
4,452
7,878
4,407

4Q12
314,978
194,050
514,217
407,136
284,274
155,933
58,606
268,056
237,272
101,701
54,006
204,398
89,698
134,218
80,441
50,574
26,659
3,176,216
4T12
184,599
21,094
10,829
23,742
27,795
13,110
10,834
2,048
7,077
14,119
7,396
1,866
16,311
5,650
11,195
7,464
5,179
3,136
(4,247)
160,121
19,159
9,345
21,392
23,322
11,497
9,133
1,709
5,982
11,417
6,092

796
8,189
3,987

908
8,012
4,082

1,335
12,462
6,334
6,278

1,005
8,776
4,465
7,470

984
8,886
4,064
7,499

1,058
8,975
3,994
7,559

6,783
4,836
446
320
575
732
271
598
57
285
563
449
69
317
155

6,049
5,587
559
427
384
796
499
668
74
301
645
438
93
417
287

(19,003)
7,914
714
556
750
1,026
531
892
98
427
1,388
527
87
462
196
262

6,114
4,784
536
329
444
500
378
612
181
195
580
394
61
200
220
154

6,700
6,987
698
406
515
905
468
814
64
366
1,339
510
161
464
154
122

6,118
5,960
607
412
465
543
463
750
96
245
950
402
124
464
218
222

10,022
1,149
702
1,695
2,122
843
429
119
455
767
456
280
732
275
-

10,683
1,039
599
1,784
2,298
878
369
95
400
1,052
480
178
1,310
201
-

13,175
949
956
2,251
2,822
1,054
528
242
449
1,068
588
183
1,407
245
432

9,117
906
539
1,421
1,988
669
416
121
328
813
461
119
553
264
518

11,216
1,051
525
1,764
2,847
729
457
115
352
973
455
118
1,126
329
374

9,087
716
399
1,193
1,996
774
538
85
344
821
426
190
855
307
442

2T11
1,555
1,017
2,168
2,864
831
1,348
1,022
1,704
2,210
1,554
359

3T11
1,566
969
2,195
2,797
848
1,369
1,144
1,752
2,647
1,623
387

4Q11
1,884
1,166
2,473
3,716
1,130
1,617
972
1,942
3,029
1,747
487

1Q12
1,544
1,009
2,734
3,088
861
1,373
1,337
1,583
2,534
1,595
487

2T12
1,597
1,005
2,646
3,236
797
1,492
1,323
1,720
2,823
1,861
491

3T12
1,720
976
2,524
3,010
826
1,624
1,396
1,687
2,736
2,245
531

1,365
14,315
5,110
10,130
6,634
4,869
2,896
(4,247)
9,334
771
714
643
1,000
677
989
189
419
1,484
553
250
542
140
317
277
180
189
15,145
1,165
769
1,707
3,473
936
711
151
676
1,218
750
251
1,455
400
748
553
130
51

4T12
2,069
1,337
3,149
3,835
1,182
1,849
1,231
1,962
3,247
2,072
655

1,649
766

1,724
754

2,297
809
1,418

1,602
961
1,710

2,215
2,052
1,955

2,422
1,886
1,997

19,046
19,046

19,775
19,775

24,687
24,687

22,418
22,418

25,214
25,214

25,580
25,580

2,682
1,947
2,339
1,477
560
542
32,137
32,137

R$ 1,000
1Q13
234,122
143,978
379,329
296,526
213,737
120,580
57,941
188,961
181,566
77,972
41,127
149,631
70,436
100,045
66,477
67,838
55,347
2,445,613

2T13
246,823
150,381
379,149
331,521
223,279
128,970
48,867
213,797
193,999
81,514
44,833
161,844
77,951
112,328
77,002
75,283
66,646
2,614,187

1T13
163,982
19,185
8,595
18,758
20,938
10,146
8,704
1,814
5,307
10,284
5,478
1,345
10,882
4,600
8,640
6,262
7,485
6,016
9,546
148,408
17,653
7,846
17,080
18,462
9,112
7,428
1,450
4,771
8,833
4,710

