Fundamentals Spreadsheet 1Q14

Operating Shoppings Portfolio Mar-06 Jun-06Total GLA State 1Q06 2Q06BHShopping MG 35,450 m² 35,450 m²RibeirãoShopping SP 39,130 m² 39,130 m²BarraShopping RJ 69,138 m² 69,355 m²MorumbiShopping SP 49,670 m² 49,665 m²ParkShopping DF 39,276 m² 39,276 m²DiamondMall MG 20,757 m² 20,757 m²New York City Center RJ 22,067 m² 22,067 m²Shopping AnáliaFranco SP 39,310 m² 39,310 m²ParkShoppingBarigüi PR 39,022 m² 39,022 m²Pátio Savassi MG 0 m² 0 m²Shopping SantaÚrsula SP 0 m² 0 m²BarraShoppingSul RS 14,400 m² 14,400 m²Shopping VilaOlímpia SP 0 m² 0 m²ParkShoppingSãoCaetano SPJundiaíShopping SPParkShoppingCampoGrande RJVillageMall RJParque Shopping Maceió ALTotal 368,220 m² 368,432 m²

Multiplan Interest RJ 1Q06 2Q06BHShopping MG 80.0% 80.0%RibeirãoShopping SP 56.2% 56.2%BarraShopping RJ 51.1% 51.1%MorumbiShopping SP 51.7% 51.7%ParkShopping DF 60.0% 60.0%DiamondMall MG 45.0% 45.0%New York City Center RJ 50.0% 50.0%Shopping AnáliaFranco SP 30.0% 30.0%ParkShoppingBarigüi PR 90.0% 90.0%Pátio Savassi MG 0.0% 0.0%Shopping SantaÚrsula SP 0.0% 0.0%BarraShoppingSul RS 50.0% 50.0%Shopping VilaOlímpia SP 0.0% 0.0%ParkShoppingSãoCaetano SPJundiaíShopping SPParkShoppingCampoGrande RJVillageMall RJParque Shopping Maceió ALTotal 56.9% 56.9%

Owned GLA State 1Q06 2Q06BHShopping MG 28,360 m² 28,360 m²RibeirãoShopping SP 21,979 m² 21,979 m²BarraShopping RJ 35,308 m² 35,419 m²MorumbiShopping SP 25,683 m² 25,680 m²ParkShopping DF 23,559 m² 23,559 m²DiamondMall MG 9,341 m² 9,341 m²New York City Center RJ 11,034 m² 11,034 m²Shopping AnáliaFranco SP 11,793 m² 11,793 m²ParkShoppingBarigüi PR 35,119 m² 35,119 m²Pátio Savassi MG 0 m² 0 m²Shopping SantaÚrsula SP 0 m² 0 m²BarraShoppingSul RS 7,200 m² 7,200 m²

Shopping VilaOlímpia SP 0 m² 0 m²ParkShoppingSãoCaetano SPJundiaíShopping SPParkShoppingCampoGrande RJVillageMall RJParque Shopping Maceió ALTotal 209,376 m² 209,484 m²

Total GLA (avg.) State 1Q06 2Q06BHShopping MG 35,450 m² 35,450 m²RibeirãoShopping SP 39,295 m² 39,130 m²BarraShopping RJ 69,138 m² 69,280 m²MorumbiShopping SP 49,670 m² 49,656 m²ParkShopping DF 39,297 m² 39,276 m²DiamondMall MG 20,757 m² 20,757 m²New York City Center RJ 22,067 m² 22,067 m²Shopping AnáliaFranco SP 39,310 m² 39,310 m²ParkShoppingBarigüi PR 39,028 m² 39,022 m²Pátio Savassi MG 0 m² 0 m²Shopping SantaÚrsula SP 0 m² 0 m²BarraShoppingSul RS 0 m² 0 m²Shopping VilaOlímpia SP 0 m² 0 m²ParkShoppingSãoCaetano SPJundiaíShopping SPParkShoppingCampoGrande RJVillageMall RJParque Shopping Maceió ALTotal 354,013 m² 353,948 m²

Owned GLA (avg.) State 1Q06 2Q06BHShopping MG 28,360 m² 28,360 m²RibeirãoShopping SP 22,072 m² 21,979 m²BarraShopping RJ 35,308 m² 35,381 m²MorumbiShopping SP 25,683 m² 25,676 m²ParkShopping DF 23,571 m² 23,559 m²DiamondMall MG 9,341 m² 9,341 m²New York City Center RJ 11,034 m² 11,034 m²Shopping AnáliaFranco SP 11,793 m² 11,793 m²ParkShoppingBarigüi PR 35,125 m² 35,119 m²Pátio Savassi MG 0 m² 0 m²Shopping SantaÚrsula SP 0 m² 0 m²BarraShoppingSul RS 0 m² 0 m²Shopping VilaOlímpia SP 0 m² 0 m²ParkShoppingSãoCaetano SPJundiaíShopping SPParkShoppingCampoGrande RJVillageMall RJParque Shopping Maceió ALTotal 202,287 m² 202,241 m²

Average Occupancy Rate State 1Q06 2Q06BHShopping MG 96.5% 95.8%RibeirãoShopping SP 98.5% 98.2%BarraShopping RJ 98.5% 98.2%MorumbiShopping SP 93.1% 95.8%ParkShopping DF 93.7% 93.9%DiamondMall MG 94.1% 94.9%New York City Center RJ 98.7% 98.7%Shopping AnáliaFranco SP 94.6% 94.6%ParkShoppingBarigüi PR 88.2% 96.1%Pátio Savassi MG 0.0% 0.0%Shopping SantaÚrsula SP 0.0% 0.0%

BarraShoppingSul RS 0.0% 0.0%Shopping VilaOlímpia SP 0.0% 0.0%ParkShoppingSãoCaetano SPJundiaíShopping SPParkShoppingCampoGrande RJVillageMall RJParque Shopping Maceió ALTotal 95.2% 96.3%

Operating Office Towers PortfolioTotal GLA State 1Q06 2Q06Morumbi Corporate SP

Multiplan Interest State 1Q06 2Q06Morumbi Corporate SP

Owned GLA State 1Q06 2Q06Morumbi Corporate SP

Average Occupancy Rate State 1Q06 2Q06Morumbi Corporate SP

Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-083Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08

35,450 m² 35,450 m² 35,450 m² 35,450 m² 35,450 m² 35,450 m² 34,739 m²39,130 m² 39,130 m² 39,130 m² 39,130 m² 39,188 m² 39,188 m² 39,188 m²69,312 m² 69,312 m² 69,312 m² 69,316 m² 69,825 m² 69,825 m² 69,829 m²49,774 m² 54,987 m² 54,967 m² 54,967 m² 54,999 m² 54,999 m² 54,958 m²39,276 m² 39,276 m² 39,276 m² 39,293 m² 39,293 m² 39,293 m² 39,775 m²20,757 m² 20,757 m² 20,757 m² 20,757 m² 20,806 m² 20,806 m² 20,806 m²22,067 m² 22,067 m² 22,067 m² 22,068 m² 22,068 m² 22,068 m² 22,068 m²39,310 m² 39,310 m² 39,310 m² 39,310 m² 39,310 m² 39,310 m² 39,310 m²38,793 m² 38,791 m² 38,794 m² 41,389 m² 41,395 m² 41,395 m² 41,405 m²

0 m² 0 m² 0 m² 17,534 m² 15,545 m² 15,545 m² 15,538 m²0 m² 0 m² 0 m² 0 m² 0 m² 0 m² 0 m²

14,400 m² 14,400 m² 14,400 m² 14,400 m² 14,400 m² 14,400 m² 14,400 m²0 m² 0 m² 0 m² 0 m² 0 m² 0 m² 0 m²

368,269 m² 373,480 m² 373,464 m² 393,615 m² 392,279 m² 392,279 m² 392,015 m²

3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q0880.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0%56.2% 56.2% 76.2% 76.2% 76.2% 76.2% 76.2%51.1% 51.1% 51.1% 51.1% 51.1% 51.1% 51.1%51.7% 56.3% 56.3% 56.3% 56.3% 65.8% 65.8%60.0% 60.0% 60.0% 60.0% 60.0% 60.0% 60.0%45.0% 45.0% 90.0% 90.0% 90.0% 90.0% 90.0%50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%90.0% 90.0% 90.0% 90.0% 84.0% 84.0% 84.0%0.0% 0.0% 0.0% 83.8% 83.8% 83.8% 83.8%0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 37.5%

50.0% 50.0% 100.0% 100.0% 100.0% 100.0% 100.0%0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

56.8% 57.4% 64.0% 65.0% 64.3% 65.6% 65.6%

3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q0828,360 m² 28,360 m² 28,360 m² 28,360 m² 28,360 m² 28,360 m² 27,791 m²21,979 m² 21,979 m² 29,805 m² 29,805 m² 29,850 m² 29,850 m² 29,850 m²35,397 m² 35,397 m² 35,397 m² 35,399 m² 35,659 m² 35,659 m² 35,661 m²25,736 m² 30,951 m² 30,940 m² 30,940 m² 30,958 m² 36,179 m² 36,152 m²23,559 m² 23,559 m² 23,559 m² 23,569 m² 23,569 m² 23,569 m² 23,856 m²9,341 m² 9,341 m² 18,681 m² 18,681 m² 18,725 m² 18,725 m² 18,725 m²

