2Q11 Earnings

| Net Revenues

In 2Q11, Net Revenues totaled R$199.4 million, a 62.1 % increase

123,049

199,418229,374

378,501

Net Revenues Growth (R$ thousand)

65.0%

62.1%

9.6%

3.2%

0.7%1.3%

55.1%

71.4%

Gross Revenues Breakdown 2Q11

Parking

Services

Key Money

Others

Transfer Fee

Overage Rent

Mall & Merchandising

Base Rent

2

2Q10 2Q11 6M10 6M11

13.8%

7.3%8.9%

Transfer Fee

Base Rent

Overage Rent

Mall & Merchandising

Mall & Merchandising

| NOI

NOI reached R$176.0 million in the quarter, a 61.0% in crease

176,033202,343

334,475

NOI growth (R$ thousand)

61.0%

65.3%

100,270122,794

188,809

234,347

Same Mall NOI Growth (R$ thousand)

22.5%

24.1%

3

Growth in managed malls(90.1% of our NOI) registered

23.0% in the quarter

2Q10 2Q11 6M10 6M11

109,322

176,033202,343

2Q10 2Q11 6M10 6M11

100,270

| EBITDA and FFO

We ended the quarter with an adjusted EBITDA of R$160.5 mil lion, a 58.3% increase

301,069

Adjusted EBITDA Growth (R$ thousand)

58.3%

58.4%

73,808

115,394 115,860

172,618

Adjusted Net Income Growth (R$ thousand)

49.0%

56.3%

4

2Q10 2Q11 6M10 6M11

101,377160,466

190,01558.3% 2Q10 2Q11 6M10 6M11

2Q10 2Q11 6M10 6M11

76,480

118,938 121,535

179,015

FFO Growth (R$ thousand)

47.3%

55.5%

Leisure and satellites stores had a good perfomance in the quarter, with SSS growth above 2 digits.

| Sales

2.9%1.9%

13.1%

29.0%

Same Store Sales per Segment (2Q11 versus 2Q10)

5

Anchors Megastore Satellites Leisure

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

10.8%12.7%

8.8%

3.5%6.4%

5.1%

11.0%

16.2%13.2%

16.6%

11.8%8.7%

10.0%

SSS (%)

| Rent

SSR growth reached the Company’s highest historical level , increasing by 14.2%

*

94.1%

96.0%

97.0%

98.3% 98.3%

Occupancy (%)

2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

13.9%

8.1%

14.7%18.3%

22.3% 22.5%

27.7% 28.1% 27.4%

Renewals Leasing Spread (%)

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

9.5%

12.4%13.4%

12.3% 12.0%

9.9%8.8% 8.6% 8.0%

10.1% 10.1% 9.7%

14.2%

SSR (%)

6* Excluding acquired and inaugurated malls in the last 12 months.

2Q07 2Q08 2Q09 2Q10 2Q11 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

| Acquisitions

We concluded in 2Q11 increases in ownership in 3 ma lls and 1 acquisition, representing a total capex of R$346.2 million.

Shopping Shopping Shopping Shopping Total

8,617 9,549 11,346

37,812

67,324

Owned GLA from Acquisitions 6M11 (m²)

7

Actual NOI in 2Q11 from acquired malls outperformed the projected NOI by 23.6%.

Shopping Crystal

Shopping Piracicaba

Shopping Curitiba

Shopping Paralela

Total

Projected NOI 2Q11

Realized NOI 2Q11

Projected NOI 6M11

Realized NOI 6M11

85,802106,031

148,180

185,386

NOI of Realized Acquisitions (R$ thousand)

25.1%

23.6%

| Greenfield Projects –Mooca Plaza Shopping

Mooca Plaza Shopping

•opening in the fourth quarter of 2011;

•stabilized NOI of R$34.6 million ;

•approximately 95.7% of the GLA already leased ;

•project on schedule, with approximately 67.0% of construction carried out ;

•Total GLA (m²): 41,964

•Owned GLA (m²): 25,178

•BRMALLS Stabilized NOI: R$34.6 million

•IRR: 16.9% (real and unleveraged)

8

| Greenfield Projects – Other Developments

Shopping Estação BH

•Total GLA (m²): 36,504

•Owned GLA (m²): 21,902

• % Developed: 54.2%

• Leasing Status: 72.8%

•IRR (real and unleveraged): 20.3%

•Opening: 2Q12674,115

747,15573,040

Owned GLA with Developments

10.8%

São Bernardo

•Total GLA (m²): 43,268

•Owned GLA (m²): 25,961

•% Developed: 20.3%

•Leasing Status: 52.7%

•IRR (real and unleveraged): 16.8%

•Opening: 4Q12

9

Current Owned GLA

Owned GLA -Developments

Total Owned GLA

79.8

15.1

5.5

20.3

44.5

132.4

| Summary of Greenfield and Expansion projects

We expect our projects under development to add 192 .0k m² of total GLA by 2013

Total GLA of Greenfields amd Expansions Projects ('000 m ²)

Pipeline 192,0 15% increasein Total GLA

Already developed 161,2

2008 2009 2010 2011YTD 2011 pipeline 2012 2013 Total

23.5 46.3

29.2

42.0

220.728.2

18.8

15.1

Greenfields Expansions

10

| Cash and Debt Position

BRMALLS ended 2Q11 with a cash position of R$1,255. 3 million, a 73.2% increase over 1Q11

1,255.3

Cash Position and Net Debt (R$ million)

+73.2% vs 1Q11

0.7% vs 1Q11 -27.0% vs 1Q11 244 246 238 238

737Debt Amortization Schedule (R$ million)

11

Cash Position Gross Debt Net Debt

(2,641.4) (1,386.0)

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 onwards

98131

238 238

155 156 14798 80 71

| Capital Markets

•Daily traded volume averaged R$43.0 million in 2Q11 , a 192.0% increase compared to 2Q10;•The number of trades averaged 5,483, up 301.5% comp ared to 2Q10;

Stock Performance

Follow On

•On May 25, we concluded our share offering, raising approx imately R$731 million at a price of R$17.20 per share;•The proceeds will be used mainly for acquisitions o f interest in malls;

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Trading Volume (30 days) BRML3 Ibovespa

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