2T13
162,149
16,476
8,668
18,914
21,078
10,466
8,782
1,719
5,666
10,994
5,717
1,389
11,082
4,251
8,168
6,469
7,206
6,076
9,027
143,782
14,855
7,627
17,038
18,335
9,212
7,562
1,424
4,830
9,216
4,738

1,055
9,942
4,060
7,881
6,078
7,192
5,310
9,546
5,826
551
338
500
637
430
665
194
186
741
346
126
205
186
284
18
89
330
9,749
981
411
1,178
1,840
604
610
170
350
709
422
164
736
354
475
165
203
376

1,059
9,743
3,762
7,376
6,058
6,727
5,192
9,027
6,727
543
346
390
794
415
730
161
310
999
424
159
346
137
239
116
83
535
11,641
1,077
695
1,486
1,949
839
490
134
525
779
554
171
994
351
554
296
396
350

1T13
1,954
1,134
2,366
3,303
966
1,797
1,455
1,730
2,727
2,345
649

2T13
2,027
1,103
2,666
3,391
926
1,914
1,290
1,778
2,923
2,012
738

2,192
1,967
1,996
1,277
1,017
1,322
30,196
30,196

2,409
1,959
2,087
1,340
1,084
1,253
30,902
30,902

Indicators
Financial (MTE %)
Gross Revenue
Net Revenue
Headquarters
Rental Revenue
Rental Revenue/m
Shopping Center EBITDA
Shopping Center EBITDA/m2
Adjusted Consolidated EBITDA
Adjusted Consolidated EBITDA/m
Shopping Center EBITDA Margin
Adjusted Consolidated EBITDA Margin
NOI + Key Money
NOI + Key Money/m2
NOI + Key Money Margin
NOI
NOI/m2
NOI Margin
Adjusted FFO
Adjusted FFO/m
Performance (100%)
Total GLA
Own GLA
Adjusted Total GLA (avg.)
Adjusted Own GLA (avg.)
Total Sales
Total Sales/m
Same Stores Sales/m
Same Stores Rent/m
Occupancy Costs
Rent as Sales %
Others as Sales %
Turnover
Occupancy Rate
Delinquency
Rent Loss

1Q06
50,084
45,732
15,995
29,557
146 R$/m

2Q06
69,562
64,093
17,316
47,994
237 R$/m

3Q06
66,773
61,313
19,199
44,269
219 R$/m

21,620
107 R$/m

38,866
192 R$/m

30,289
150 R$/m

47.3%
29,030
144 R$/m
87.1%
26,961
133 R$/m
86.3%
15,457
76 R$/m
1Q06
368,220 m
209,376 m
354,013 m
202,287 m
727,675
2,056 R$/m
N/A
N/A
15.8%
9.8%
6.0%
1.0%
95.2%
8.2%
0.0%

60.6%
44,551
220 R$/m
82.9%
41,149
203 R$/m
81.7%
25,236
125 R$/m
2Q06
368,432 m
209,484 m
353,948 m
202,241 m
834,928
2,359 R$/m
N/A
N/A
14.9%
8.6%
6.3%
0.8%
96.3%
6.9%
0.0%

49.4%
42,358
209 R$/m
84.9%
39,006
193 R$/m
83.8%
28,057
139 R$/m
3Q06
368,269 m
209,312 m
353,959 m
202,217 m
845,313
2,388 R$/m
N/A
N/A
15.7%
9.4%
6.2%
0.9%
96.2%
6.6%
10.4%

4Q06
90,068
81,833
15,014
71,259
345 R$/m

1Q07
77,093
70,364
9,666
52,453
242 R$/m

2Q07
86,254
78,764
15,620
54,368
248 R$/m

3Q07
93,081
85,095
13,069
55,572
242 R$/m

4Q07
112,364
102,170
17,551
77,001
327 R$/m

53,029
257 R$/m

50,547
233 R$/m

45,464
208 R$/m

48,936
213 R$/m

67,213
286 R$/m

64.8%
67,298
326 R$/m
85.1%
62,516
303 R$/m
84.1%
50,629
245 R$/m
4Q06
373,480 m
214,525 m
357,671 m
206,532 m
1,173,432
3,281 R$/m
N/A
N/A
13.2%
8.4%
4.9%
0.5%
97.2%
5.6%
6.2%