11,034 m² 11,034 m² 11,034 m² 11,034 m² 11,034 m² 11,034 m² 11,034 m²11,793 m² 11,793 m² 11,793 m² 11,793 m² 11,793 m² 11,793 m² 11,793 m²34,913 m² 34,912 m² 34,915 m² 37,250 m² 34,772 m² 34,772 m² 34,780 m²

0 m² 0 m² 0 m² 14,695 m² 13,028 m² 13,028 m² 13,022 m²0 m² 0 m² 0 m² 0 m² 0 m² 0 m² 0 m²

7,200 m² 7,200 m² 14,400 m² 14,400 m² 14,400 m² 14,400 m² 14,400 m²

0 m² 0 m² 0 m² 0 m² 0 m² 0 m² 0 m²

209,312 m² 214,525 m² 238,883 m² 255,927 m² 252,147 m² 257,369 m² 257,063 m²

3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q0835,450 m² 35,450 m² 35,450 m² 35,450 m² 35,450 m² 35,450 m² 35,219 m²39,130 m² 39,130 m² 39,130 m² 39,130 m² 39,130 m² 39,188 m² 39,188 m²69,326 m² 69,312 m² 69,312 m² 69,313 m² 69,653 m² 69,826 m² 69,829 m²49,697 m² 53,578 m² 54,979 m² 54,967 m² 54,988 m² 54,999 m² 54,985 m²39,276 m² 39,276 m² 39,276 m² 39,288 m² 39,293 m² 39,295 m² 39,453 m²20,757 m² 20,757 m² 20,757 m² 20,757 m² 20,757 m² 20,806 m² 20,806 m²22,067 m² 22,067 m² 22,067 m² 22,068 m² 22,068 m² 22,068 m² 22,248 m²39,310 m² 39,310 m² 39,310 m² 39,310 m² 39,310 m² 39,310 m² 39,310 m²38,945 m² 38,791 m² 38,792 m² 41,389 m² 41,393 m² 41,397 m² 41,404 m²

0 m² 0 m² 15,545 m² 15,545 m² 15,545 m² 15,545 m² 15,540 m²0 m² 0 m² 0 m² 0 m² 0 m² 0 m² 0 m²0 m² 0 m² 0 m² 0 m² 0 m² 0 m² 0 m²0 m² 0 m² 0 m² 0 m² 0 m² 0 m² 0 m²

353,959 m² 357,671 m² 374,618 m² 377,217 m² 377,588 m² 377,884 m² 377,981 m²

3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q0828,360 m² 28,360 m² 28,360 m² 28,360 m² 28,360 m² 28,360 m² 28,175 m²21,979 m² 21,979 m² 29,805 m² 29,805 m² 29,805 m² 29,850 m² 29,850 m²35,404 m² 35,397 m² 35,397 m² 35,398 m² 35,571 m² 35,660 m² 35,661 m²25,697 m² 30,158 m² 30,946 m² 30,940 m² 30,952 m² 36,179 m² 36,170 m²23,559 m² 23,559 m² 23,559 m² 23,566 m² 23,569 m² 23,570 m² 23,662 m²9,341 m² 9,341 m² 18,681 m² 18,681 m² 18,681 m² 18,725 m² 18,725 m²


0 m² 0 m² 0 m² 13,028 m² 13,028 m² 13,028 m² 13,023 m²0 m² 0 m² 0 m² 0 m² 0 m² 0 m² 0 m²0 m² 0 m² 0 m² 0 m² 0 m² 0 m² 0 m²0 m² 0 m² 0 m² 0 m² 0 m² 0 m² 0 m²

202,217 m² 206,532 m² 224,488 m² 239,855 m² 237,563 m² 242,972 m² 242,963 m²

3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q0896.1% 96.5% 96.3% 94.9% 93.9% 92.6% 94.7%98.6% 99.6% 99.5% 98.8% 98.8% 98.4% 97.9%98.0% 97.4% 97.3% 97.7% 97.6% 95.6% 97.5%92.9% 99.2% 99.8% 99.3% 99.2% 99.2% 99.7%94.0% 93.8% 97.0% 98.5% 98.3% 98.2% 97.6%95.1% 94.9% 93.8% 94.9% 95.9% 97.1% 97.4%98.7% 98.4% 97.5% 98.9% 99.6% 99.6% 99.6%94.6% 94.3% 94.3% 94.3% 94.3% 94.3% 97.7%97.9% 98.8% 98.2% 98.1% 97.9% 98.1% 98.8%0.0% 0.0% 0.0% 99.5% 99.5% 98.8% 98.8%0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

96.2% 97.2% 97.4% 97.6% 97.5% 97.0% 97.9%

3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08

3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08

3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08

3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08

Jun-08 Sep-08 Dec-08 Jan-09 Jun-09 Sep-09 Dec-092Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

35,105 m² 35,022 m² 36,895 m² 36,895 m² 36,899 m² 36,899 m² 36,899 m²39,188 m² 39,188 m² 46,221 m² 46,221 m² 46,221 m² 46,846 m² 46,846 m²69,812 m² 69,775 m² 69,501 m² 69,503 m² 69,320 m² 69,317 m² 69,318 m²54,958 m² 54,958 m² 54,988 m² 54,988 m² 54,988 m² 54,988 m² 55,085 m²39,775 m² 39,775 m² 43,210 m² 43,178 m² 43,178 m² 43,215 m² 51,512 m²20,808 m² 20,809 m² 20,809 m² 21,360 m² 21,360 m² 21,360 m² 21,360 m²22,068 m² 22,068 m² 22,068 m² 22,068 m² 22,068 m² 22,269 m² 22,269 m²39,310 m² 39,310 m² 39,310 m² 39,310 m² 39,309 m² 50,972 m² 50,972 m²41,411 m² 41,409 m² 42,968 m² 42,968 m² 42,975 m² 42,978 m² 42,986 m²15,537 m² 16,172 m² 16,172 m² 16,172 m² 16,319 m² 16,319 m² 16,319 m²24,043 m² 24,043 m² 24,043 m² 24,043 m² 24,043 m² 24,043 m² 24,043 m²14,400 m² 14,400 m² 68,187 m² 68,187 m² 68,192 m² 68,041 m² 68,041 m²

0 m² 0 m² 0 m² 0 m² 0 m² 0 m² 28,091 m²

416,416 m² 416,928 m² 484,373 m² 484,894 m² 484,873 m² 497,248 m² 533,741 m²

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q0980.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0%76.2% 76.2% 76.2% 76.2% 76.2% 76.2% 76.2%51.1% 51.1% 51.1% 51.1% 51.1% 51.1% 51.1%65.8% 65.8% 65.8% 65.8% 65.8% 65.8% 65.8%59.9% 59.9% 59.1% 59.1% 59.1% 59.1% 59.6%90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%84.0% 84.0% 84.0% 84.0% 84.0% 84.0% 84.0%83.8% 83.8% 83.8% 83.8% 83.8% 80.9% 80.9%37.5% 37.5% 37.5% 37.5% 37.5% 37.5% 37.5%

100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 30.0%

64.0% 64.0% 68.2% 68.2% 68.2% 67.2% 65.2%

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q0928,084 m² 28,018 m² 29,516 m² 29,516 m² 29,519 m² 29,519 m² 29,519 m²29,850 m² 29,850 m² 35,207 m² 35,207 m² 35,207 m² 35,682 m² 35,682 m²35,652 m² 35,633 m² 35,494 m² 35,495 m² 35,401 m² 35,400 m² 35,400 m²36,142 m² 36,142 m² 36,161 m² 36,161 m² 36,161 m² 36,161 m² 36,225 m²23,808 m² 23,808 m² 25,526 m² 25,507 m² 25,510 m² 25,528 m² 30,717 m²18,728 m² 18,728 m² 18,728 m² 19,224 m² 19,224 m² 19,224 m² 19,224 m²11,034 m² 11,034 m² 11,034 m² 11,034 m² 11,034 m² 11,135 m² 11,135 m²11,793 m² 11,793 m² 11,793 m² 11,793 m² 11,793 m² 15,292 m² 15,292 m²34,785 m² 34,783 m² 36,093 m² 36,093 m² 36,099 m² 36,101 m² 36,108 m²13,021 m² 13,553 m² 13,553 m² 13,553 m² 13,677 m² 13,198 m² 13,198 m²9,016 m² 9,016 m² 9,016 m² 9,016 m² 9,016 m² 9,016 m² 9,016 m²

14,400 m² 14,400 m² 68,187 m² 68,187 m² 68,192 m² 68,041 m² 68,041 m²

0 m² 0 m² 0 m² 0 m² 0 m² 0 m² 8,427 m²

266,314 m² 266,759 m² 330,308 m² 330,786 m² 330,833 m² 334,298 m² 347,985 m²


0 m² 0 m² 50,258 m² 68,187 m² 68,192 m² 68,089 m² 68,041 m²0 m² 0 m² 0 m² 0 m² 0 m² 0 m² 17,736 m²

393,900 m² 402,522 m² 460,410 m² 484,888 m² 484,925 m² 494,769 m² 523,405 m²


0 m² 0 m² 50,258 m² 68,187 m² 68,192 m² 68,089 m² 68,041 m²0 m² 0 m² 0 m² 0 m² 0 m² 0 m² 5,321 m²

248,827 m² 252,350 m² 307,759 m² 330,778 m² 330,858 m² 333,486 m² 344,890 m²

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q0995.4% 95.8% 97.2% 99.1% 99.3% 99.4% 99.3%98.5% 98.7% 97.4% 96.8% 96.8% 96.4% 97.4%97.3% 97.6% 98.9% 98.0% 99.0% 99.4% 99.3%99.5% 99.4% 99.4% 99.6% 100.0% 99.2% 99.4%98.0% 97.1% 96.0% 96.9% 97.6% 97.3% 99.5%97.7% 96.9% 97.7% 99.1% 99.5% 99.8% 99.5%99.6% 98.4% 98.2% 97.5% 97.9% 99.8% 99.6%99.4% 99.6% 99.1% 98.6% 98.8% 96.9% 99.4%98.7% 98.5% 99.2% 99.1% 99.2% 98.7% 98.6%98.7% 98.5% 99.1% 98.8% 99.5% 99.4% 99.6%87.1% 82.4% 72.5% 69.8% 67.9% 65.9% 65.8%

0.0% 0.0% 94.1% 93.9% 94.0% 94.0% 98.0%0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 87.8%

98.2% 98.1% 98.3% 98.3% 98.7% 98.4% 99.1%

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-111Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

36,840 m² 36,840 m² 47,547 m² 47,547 m² 47,547 m² 47,520 m² 47,520 m²46,784 m² 46,784 m² 46,784 m² 46,784 m² 46,784 m² 46,739 m² 46,805 m²69,318 m² 69,319 m² 69,351 m² 69,278 m² 69,313 m² 69,580 m² 69,585 m²55,085 m² 55,085 m² 55,085 m² 55,085 m² 55,085 m² 55,085 m² 55,085 m²51,512 m² 51,532 m² 51,532 m² 51,526 m² 51,526 m² 51,566 m² 51,526 m²21,360 m² 21,388 m² 21,388 m² 21,388 m² 21,388 m² 21,386 m² 21,386 m²22,269 m² 22,269 m² 22,271 m² 22,271 m² 22,271 m² 22,271 m² 22,271 m²50,974 m² 50,974 m² 50,974 m² 50,974 m² 50,377 m² 50,377 m² 50,429 m²42,985 m² 42,985 m² 42,934 m² 49,917 m² 49,934 m² 49,935 m² 49,935 m²16,319 m² 16,319 m² 17,254 m² 17,254 m² 17,254 m² 17,254 m² 17,253 m²23,088 m² 23,088 m² 23,088 m² 23,132 m² 23,208 m² 23,199 m² 23,334 m²68,149 m² 68,229 m² 68,405 m² 68,400 m² 68,407 m² 68,407 m² 68,431 m²28,091 m² 28,091 m² 28,091 m² 28,274 m² 28,274 m² 28,274 m² 28,201 m²

532,773 m² 532,902 m² 544,703 m² 551,830 m² 551,368 m² 551,592 m² 551,759 m²

2Q09 2Q10 3Q10 4Q10 1Q11 2Q11 3Q1180.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0%76.2% 76.2% 76.2% 76.2% 76.2% 76.2% 76.2%51.1% 51.1% 51.1% 51.1% 51.1% 51.1% 51.1%65.8% 65.8% 65.8% 65.8% 65.8% 65.8% 65.8%59.6% 59.6% 59.6% 59.6% 59.6% 59.6% 59.6%90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%84.0% 84.0% 84.0% 84.0% 84.0% 84.0% 84.0%80.9% 80.9% 96.5% 96.5% 96.5% 96.5% 96.5%37.5% 37.5% 37.5% 62.5% 62.5% 62.5% 62.5%

100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%

65.3% 65.3% 66.1% 67.3% 67.4% 67.4% 67.4%


68,149 m² 68,229 m² 68,405 m² 68,400 m² 68,407 m² 68,407 m² 68,431 m²

8,427 m² 8,427 m² 8,427 m² 8,482 m² 8,482 m² 8,482 m² 8,460 m²

347,640 m² 347,757 m² 359,921 m² 371,640 m² 371,548 m² 371,601 m² 371,730 m²

2Q09 2Q10 3Q10 4Q10 1Q11 2Q11 3Q1136,879 m² 36,840 m² 40,515 m² 47,547 m² 47,547 m² 47,539 m² 47,520 m²46,784 m² 46,784 m² 46,784 m² 46,784 m² 46,784 m² 46,783 m² 46,805 m²69,318 m² 69,319 m² 69,351 m² 69,278 m² 69,290 m² 69,394 m² 69,585 m²55,085 m² 55,085 m² 55,085 m² 55,085 m² 55,085 m² 55,085 m² 55,085 m²51,512 m² 51,532 m² 51,532 m² 51,526 m² 51,526 m² 51,540 m² 51,526 m²21,360 m² 21,388 m² 21,388 m² 21,388 m² 21,388 m² 21,387 m² 21,386 m²22,269 m² 22,269 m² 22,270 m² 22,271 m² 22,271 m² 22,271 m² 22,271 m²50,972 m² 50,974 m² 50,974 m² 50,974 m² 50,576 m² 50,377 m² 50,429 m²42,986 m² 42,985 m² 42,950 m² 49,917 m² 49,923 m² 49,934 m² 49,935 m²16,319 m² 16,319 m² 16,631 m² 17,254 m² 17,254 m² 17,254 m² 17,253 m²23,088 m² 23,088 m² 23,088 m² 23,132 m² 23,157 m² 23,207 m² 23,334 m²68,077 m² 68,202 m² 68,405 m² 68,400 m² 68,407 m² 68,439 m² 68,431 m²25,569 m² 25,569 m² 28,091 m² 27,090 m² 28,274 m² 28,274 m² 28,201 m²

530,218 m² 530,353 m² 537,063 m² 550,645 m² 551,481 m² 551,482 m² 551,759 m²


68,077 m² 68,202 m² 68,405 m² 68,400 m² 68,407 m² 68,439 m² 68,431 m²7,671 m² 7,671 m² 8,427 m² 8,127 m² 8,482 m² 8,482 m² 8,460 m²

346,843 m² 346,974 m² 353,708 m² 371,285 m² 371,555 m² 371,576 m² 371,730 m²

2Q09 2Q10 3Q10 4Q10 1Q11 2Q11 3Q1199.1% 99.1% 99.8% 99.8% 99.8% 99.5% 99.7%98.8% 98.8% 98.8% 98.8% 98.8% 98.8% 99.0%99.5% 99.3% 99.7% 99.8% 99.7% 99.6% 99.5%

100.0% 99.9% 99.9% 99.8% 99.4% 99.7% 99.8%99.6% 99.8% 99.9% 99.9% 99.6% 98.9% 98.6%99.8% 99.3% 99.6% 99.8% 99.3% 99.7% 99.6%99.8% 99.7% 99.5% 99.5% 99.8% 100.0% 99.9%99.4% 99.2% 99.6% 99.9% 99.8% 98.7% 98.1%98.7% 98.2% 98.7% 99.7% 99.9% 99.1% 99.2%99.9% 100.0% 99.6% 100.0% 99.4% 99.4% 99.7%70.4% 76.2% 86.6% 88.3% 91.1% 92.8% 93.3%

98.2% 98.6% 98.7% 98.9% 98.6% 98.1% 98.5%98.2% 91.4% 90.6% 88.5% 85.9% 84.3% 84.3%

97.9% 97.8% 98.4% 98.6% 98.4% 98.1% 98.1%

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

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

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

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

Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-134Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13

47,543 m² 47,565 m² 47,565 m² 47,565 m² 47,565 m² 47,565 m² 47,565 m²46,717 m² 46,669 m² 46,592 m² 46,483 m² 50,552 m² 50,552 m² 49,972 m²69,440 m² 69,422 m² 69,422 m² 69,119 m² 69,224 m² 69,465 m² 69,294 m²55,085 m² 55,085 m² 55,088 m² 55,090 m² 55,086 m² 55,089 m² 55,091 m²53,213 m² 53,332 m² 53,332 m² 53,332 m² 53,448 m² 53,448 m² 53,455 m²21,386 m² 21,386 m² 21,386 m² 21,386 m² 21,386 m² 21,386 m² 21,386 m²22,271 m² 22,271 m² 22,271 m² 22,271 m² 22,271 m² 22,271 m² 22,271 m²50,429 m² 50,429 m² 50,427 m² 50,427 m² 50,427 m² 50,427 m² 50,427 m²49,935 m² 49,939 m² 50,056 m² 50,176 m² 50,175 m² 50,182 m² 50,182 m²17,253 m² 17,253 m² 17,253 m² 17,253 m² 17,253 m² 17,253 m² 17,291 m²23,339 m² 23,339 m² 23,339 m² 22,993 m² 22,992 m² 23,057 m² 23,057 m²68,212 m² 68,212 m² 68,212 m² 68,212 m² 68,212 m² 68,261 m² 68,212 m²28,201 m² 28,201 m² 28,201 m² 28,363 m² 28,363 m² 28,363 m² 28,363 m²39,025 m² 39,149 m² 39,345 m² 39,274 m² 39,274 m² 39,274 m² 39,274 m²