71.8%
50,640
234 R$/m
83.0%
46,073
213 R$/m
83.7%
43,704
202 R$/m
1Q07
373,464 m
238,883 m
374,618 m
216,662 m
864,642
2,308 R$/m
13.8%
9.4%
14.1%
9.2%
5.0%
0.8%
97.4%
6.6%
1.0%

57.7%
53,580
245 R$/m
77.7%
48,721
222 R$/m
82.5%
41,498
189 R$/m
2Q07
393,615 m
255,927 m
377,217 m
219,001 m
971,737
2,576 R$/m
12.2%
10.4%
12.8%
8.2%
4.6%
0.8%
97.6%
5.3%
0.5%

57.5%
51,803
225 R$/m
72.4%
47,418
206 R$/m
77.7%
46,350
202 R$/m
3Q07
392,279 m
252,147 m
377,588 m
229,738 m
1,029,860
2,727 R$/m
14.4%
10.6%
13.8%
9.2%
4.7%
1.9%
97.5%
4.5%
0.9%

65.8%
74,955
319 R$/m
78.5%
69,865
297 R$/m
83.3%
68,621
292 R$/m
4Q07
392,279 m
257,369 m
377,884 m
235,135 m
1,377,449
3,645 R$/m
11.4%
9.0%
13.4%
8.0%
5.4%
1.7%
97.0%
4.4%
0.4%

1Q08
89,339
80,892
11,671
60,564
258 R$/m

2Q08
113,984
104,107
27,539
68,772
276 R$/m

3Q08
111,461
101,098
20,119
67,994
269 R$/m

4Q08
138,129
125,134
19,791
97,923
334 R$/m

50,910
217 R$/m

59,100
238 R$/m

57,055
226 R$/m

80,163
273 R$/m

62.9%
56,919
242 R$/m
72.9%
52,155
222 R$/m
78.1%
57,685
245 R$/m
1Q08
392,015 m
257,063 m
377,981 m
235,126 m
1,045,442
2,766 R$/m
14.0%
7.7%
13.6%
8.4%
5.2%
1.1%
97.9%
3.2%
1.0%

56.8%
73,697
296 R$/m
79.9%
64,979
261 R$/m
84.4%
58,239
234 R$/m
2Q08
416,416 m
266,314 m
393,900 m
248,827 m
1,169,981
2,970 R$/m
11.4%
9.0%
13.2%
7.8%
5.4%
1.6%
98.2%
3.9%
1.7%

56.4%
71,629
284 R$/m
79.1%
68,023
270 R$/m
85.9%
54,514
216 R$/m
3Q08
416,928 m
266,759 m
402,522 m
252,350 m
1,203,680
2,990 R$/m
9.9%
11.6%
12.2%
7.4%
4.8%
2.2%
98.1%
3.7%
0.5%

64.1%
102,123
348 R$/m
83.0%
97,968
334 R$/m
89.1%
66,768
228 R$/m
4Q08
484,373 m
330,308 m
446,010 m
293,359 m
1,650,592
3,701 R$/m
7.9%
13.9%
12.3%
8.1%
4.2%
1.7%
98.3%
3.7%
0.6%

1Q09
110,913
100,941
18,885
79,389
251 R$/m
66,089
209 R$/m
60,005
190 R$/m
65.7%
59.4%
78,946
250 R$/m
83.0%
73,778
233 R$/m
82.0%
53,109
168 R$/m
1Q09
484,894 m
330,786 m
470,488 m
316,378 m
1,261,212
2,681 R$/m
5.1%
13.2%
14.6%
8.8%
5.8%
1.4%
98.3%
5.8%
0.4%