34,535 m² 34,501 m² 34,429 m²42,342 m² 42,355 m² 42,820 m²25,529 m² 25,235 m² 25,437 m²

592,048 m² 592,251 m² 592,489 m² 591,945 m² 698,634 m² 698,685 m² 698,528 m²

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q1380.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0%76.2% 76.2% 76.7% 76.7% 76.7% 76.7% 76.7%51.1% 51.1% 51.1% 51.1% 51.1% 51.1% 51.1%65.8% 65.8% 65.8% 65.8% 65.8% 65.8% 65.8%59.6% 59.6% 59.3% 59.3% 59.3% 61.7% 61.7%90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%84.0% 84.0% 84.0% 84.0% 84.0% 84.0% 84.0%96.5% 96.5% 96.5% 96.5% 96.5% 96.5% 96.5%62.5% 62.5% 62.5% 62.5% 62.5% 62.5% 62.5%

100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%30.0% 60.0% 60.0% 60.0% 60.0% 60.0% 60.0%

100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%100.0% 100.0% 100.0%90.0% 90.0% 90.0%

100.0% 100.0% 100.0%

69.5% 70.9% 71.0% 71.0% 74.6% 74.8% 74.8%

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q1338,035 m² 38,052 m² 38,052 m² 38,052 m² 38,052 m² 38,052 m² 38,052 m²35,584 m² 35,548 m² 35,753 m² 35,670 m² 38,768 m² 38,792 m² 38,347 m²35,463 m² 35,454 m² 35,449 m² 35,294 m² 35,348 m² 35,471 m² 35,383 m²36,225 m² 36,225 m² 36,223 m² 36,225 m² 36,222 m² 36,224 m² 36,225 m²31,732 m² 31,803 m² 31,627 m² 31,627 m² 31,696 m² 32,989 m² 32,993 m²19,247 m² 19,247 m² 19,247 m² 19,248 m² 19,248 m² 19,248 m² 19,248 m²11,135 m² 11,135 m² 11,135 m² 11,135 m² 11,135 m² 11,135 m² 11,135 m²15,129 m² 15,129 m² 15,128 m² 15,128 m² 15,128 m² 15,128 m² 15,128 m²41,945 m² 41,949 m² 42,047 m² 42,148 m² 42,147 m² 42,153 m² 42,153 m²16,645 m² 16,645 m² 16,649 m² 16,649 m² 16,649 m² 16,649 m² 16,686 m²14,587 m² 14,587 m² 14,587 m² 14,371 m² 14,370 m² 14,411 m² 14,411 m²68,212 m² 68,212 m² 68,212 m² 68,212 m² 68,212 m² 68,261 m² 68,212 m²

8,460 m² 16,921 m² 16,921 m² 17,018 m² 17,018 m² 17,018 m² 17,018 m²39,025 m² 39,149 m² 39,345 m² 39,274 m² 39,274 m² 39,274 m² 39,274 m²

34,535 m² 34,501 m² 34,429 m²38,108 m² 38,119 m² 38,538 m²25,529 m² 25,235 m² 25,437 m²

411,423 m² 420,054 m² 420,377 m² 420,051 m² 521,439 m² 522,661 m² 522,671 m²

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q1347,542 m² 47,576 m² 47,571 m² 47,569 m² 47,568 m² 47,565 m² 47,565 m²46,775 m² 46,685 m² 46,649 m² 46,614 m² 47,260 m² 50,552 m² 50,341 m²69,488 m² 69,437 m² 69,429 m² 69,354 m² 69,368 m² 69,500 m² 69,309 m²55,085 m² 55,085 m² 55,086 m² 55,087 m² 55,085 m² 55,088 m² 55,091 m²52,629 m² 53,332 m² 53,332 m² 53,332 m² 53,289 m² 53,448 m² 53,455 m²21,413 m² 21,386 m² 21,386 m² 21,386 m² 21,386 m² 21,386 m² 21,386 m²22,271 m² 22,271 m² 22,271 m² 22,271 m² 22,271 m² 22,271 m² 22,271 m²50,429 m² 50,429 m² 50,428 m² 50,437 m² 50,434 m² 50,427 m² 50,427 m²49,935 m² 49,939 m² 50,008 m² 50,064 m² 50,092 m² 50,178 m² 50,182 m²17,253 m² 17,253 m² 17,253 m² 17,253 m² 17,253 m² 17,253 m² 17,266 m²23,339 m² 23,339 m² 23,338 m² 23,223 m² 23,165 m² 23,014 m² 23,057 m²68,212 m² 68,212 m² 68,212 m² 68,212 m² 68,221 m² 68,229 m² 68,319 m²28,201 m² 28,201 m² 28,249 m² 28,287 m² 28,306 m² 28,363 m² 28,363 m²39,020 m² 39,093 m² 39,139 m² 39,192 m² 39,212 m² 39,274 m² 39,274 m²

34,535 m² 34,570 m² 34,477 m²34,297 m² 42,665 m² 42,820 m²25,529 m² 25,239 m² 25,654 m²

591,592 m² 592,236 m² 592,351 m² 592,281 m² 687,271 m² 699,022 m² 699,257 m²

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q1338,034 m² 38,061 m² 38,057 m² 38,055 m² 38,054 m² 38,052 m² 38,052 m²35,629 m² 35,560 m² 35,798 m² 35,770 m² 36,243 m² 38,792 m² 38,630 m²35,488 m² 35,461 m² 35,452 m² 35,414 m² 35,421 m² 35,489 m² 35,391 m²36,225 m² 36,225 m² 36,222 m² 36,223 m² 36,221 m² 36,223 m² 36,225 m²31,383 m² 31,802 m² 31,627 m² 31,627 m² 31,601 m² 32,989 m² 32,993 m²19,272 m² 19,247 m² 19,247 m² 19,247 m² 19,247 m² 19,248 m² 19,248 m²11,135 m² 11,135 m² 11,135 m² 11,135 m² 11,135 m² 11,135 m² 11,135 m²15,129 m² 15,129 m² 15,128 m² 15,131 m² 15,130 m² 15,128 m² 15,128 m²41,945 m² 41,949 m² 42,007 m² 42,054 m² 42,077 m² 42,149 m² 42,153 m²16,645 m² 16,645 m² 16,649 m² 16,649 m² 16,649 m² 16,649 m² 16,662 m²14,587 m² 14,587 m² 14,586 m² 14,514 m² 14,478 m² 14,384 m² 14,411 m²68,212 m² 68,212 m² 68,212 m² 68,212 m² 68,221 m² 68,229 m² 68,319 m²8,460 m² 16,921 m² 16,949 m² 16,972 m² 16,983 m² 17,018 m² 17,018 m²

39,020 m² 39,093 m² 39,139 m² 39,192 m² 39,212 m² 39,274 m² 39,274 m²34,535 m² 34,570 m² 34,477 m²30,867 m² 38,399 m² 38,538 m²25,529 m² 25,239 m² 25,654 m²

411,163 m² 420,026 m² 420,209 m² 420,197 m² 511,607 m² 522,967 m² 523,308 m²

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q1399.9% 99.7% 99.7% 99.4% 99.3% 98.7% 97.4%99.9% 99.8% 99.8% 99.5% 99.1% 99.0% 99.2%99.2% 99.3% 99.6% 99.5% 99.5% 98.9% 99.7%99.7% 99.5% 99.4% 97.6% 96.6% 96.1% 96.1%95.9% 94.9% 96.0% 97.3% 98.3% 97.5% 97.8%99.6% 99.1% 99.3% 99.6% 99.3% 99.2% 98.7%

100.0% 100.0% 99.8% 100.0% 100.0% 100.0% 100.0%99.8% 99.8% 99.9% 99.9% 99.9% 99.8% 99.6%99.3% 99.4% 98.9% 99.5% 99.6% 99.1% 98.9%99.7% 99.7% 99.5% 99.6% 99.2% 99.2% 99.4%97.2% 82.8% 86.7% 96.9% 96.7% 96.1% 95.4%

98.8% 98.5% 99.1% 99.3% 99.3% 99.1% 96.5%86.8% 83.8% 87.8% 90.1% 90.3% 89.8% 88.8%90.3% 93.8% 95.5% 98.2% 99.6% 98.3% 98.2%

95.0% 97.2% 97.9%96.2% 94.0% 98.6%88.7% 89.0% 92.4%

98.0% 97.2% 97.8% 98.5% 98.1% 97.5% 97.6%

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13

Sep-13 Dec-13 Mar-143Q13 4Q13 1Q14

47,684 m² 47,161 m² 47,021 m²60,384 m² 61,924 m² 68,656 m²69,280 m² 69,329 m² 69,272 m²55,145 m² 54,978 m² 55,512 m²53,458 m² 53,458 m² 53,521 m²21,442 m² 21,386 m² 21,386 m²22,271 m² 22,271 m² 22,271 m²51,043 m² 51,005 m² 51,005 m²50,182 m² 50,300 m² 50,390 m²17,291 m² 17,287 m² 17,398 m²23,057 m² 23,057 m² 23,057 m²68,500 m² 69,117 m² 69,048 m²28,363 m² 28,371 m² 28,371 m²39,274 m² 39,274 m² 39,274 m²34,430 m² 34,542 m² 34,430 m²42,821 m² 42,819 m² 42,819 m²25,985 m² 25,977 m² 25,685 m²

37,580 m² 37,580 m²710,610 m² 749,834 m² 756,696 m²

3Q13 4Q13 1Q1480.0% 80.0% 80.0%80.0% 80.0% 51.1%51.1% 51.1% 100.0%65.8% 65.8% 90.0%61.7% 61.7% 90.0%90.0% 90.0% 100.0%50.0% 50.0% 65.8%30.0% 30.0% 50.0%84.0% 84.0% 84.0%96.5% 96.5% 61.7%62.5% 62.5% 100.0%

100.0% 100.0% 96.5%60.0% 60.0% 80.0%

100.0% 100.0% 30.0%100.0% 100.0% 62.5%90.0% 90.0% 60.0%

100.0% 100.0% 100.0%50.0% 50.0%

75.1% 73.9% 75.4%

3Q13 4Q13 1Q1438,147 m² 37,729 m² 37,616 m²48,280 m² 49,539 m² 35,058 m²35,376 m² 35,401 m² 69,272 m²36,261 m² 36,151 m² 49,960 m²32,995 m² 32,995 m² 48,169 m²19,298 m² 19,248 m² 21,386 m²11,135 m² 11,135 m² 14,644 m²15,313 m² 15,302 m² 25,503 m²42,153 m² 42,252 m² 42,327 m²16,686 m² 16,682 m² 10,739 m²14,411 m² 14,411 m² 23,057 m²68,500 m² 69,117 m² 66,631 m²

17,018 m² 17,022 m² 22,697 m²39,274 m² 39,274 m² 11,782 m²34,430 m² 34,542 m² 21,518 m²38,539 m² 38,537 m² 25,691 m²25,985 m² 25,977 m² 25,685 m²

18,790 m² 18,790 m²533,801 m² 554,103 m² 570,527 m²

3Q13 4Q13 1Q1447,605 m² 46,990 m² 47,059 m²57,126 m² 56,374 m² 68,657 m²69,280 m² 69,257 m² 69,272 m²55,145 m² 54,824 m² 55,512 m²53,458 m² 53,458 m² 53,518 m²21,442 m² 21,386 m² 21,386 m²22,271 m² 22,271 m² 22,271 m²50,657 m² 51,005 m² 51,005 m²50,200 m² 50,260 m² 50,351 m²17,291 m² 17,309 m² 17,324 m²23,057 m² 23,057 m² 23,057 m²68,795 m² 68,500 m² 69,049 m²28,363 m² 28,368 m² 28,371 m²39,274 m² 39,274 m² 39,274 m²34,429 m² 34,430 m² 34,430 m²42,821 m² 42,819 m² 42,819 m²26,005 m² 25,980 m² 25,687 m²

25,053 m² 37,578 m²707,220 m² 730,615 m² 756,619 m²

3Q13 4Q13 1Q1438,084 m² 37,592 m² 37,647 m²45,676 m² 45,099 m² 35,058 m²35,376 m² 35,364 m² 69,272 m²36,261 m² 36,050 m² 49,960 m²32,995 m² 32,995 m² 48,166 m²19,298 m² 19,248 m² 21,386 m²11,135 m² 11,135 m² 14,644 m²15,197 m² 15,302 m² 25,503 m²42,168 m² 42,219 m² 42,295 m²16,686 m² 16,703 m² 10,693 m²14,411 m² 14,411 m² 23,057 m²68,795 m² 68,500 m² 66,632 m²17,018 m² 17,021 m² 22,697 m²39,274 m² 39,274 m² 11,782 m²34,429 m² 34,430 m² 21,518 m²38,539 m² 38,537 m² 25,691 m²26,005 m² 25,980 m² 25,687 m²

12,527 m² 18,789 m²531,346 m² 542,385 m² 570,479 m²

3Q13 4Q13 1Q1498.0% 99.2% 99.2%97.2% 98.9% 100.0%99.5% 99.9% 98.3%98.7% 99.9% 97.7%97.7% 98.2% 99.1%98.3% 99.7% 95.1%

100.0% 100.0% 99.8%99.2% 98.8% 100.0%98.9% 99.8% 99.2%99.1% 98.0% 99.2%95.2% 96.0% 99.2%

97.9% 98.3% 100.0%90.4% 95.0% 96.3%98.6% 99.4% 99.9%98.4% 96.6% 96.6%98.7% 97.9% 96.7%99.0% 98.9% 99.7%

95.0% 96.0%98.1% 98.6% 98.5%

3Q13 4Q13 1Q1474,198 m² 74,198 m²

3Q13 4Q13 1Q14100.0% 100.0%

3Q13 4Q13 1Q1474,198 m² 74,198 m²

3Q13 4Q13 1Q1448.0% 48.0%

Profit & Loss 1Q06 2Q06 3Q06Rental revenue 29,557 47,994 44,269 Services 10,987 13,740 11,657 Key Money 2,069 3,402 3,353 Parking 1,690 2,362 2,288 Sales of properties 5,718 2,062 5,206 Straight line effectOther 63 2 - Gross Revenue 50,084 69,562 66,773 Taxes and contributions on sales and services (4,352) (5,469) (5,461)Net Revenue 45,732 64,093 61,313 Headquarters (15,995) (17,316) (19,199)Stock-option-based remuneration expenses - ### - Non-recurring expenses (IPO) (4,967) (5,337) (3,548)Shopping Malls (4,286) (9,207) (7,551)Office towers for lease expensesNew projects for lease expensesNew projects for sale expensesParking - ### - Cost of properties sold (2,936) (1,366) (2,738)Equity in earnings of afiliates (575) 1,278 (1,405)Amortization (5,783) (21,375) (28,694)Financial Revenue 3,443 2,725 2,781 Financial Expenses (2,662) (5,248) (2,057)Non-recurring financial expenses (5,968) (24,562) - Depreciation (3,794) (4,582) (4,170)Other Operating income/expenses (891) 260 613 Operational Income 1,317 (20,636) (4,655)Non-Operating Income 571 1,124 (744)Income before taxes and social contribution 1,888 (19,512) (5,399)Tax Income and Social Contribution (5,291) (5,909) (1,816)Diferred income and social contribution taxes 2,627 (3,453) - Minority interest (4,281) (1,746) (1,140)Net Income (5,056) (30,620) (8,355)

Net Income (5,056) (30,620) (8,355)Net margin -11.1% -47.8% -13.6%Adjusted Net Income 11,663 20,654 23,887 Adjusted Net margin 25.5% 32.2% 39.0%FFO 15,457 25,236 28,057 Adjusted FFO margin 0 39.4% 45.8%Shopping Center EBITDA* 24,877 42,392 33,199 Shopping Center EBITDA marginConsolidated EBITDA 10,684 8,967 26,741 Consolidated EBITDA margin 23.4% 14.0% 43.6%Adjusted Consolidated EBITDA 21,620 38,866 30,289 Adjusted Consolidated EBITDA Margin 47.3% 60.6% 49.4%NOI + Key Money 29,030 44,551 42,358 NOI + Key Money Margin 87.1% 82.9% 84.9%NOI 26,961 41,149 39,006 NOI Margin 86.3% 81.7% 83.8%* Does not consider Real Estate for sale and lease: revenues, taxes, costs and expenses. Headquarters expenses and stock options as proportional to the shopping centers revenues as a percentage of gross revenue.Efeito ABLTotal GLA 368,220 m² 368,432 m² 368,269 m²Own GLA 209,376 m² 209,484 m² 209,312 m²Total GLA (avg.) 354,013 m² 353,948 m² 353,959 m²

Own GLA (avg.) 202,287 m² 202,241 m² 202,217 m²Adjusted Total GLA (avg.) 354,013 m² 353,948 m² 353,959 m²Adjusted Own GLA (avg.) 202,287 m² 202,241 m² 202,217 m²

BarraShoppingSul (BIG) 0 m² 0 m² 0 m²

Multiplan interestBarraShoppingSul (BIG) 0 m² 0 m² 0 m²RibeirãoShopping (additional 20%) 0 m² 0 m² 0 m²Pátio Savassi 0 m² 0 m² 0 m²

Considerations:In order to calculate the índex R$/sq.m1. Do not consider the BIG´s GLA2. Do not consider the additional interest in RibeirãoShopping (20%) – dec/20063. 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 million was equally divided by the four quarters of the year, for comparison

This Line was adjusted so it could be compared to 2Q09 results. This adjustment results from the application of CPC pronouncement No. 2, as required by CVM Rule No. 534 of January 29, 2008.

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 practices and converging with market standards.