2Q09
119,417
107,069
24,657
81,499
258 R$/m
66,617
211 R$/m
63,442
200 R$/m
62.7%
59.3%
87,339
276 R$/m
87.0%
81,305
257 R$/m
86.2%
55,316
175 R$/m
2Q09
484,873 m
330,833 m
470,525 m
316,458 m
1,407,614
2,992 R$/m
9.8%
14.0%
13.6%
8.1%
5.5%
1.0%
98.7%
4.5%
0.4%

3Q09
129,793
116,627
18,695
81,759
256 R$/m
92,312
289 R$/m
86,074
270 R$/m
81.3%
73.8%
86,714
272 R$/m
83.6%
78,606
246 R$/m
82.2%
72,533
227 R$/m
3Q09
497,248 m
334,298 m
480,369 m
319,086 m
1,415,845
2,947 R$/m
5.6%
8.1%
13.5%
8.0%
5.5%
2.7%
98.4%
4.5%
1.4%

4Q09
174,245
158,097
25,945
117,533
356 R$/m
97,862
296 R$/m
94,433
286 R$/m
64.5%
59.7%
133,353
404 R$/m
89.5%
125,673
380 R$/m
88.9%
91,609
277 R$/m
4Q09
533,741 m
347,985 m
509,005 m
330,490 m
2,023,848
3,976 R$/m
10.6%
6.5%
12.0%
7.8%
4.2%
1.4%
99.1%
0.6%
1.5%

1Q10
149,964
136,380
20,068
90,020
271 R$/m
86,405
260 R$/m
85,292
257 R$/m
67.4%
62.5%
110,907
334 R$/m
87.9%
99,728
300 R$/m
86.7%
90,253
271 R$/m
1Q10
532,773 m
347,640 m
515,818 m
332,443 m
1,585,594
3,074 R$/m
14.9%
3.9%
13.5%
7.7%
5.8%
1.1%
97.9%
3.2%
0.6%

2Q10
157,373
143,096
25,324
94,254
283 R$/m
78,579
236 R$/m
80,922
243 R$/m
59.5%
56.6%
106,257
319 R$/m
86.7%
99,907
300 R$/m
86.0%
87,833
264 R$/m
3Q09
532,902 m
347,757 m
515,953 m
332,574 m
1,714,591
3,323 R$/m
11.9%
4.4%
12.9%
7.3%
5.6%
1.3%
98.1%
4.0%
0.8%

3Q10
159,950
146,512
24,744
93,765
276 R$/m
66,884
197 R$/m
73,012
215 R$/m
49.9%
49.8%
112,303
331 R$/m
88.2%
103,919
306 R$/m
87.4%
84,111
248 R$/m
3Q10
544,703 m
359,921 m
522,663 m
339,308 m
1,744,895
3,338 R$/m
13.7%
6.6%
12.7%
7.3%
5.4%
1.2%
98.4%
3.2%
1.1%

4Q10
195,337
178,388
22,962
138,075
387 R$/m
102,443
287 R$/m
110,970
311 R$/m
66.4%
62.2%
130,611
366 R$/m
87.1%
121,283
340 R$/m
86.3%
105,956
297 R$/m
4Q10
551,830 m
371,640 m
536,245 m
356,885 m
2,430,844
4,533 R$/m
12.6%
12.0%
11.9%
7.6%
4.3%
0.7%
98.6%
2.1%
1.6%

1Q11
173,153
157,813
21,626
105,476
295 R$/m
105,044
294 R$/m
102,842
288 R$/m
72.2%
65.2%
124,732
349 R$/m
89.0%
115,570
324 R$/m
88.2%
103,056
289 R$/m
1Q11
551,368 m
371,548 m
537,081 m
357,155 m
1,786,364
3,326 R$/m
6.6%
10.3%
13.7%
8.0%
5.7%
0.8%
98.4%
1.7%
0.4%

2Q11
174,505
158,682
20,071
108,425
304 R$/m
109,333
306 R$/m
107,148
300 R$/m
72.4%
67.5%
127,056
356 R$/m
88.1%
117,011
328 R$/m
87.2%
80,811
226 R$/m
2Q11
551,592 m
371,601 m
537,082 m
357,176 m
1,966,778
3,662 R$/m
9.4%
14.1%
12.8%
7.5%
5.3%
1.7%
98.1%
1.9%
1.0%