Numbers were presented in accordance to new accounting principles

4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 71,259 52,453 54,368 55,572 77,001 60,564 68,772 8,360 10,873 12,116 12,942 16,401 11,254 21,716 4,782 4,567 4,859 4,385 5,091 4,764 8,717 3,082 4,025 9,723 11,637 13,333 12,724 14,779 2,585 5,175 5,188 8,545 154 - -

- 0 - (0) 384 33 0 90,068 77,093 86,254 93,081 112,364 89,339 113,984 (8,236) (6,729) (7,490) (7,986) (10,194) (8,447) (9,878) 81,833 70,364 78,764 85,095 102,170 80,892 104,107 (15,014) (9,666) (15,620) (13,069) (17,551) (11,671) (27,539) - - - ### - (318) (318) (6,229) - (1,361) (11,983) - - - (11,826) (8,942) (10,309) (13,583) (14,032) (14,633) (11,972)

(86) (644)

- (1,463) (5,061) (6,209) (6,437) (6,500) (6,600) (1,658) (2,998) (2,971) (5,012) (1,638) - - (826) 1,577 596 1,660 4,194 2,603 2,120 (27,594) (28,177) (28,177) (30,022) (31,884) (31,428) (31,477) 2,570 1,367 1,697 8,835 11,570 15,622 9,503 (4,630) (5,745) (6,139) (5,771) (4,595) (7,932) (9,468) - - - (23,700) - - - (4,965) (5,172) (5,285) (5,993) (7,263) (7,584) (8,248) 522 670 88 53 434 623 (54) 12,182 11,816 6,222 (19,698) 34,968 19,587 19,410 (2) 1,005 (22) 0 74 - - 12,180 12,821 6,200 (19,698) 35,042 19,587 19,410 (603) (2,297) 616 842 (975) (770) (723) 1,150 (194) (120) (6,412) (4,504) (5,710) (5,775) (886) 26 (21) (81) (88) (145) (172) 11,841 10,356 6,675 (25,348) 29,474 12,962 12,739

11,841 10,356 6,675 (25,348) 29,474 12,962 12,739 14.5% 14.7% 8.5% -29.8% 28.8% 16.0% 12.2%

45,664 38,532 36,214 40,357 61,358 50,101 49,991 55.8% 54.8% 46.0% 47.4% 60.1% 61.9% 48.0%

50,629 43,704 41,498 46,350 68,621 57,685 58,239 61.9% 62.1% 52.7% 54.5% 67.2% 71.3% 55.9%

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 57.2% 71.8% 56.0% 15.6% 65.8% 62.9% 56.8%

53,029 50,547 45,464 48,936 67,213 50,910 59,100 64.8% 71.8% 57.7% 57.5% 65.8% 62.9% 56.8%

67,298 50,640 53,580 51,803 74,955 56,919 73,697 85.1% 83.0% 77.7% 72.4% 78.5% 72.9% 79.9%

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%

* Does not consider Real Estate for sale and lease: revenues, taxes, costs and expenses. Headquarters expenses and stock options as proportional to the shopping centers revenues as a percentage of gross revenue.



0 m² 0 m² 0 m² 0 m² 0 m² 0 m² 0 m²

0 m² 0 m² 0 m² 0 m² 0 m² 0 m² 0 m²0 m² 7,826 m² 7,826 m² 7,826 m² 7,838 m² 7,838 m²0 m² 0 m² 13,028 m² 0 m² 0 m² 0 m²


This Line was adjusted so it could be compared to 2Q09 results. This adjustment results from the application of CPC pronouncement No. 2, as required by CVM Rule No. 534 of January 29, 2008.

Starting in 1Q10, Multiplan presents its parking revenue net of expenses, that is, after deducting transfers, to improve the accounting practices and converging with market standards.

3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q1067,994 97,923 79,389 81,499 81,759 117,533 90,02018,604 14,521 15,389 18,108 22,005 17,870 14,7093,606 4,155 5,168 6,034 8,108 7,680 11,179

18,989 21,016 10,540 12,807 13,860 17,752 15,9952,268 513 426 882 3,458 7,102 9,016

- 6,000 9,031- (0) - 87 603 308 15

111,461 138,129 110,913 119,417 129,793 174,245 149,964 (10,363) (12,995) (9,972) (12,348) (13,166) (16,148) (13,585)

101,098 125,134 100,941 107,069 116,627 158,097 136,380 (20,119) (19,791) (18,885) (24,657) (18,695) (25,945) (20,068)

(318) (318) (510) (807) (1,051) (1,047) (1,164)- - - - - - -

(11,132) (11,979) (16,152) (13,001) (17,013) (15,612) (15,318)

(2,279) (4,322) (182) (2,289) (4,271) (11,445) (6,362)(41) (131) (143) (770) (264)

(7,828) (8,992) - - - - -(884) (267) (233) (481) (3,298) (4,527) (5,094)

(1,640) 526 (6,198) (3,354) (5,904) (4,576) (3,954)(31,337) (30,469) - - - 0 -

6,863 2,311 4,362 5,063 6,884 19,964 20,346(5,117) (8,237) (9,745) (10,706) (9,752) (11,183) (11,208)

- - - - -(7,732) (7,846) (8,605) (8,913) (8,684) (9,549) (10,537)

221 172 1,265 1,093 19,822 258 1,136 19,797 35,922 46,017 48,886 74,522 93,665 83,894

(65) - - - - - - 19,732 35,922 46,017 48,886 74,522 93,665 83,894

(4,086) (7,221) (1,286) (2,254) (10,762) (11,982) (1,414)(6,359) 10,764 407 (76) (22,992) (50,815) (32,219)

(201) (248) (228) (228) 89 377 (2,764) 9,086 39,216 44,911 46,327 40,857 31,245 47,497

9,086 39,216 44,911 46,327 40,857 31,245 47,497 9.0% 31.3% 44.5% 43.3% 35.0% 19.8% 34.8%

46,782 58,922 44,504 46,403 63,849 82,060 79,716 46.3% 47.1% 44.1% 43.3% 54.7% 51.9% 58.5%

54,514 66,768 53,109 55,316 72,533 91,609 90,253 53.9% 53.4% 52.6% 51.7% 62.2% 57.9% 66.2%

57,521 79,439 66,164 66,805 92,838 98,962 87,682 65.8% 62.9% 81.8% 65.3% 68.4%

57,055 80,163 60,005 63,442 86,074 94,433 85,292 56.4% 64.1% 59.4% 59.3% 73.8% 59.7% 62.5%

57,055 80,163 60,005 63,442 86,074 94,433 85,292 56.4% 64.1% 59.4% 59.3% 73.8% 59.7% 62.5%

71,629 102,123 78,946 87,339 86,714 133,353 110,907 79.1% 83.0% 83.0% 87.0% 83.6% 89.5% 87.9%

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%

* Does not consider Real Estate for sale and lease: revenues, taxes, costs and expenses. Headquarters expenses and stock options as proportional to the shopping centers revenues as a percentage of gross revenue.



0 m² 14,400 m² 14,400 m² 14,400 m² 14,400 m² 14,400 m² 14,400 m²

0 m² 14,400 m² 14,400 m² 14,400 m² 14,400 m² 14,400 m² 14,400 m²


2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q1194,254 93,765 138,075 105,476 108,425 111,301 161,05321,077 18,347 18,793 19,068 21,344 23,644 18,2686,350 8,384 9,328 9,162 10,045 9,802 10,123

15,505 16,825 21,179 18,553 19,046 19,775 24,68712,240 13,719 26,453 13,592 8,468 10,515 16,8196,412 8,319 (18,658) 6,974 6,783 6,050 (19,004)1,534 591 167 328 394 731 802

157,373 159,950 195,337 173,153 174,505 181,818 212,748 (14,277) (13,438) (16,949) (15,340) (15,823) (16,160) (18,649)

143,096 146,512 178,388 157,813 158,682 165,658 194,099 (25,324) (24,744) (22,962) (21,626) (20,071) (20,955) (25,717)(1,380) (1,382) (1,749) (1,345) (2,164) (2,040) (2,112)

- - - - - - -(16,263) (14,990) (19,313) (15,433) (17,243) (15,378) (10,219)

(10,685) (13,145) (8,882) (3,445) (3,296) (2,537) (2,951)(507) (795) (2,796) (1,202) (1,273) (4,497) (8,915)

- - - - - - -(7,283) (7,420) (12,498) (13,992) (9,390) (9,852) (11,516)

(997) 1,777 (337) 604 778 141 620- - - - - - -

21,996 24,567 22,214 24,897 21,808 18,406 22,085(11,564) (9,208) (13,600) (13,340) (14,194) (9,593) (18,510)

- - - - - - -(10,460) (10,755) (12,862) (14,317) (14,941) (15,134) (15,989)

266 (12,801) 1,119 1,468 1,125 1,020 44180,894 77,616 106,722 100,082 99,821 105,239 121,316

- - - - - - -80,894 77,616 106,722 100,082 99,821 105,239 121,316(1,500) (1,676) (10,382) (8,605) (31,949) (17,313) (2,801)

(25,189) (27,001) (20,746) (25,017) (4,798) (19,329) (7,727)(2,021) (2,584) (3,246) (2,738) (2,002) (3,329) (2,674)

52,184 46,355 72,348 63,722 61,072 65,268 108,114

52,184 46,355 72,348 63,722 61,072 65,268 108,114 36.5% 31.6% 40.6% 40.4% 38.5% 39.4% 55.7%

77,373 73,356 93,094 88,739 65,870 84,597 115,841 54.1% 50.1% 52.2% 56.2% 41.5% 51.1% 59.7%

87,833 84,111 105,956 103,056 80,811 99,731 131,830 61.4% 57.4% 59.4% 65.3% 50.9% 60.2% 67.9%

80,656 69,124 105,790 106,847 110,412 117,517 140,396 61.1% 51.6% 68.6% 73.5% 73.1% 75.3% 78.5%

80,922 73,012 110,970 102,842 107,148 111,560 133,730 56.6% 49.8% 62.2% 65.2% 67.5% 67.3% 68.9%

80,922 73,012 110,970 102,842 107,148 111,560 133,730 56.6% 49.8% 62.2% 65.2% 67.5% 67.3% 68.9%

106,257 112,303 130,611 124,732 127,056 131,550 166,640 86.7% 88.2% 87.1% 89.0% 88.1% 89.5% 94.2%

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%



14,400 m² 14,400 m² 14,400 m² 14,400 m² 14,400 m² 14,400 m² 14,400 m²

14,400 m² 14,400 m² 14,400 m² 14,400 m² 14,400 m² 14,400 m² 14,400 m²

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13121,975 126,883 124,240 188,846 154,436 153,12320,447 26,592 22,920 28,417 24,827 27,2348,907 9,540 8,773 10,624 12,802 14,164

22,418 25,213 25,580 32,137 30,196 30,902166,054 15,583 35,521 10,311 14,111 26,612

6,114 6,699 6,119 (4,247) 9,546 9,027111 1,069 538 588 5 1,778

346,026 211,579 223,691 266,676 245,923 262,840 (22,677) (19,802) (18,329) (25,291) (22,377) (25,417)

323,349 191,777 205,362 241,385 223,546 237,423 (25,561) (21,170) (29,173) (23,990) (19,860) (32,123)(2,101) (2,782) (2,324) (2,324) (2,324) (2,439)

- - - - - -(18,360) (20,718) (12,423) (23,624) (24,897) (34,386)

(2,343) (11,207) (7,013) (12,795) (4,371) (1,192)(5,982) (3,375) (4,216) (2,069) (2,509) (3,090)

- - - - - -(80,165) (12,929) (18,421) (8,516) (11,841) (17,186)

1,064 (214) 72 1,951 (450) (235)- - - - - -

20,085 17,822 10,895 10,104 9,665 13,777(27,193) (23,926) (19,125) (30,208) (40,038) (41,465)

- - - - - -(17,263) (17,656) (17,721) (22,100) (28,104) (29,295)

817 1,041 1,349 1,390 1,993 2,179166,347 96,663 107,262 129,204 100,810 91,968

- - - - - -166,347 96,663 107,262 129,204 100,810 91,968(22,079) (20,423) (22,371) 7,608 (26,938) (11,832)(18,528) (13,118) (12,862) (8,340) (3,443) (9,783)(1,248) (19) (17) (23) (7) (9)

124,492 63,103 72,012 128,449 70,422 70,344

124,492 63,103 72,012 128,449 70,422 70,344 38.5% 32.9% 35.1% 53.2% 31.5% 29.6%

143,020 76,221 84,874 136,789 73,865 80,127 44.2% 39.7% 41.3% 56.7% 33.0% 33.7%

160,283 93,877 102,595 158,889 101,969 109,422 49.6% 49.0% 50.0% 65.8% 45.6% 46.1%

133,904 124,581 128,169 171,726 162,533 148,923 79.6% 70.1% 74.2% 74.0% 77.1% 69.8%

190,718 120,423 133,213 171,408 159,287 148,951 59.0% 62.8% 64.9% 71.0% 71.3% 62.7%

190,718 120,423 133,213 171,408 159,287 148,951 59.0% 62.8% 64.9% 71.0% 71.3% 62.7%

141,054 147,617 152,289 203,736 182,083 172,830 88.5% 87.7% 92.5% 89.6% 88.0% 83.4%

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 m² 592,489 m² 591,945 m² 698,634 m² 698,685 m² 698,528 m²420,054 m² 420,377 m² 420,051 m² 521,439 m² 522,661 m² 522,671 m²592,236 m² 592,351 m² 592,281 m² 687,271 m² 699,022 m² 699,257 m²

420,026 m² 420,209 m² 420,197 m² 511,607 m² 522,967 m² 523,308 m²577,836 m² 577,951 m² 577,881 m² 672,871 m² 684,622 m² 684,857 m²405,626 m² 405,809 m² 405,797 m² 497,207 m² 508,567 m² 508,908 m²

14,400 m² 14,400 m² 14,400 m² 14,400 m² 14,400 m² 14,400 m²

14,400 m² 14,400 m² 14,400 m² 14,400 m² 14,400 m² 14,400 m²

3Q13 4Q13 1Q14154,802 216,686 167,92126,001 27,085 32,18712,960 12,935 10,25632,530 37,977 35,41630,946 25,461 25,85312,042 (25,435) 11,4111,472 333 907

270,753 295,042 283,952 (22,103) (26,447) (26,703)

248,650 268,595 257,249 (27,842) (28,200) (24,495)(3,062) (3,209) (3,085)

- - -(26,849) (38,443) (25,544)

(3,430)(3,900) (13,726) (6,334)(3,255) (3,767) (3,713)

- - -(19,672) (16,213) (15,459)

483 (331) 11,009- - -

13,789 12,770 9,527(32,667) (48,495) (49,495)

- - -(31,365) (36,164) (39,292)

(935) (25,869) 10,364113,375 66,948 117,300

- - -113,375 66,948 117,300(18,687) (14,369) (28,021)(8,010) 4,583 (6,974)

(9) (14) (20) 86,669 57,148 82,286

86,669 57,148 82,286 34.9% 21.3% 32.0%

94,679 52,565 89,259 38.1% 19.6% 34.7%

126,044 88,729 128,551 50.7% 33.0% 50.0%

161,174 137,641 182,687 73.2% 56.4% 79.9%

163,618 138,837 196,560 65.8% 51.7% 76.4%

163,618 138,837 196,560 65.8% 51.7% 76.4%

185,485 203,720 199,460 87.4% 84.1% 88.6%

172,525 190,785 189,204 86.5% 83.2% 88.1%

710,610 m² 749,834 m² 756,696 m²533,801 m² 554,103 m² 570,527 m²707,220 m² 730,615 m² 756,619 m²

531,346 m² 542,385 m² 570,479 m²692,820 m² 716,215 m² 742,219 m²516,946 m² 527,985 m² 556,079 m²

14,400 m² 14,400 m² 14,400 m²

14,400 m² 14,400 m² 14,400 m²

Balance Sheet Mar-06 Jun-06

ASSETS

Current AssetsCash and cash equivalent 26,739 232,631 Accounts Receivable 38,134 40,421 Lands and properties held for saleLoans Receivable and Prepaid Acc. ST 2,491 2,651 Sundry loans and advances - - Credit with related Parties 8,959 6,046 Recoverable taxes and contributions 21,632 10,786 Deffered income and social contribution taxes - - Other 3,218 89 Total Current Assets 101,173 292,624

Non Current AssetsReceivables with related Parties 4,978 1,103 Accounts Receivable - - Loans Receivable and Prepaid Acc. LT 990 941 Lands and properties held for sale 2,767 3,477 Sundry loans and advances 2,533 5,471 Legal Deposit 13,852 14,245 Deffered income and social contribution taxes 11,928 6,469 Other 502 45 Investments 343,266 176,344 Investment propertiesProperty and equipment 580,756 546,760 Intangible - - Deffered charges 10,245 377,528 Total Non Current Assets 971,817 1,132,383

Total Assets 1,072,989 1,425,007

LIABILITIES

Current LiabilitiesLoans and financing 632,406 14,075 Stock Aquisitions 6,896 - Accounts payable 3,446 5,908 Property acquisition obligations 17,937 16,744 Taxes and contributions payable 30,235 13,217 Taxes paid in installments 1,403 1,775 Proposed dividends 3,499 2,166 Deferred incomes - - Payables to related parties - - Debentures - - Clients antecipation 4,088 5,323 Other 1,479 1,439 Total Current Liabilities 701,390 60,647

Non Current LiabilitiesLoans and financing 38,691 36,990 DebenturesStock aquisitions 10,295 5,382

Debt with related Parties 100 272,295 Deffered income and social contribution taxes - - Property acquisition obligations - - Taxes paid in installments 2,238 2,215 Provision for contingencies 18,614 18,329 Deferred incomes 58,047 54,977 Others - - Total Non Current Liabilities 127,985 390,189

Minority Interest 87,791 503

Shareholder's EquityCapital 160,296 264,419 Capital Reserves - 745,877 Income Reserve - - Retained Earnings (4,472) (36,629)Addionatal dividends proposedEfects on capital transactions - - Share issue costs - - Equity Valuation adjustment - - Shares in treasure department - - Minority InterestTotal Shareholder's equity 155,823 973,667

Total Liabilities and Shareholder's Equity 1,072,989 1,425,007

Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07

59,841 10,598 11,268 12,039 475,243 416,445 36,072 52,593 52,000 45,996 58,830 80,220

2,709 1,353 1,113 897 817 - 5,026 3,002 - - - 3,087 - 1,209 5,116 41,850 3,884 - 4,986 5,224 5,846 6,837 8,210 11,384 - - - - - 16,840 108 369 230 152 - 172 108,742 74,348 75,574 107,771 546,983 528,148

1,601 1,123 1,145 1,192 - 1,201 - 7,096 - 355 210 16,106 941 680 544 10,995 12,088 - 4,198 26,728 39,152 74,719 76,032 76,810 4,593 3,564 2,294 3,062 2,915 1,569 14,276 14,276 14,335 14,222 14,404 - 6,469 7,165 6,971 193,963 187,815 166,208 45 46 44 44 840 1,431 1,948 41,122 42,471 42,804 153,784 48,561