3Q11
181,818
165,658
20,955
111,301
311 R$/m
116,187
325 R$/m
111,560
312 R$/m
74.4%
67.3%
131,550
368 R$/m
89.5%
121,748
341 R$/m
88.8%
99,731
279 R$/m
3Q11
551,759 m
371,730 m
537,359 m
357,330 m
1,950,693
3,630 R$/m
7.5%
16.0%
13.1%
7.8%
5.3%
0.6%
98.1%
0.9%
2.4%

4Q11
212,748
194,099
25,717
161,053
406 R$/m
138,196
348 R$/m
133,730
337 R$/m
77.3%
68.9%
166,640
420 R$/m
94.2%
156,517
394 R$/m
93.9%
131,830
332 R$/m
4Q11
592,048 m
411,423 m
577,192 m
396,763 m
2,757,235
4,777 R$/m
8.3%
14.5%
12.4%
7.8%
4.6%
0.9%
98.0%
1.5%
1.1%

1Q12
346,026
323,349
25,561
121,975
301 R$/m
120,629
297 R$/m
190,718
470 R$/m
71.7%
59.0%
141,054
348 R$/m
88.5%
132,147
326 R$/m
87.8%
160,283
395 R$/m
1Q12
592,251 m
420,054 m
577,836 m
405,626 m
2,050,575
3,549 R$/m
8.2%
11.9%
14.0%
8.2%
5.8%
0.9%
97.2%
2.1%
0.3%

2Q12
211,579
191,777
21,170
126,883
313 R$/m
122,816
303 R$/m
120,423
297 R$/m
69.1%
62.8%
147,617
364 R$/m
87.7%
138,077
340 R$/m
87.0%
93,877
231 R$/m
2Q12
592,489 m
420,377 m
577,951 m
405,809 m
2,254,494
3,901 R$/m
8.1%
10.4%
13.1%
7.6%
5.5%
1.3%
97.8%
1.7%
0.3%

3Q12
223,691
205,362
29,173
124,240
306 R$/m
123,168
304 R$/m
133,213
328 R$/m
71.3%
64.9%
152,289
375 R$/m
92.5%
143,516
354 R$/m
92.0%
102,595
253 R$/m
3Q12
591,945 m
420,051 m
577,881 m
405,797 m
2,241,454
3,879 R$/m
8.5%
7.7%
13.1%
7.6%
5.4%
1.6%
98.5%
1.3%
0.1%

4Q12
266,676
241,385
23,990
188,846
380 R$/m
170,709
343 R$/m
171,408
345 R$/m
73.6%
71.0%
203,736
410 R$/m
89.6%
193,112
388 R$/m
89.1%
158,889
320 R$/m
4Q12
698,634 m
521,439 m
672,871 m
497,207 m
3,176,216
4,720 R$/m
6.8%
8.6%
12.4%
7.9%
4.5%
1.4%
98.1%
1.9%
0.3%

R$ 1,000
1Q13
245,923
223,546
19,860
154,436
304 R$/m
161,260
317 R$/m
159,287
313 R$/m
76.5%
71.3%
182,083
358 R$/m
88.0%
169,281
333 R$/m
87.2%
101,969
201 R$/m
1Q13
698,685 m
522,661 m
684,622 m
508,567 m
2,445,613
3,572 R$/m
8.1%
9.7%
14.0%
8.1%
6.0%
0.4%
97.5%
2.2%
0.2%

2Q13
262,840
237,423
32,123
153,123
301 R$/m
145,423
286 R$/m
148,951
293 R$/m
68.2%
62.7%
172,830
340 R$/m
83.4%
158,666
312 R$/m
82.2%
109,422
215 R$/m
2Q13
698,528 m
522,671 m
684,857 m
508,908 m
2,614,187
3,817 R$/m
5.8%
8.0%
13.7%
7.7%
6.0%
1.4%
97.6%
2.0%
0.2%