557,373 612,394 641,303 644,750 711,650 916,278 - 480,069 - - - 427,793 524,123 14,086 463,819 441,349 416,904 26,311 1,115,567 1,208,349 1,212,080 1,427,454 1,576,642 1,682,267

1,224,309 1,282,697 1,287,653 1,535,225 2,123,625 2,210,415

9,655 23,592 13,120 27,212 17,532 16,333 201 47,975 45,320 44,114 48,994 46,996 7,973 5,320 4,652 5,955 9,471 8,934 61,063 29,086 37,710 53,008 44,874 44,775 6,763 6,676 6,886 6,396 6,564 9,115 1,524 1,014 518 319 253 263 551 525 496 430 211 - - - - - - - (201) 2,644 2,228 858 3 1,488 - - - - - - - 4,103 1,555 - 340 - 1,814 375 666 664 2,634 6,128 89,343 121,310 113,150 138,955 130,876 134,034

40,068 34,434 32,152 51,829 25,260 21,969

- 45,991 46,718 47,211 - -

77 - - (0) 0 0 - - - - - - 50,435 25,702 22,068 25,644 21,137 77,510 1,912 1,927 1,881 1,849 1,807 1,755 18,329 17,231 16,873 16,488 17,271 3,363 53,362 57,177 64,894 70,023 81,194 96,381 - - - - - - 164,182 182,462 184,585 213,044 146,668 200,978

79 83 906 1,236 1,280 1,317

264,419 264,419 264,419 264,419 952,747 952,747 745,877 745,877 745,877 932,425 932,425 932,425 - - - - - - (39,591) (31,454) (21,284) (14,854) (40,371) (11,086)

- - - - - - - - - - - - - - - - - - - - - - - -

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

362,596 263,893 114,716 167,585 187,213 187,337 64,620 77,441 75,246 99,529 91,334 88,674

- - - ### - - 28,108 2,839 5,470 18,496 16,450 19,831 - - - ### - 15,444 16,882 20,402 20,198 21,090 22,179 28,506 28,506 28,506 38,704 39,492 39,308 664 508 887 - 965 5,161 499,938 390,069 245,226 344,512 356,544 362,490

1,300 1,409 1,557 1,687 1,698 1,722 17,806 12,177 19,872 17,762 18,037 17,457 - - - ### - 77,036 116,032 116,359 129,457 131,200 132,210 1,605 1,554 4,650 10,328 19,773 10,968 - - - ### - - 149,094 143,057 136,698 137,263 137,259 137,726 3,812 1,460 1,868 3,029 3,529 3,422 11,613 20,250 18,711 22,847 17,603 16,053

1,087,241 1,213,178 1,373,033 1,573,204 1,630,588 1,711,326 396,639 366,636 335,866 309,890 310,529 310,035 34,401 35,598 41,987 32,757 31,648 30,588 1,780,547 1,911,352 2,050,601 2,238,224 2,301,865 2,371,507

2,280,485 2,301,420 2,295,827 2,582,737 2,658,409 2,733,997

15,846 15,726 15,704 107,360 112,996 29,678 47,337 53,041 - ### - - 8,115 19,653 45,898 55,052 60,108 61,126 58,003 52,873 46,583 45,222 43,622 44,269 8,035 8,652 11,474 25,326 14,189 21,406 259 262 264 267 271 273 - - - 20,084 20,084 - - - - 21,265 21,602 26,528 142 142 190 23,780 54,535 55,312 - - - ### - 321 - - 3,538 8,600 11,818 13,083 8,334 2,426 10,849 1,510 1,567 1,439 146,071 152,775 134,500 308,465 340,791 253,435

18,028 13,584 9,978 128,912 126,110 154,985 100,000

- - - ### - -

- - - ### - - - - - ### - - 113,277 106,020 98,367 90,049 81,609 72,731 1,718 1,671 1,623 1,574 1,522 1,464 3,388 4,728 4,239 4,571 4,552 4,472 110,183 110,506 121,479 105,035 117,186 114,696 - - - ### - - 246,594 236,510 235,685 330,140 330,979 448,348

1,311 12,915 12,914 12,953 13,077 13,019

952,747 952,747 952,747 ### 952,747 952,747 932,425 932,425 932,425 958,276 958,786 959,593 - - - 22,084 22,473 21,673 1,337 17,443 27,556 - 44,180 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


796,794 827,967 980,467 933,011 840,118 794,839 88,549 115,117 98,589 116,307 132,998 180,122

- - - - 35,785 30,985 21,471 21,300 21,471 17,177 - - - - 34,563 38,744 38,702 29,864 19,823 21,892 60,382 - - - - - 3,268 3,483 8,442 10,091 10,559 14,153 1,019,340 1,016,296 1,147,671 1,110,573 1,024,969 1,028,183

2,120 - 74 74 75 - 17,781 18,028 20,793 27,362 28,755 36,154

0 - - - 142,277 141,268 142,074 136,479 138,146 33,183 12,782 9,908 9,001 8,494 7,111 8,658 - - 23,117 23,217 23,217 23,217 93,980 113,891 81,673 56,483 29,483 8,737 5,865 21,631 766 799 801 69 14,864 15,382 14,418 14,891 11,841 12,018

2,006,505 2,057,732 2,122,432 2,266,899 2,496,675 1,875,904 15,582 15,510 16,306 18,299 18,504 309,729 309,475 310,206 313,867 317,901 320,588 29,650 - - - - - 2,504,955 2,651,670 2,675,364 2,720,404 2,842,528 2,957,803

3,524,295 3,667,966 3,823,035 3,830,977 3,867,497 3,985,986

43,757 41,660 50,784 72,413 59,968 61,798 - - - - -

71,333 66,762 59,843 64,947 73,155 79,384 53,398 62,122 62,130 54,207 46,619 41,989 17,591 24,904 23,754 12,543 13,479 25,900 276 - 281 1 1 -

40,521 40,521 284 287 51,469 39,642 54,279 68,878 33,154 41,839 42,163 72,921 92,214 94,290 94,290 94,274 94,274 2,888 386 2,764 100,541 103,621 100,709 13,346 9,559 4,533 - - 10,879 1,861 1,743 1,850 3,928 2,096 2,277 317,013 394,150 409,627 436,309 435,339 510,842

135,660 130,035 223,566 221,154 218,759 246,378 100,000 100,000 100,000 - - - - - - - - -

- - - - - - - - - - - - 122,465 127,481 115,454 110,302 104,188 98,961 1,415 1,359 1,302 1,244 1,184 1,122 4,945 21,435 22,413 22,467 22,348 21,662 97,457 77,698 67,863 116,821 116,692 141,570 - - - - - - 461,943 458,008 530,598 471,988 463,171 509,693

12,679 - - - - -

1,641,747 1,745,097 1,761,662 1,761,662 1,761,662 1,761,662 960,644 961,691 962,855 966,153 967,535 969,186 21,292 122,408 169,263 201,125 102,192 268,060 138,515 - - - 145,050 -

- - - - - - (24,914) (20,837) (21,016) (21,016) (21,016) (21,016) - - - - - - (4,624) (4,624) (4,624) (1,840) (5,451) (34,769)

12,073 14,670 16,597 19,015 22,328 2,732,660 2,815,808 2,882,810 2,922,681 2,968,987 2,965,451

3,524,295 3,667,966 3,823,035 3,830,977 3,867,497 3,985,986

Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12

784,726 559,467 532,860 558,343 655,034 445,938 150,708 168,683 179,108 219,219 194,177 207,495

91,236 107,318 - - - - ### - 19,887 21,920 19,162 22,817 21,801 18,247 - - - - ### - 24,499 40,472 66,444 83,335 90,769 48,631 - - - - ### - 17,706 14,040 12,929 14,140 17,783 13,278 997,526 804,582 810,503 897,854 1,070,800 840,907

- - - - ### - 35,913 37,044 36,767 26,326 21,540 19,142 - - - - ### - 35,685 71,004 77,060 457,183 312,602 314,235 9,910 9,396 10,038 8,909 8,459 9,630 23,464 23,592 24,901 24,943 25,274 25,301 - - - - ### - 86 86 85 75 ### 940 12,624 10,657 10,799 11,429 12,493 12,279 2,587,533 2,739,211 2,922,756 2,987,757 3,115,590 3,380,000 18,277 18,218 18,395 19,812 19,497 19,312 319,837 319,100 318,218 317,349 321,582 326,901 - - - - ### - 3,043,329 3,228,308 3,419,019 3,853,783 3,837,112 4,107,740

4,040,855 4,032,890 4,229,522 4,751,637 4,907,912 4,948,647

45,752 46,629 51,089 55,652 66,025 77,832 - - - - ### - 72,464 88,380 104,117 108,941 118,571 146,918 35,474 40,361 38,892 41,436 45,542 49,893 31,040 41,312 57,301 60,887 78,697 51,869 - - - - ### - 51,469 - - 85,042 85,072 - 37,118 53,125 38,326 52,097 41,886 46,464 325 325 450 - 303 - 103,833 - - - 2,310 9,391 1,598 - - 9,095 17,245 30,967 1,530 1,624 3,467 13,543 3,154 2,897 380,603 271,756 293,642 426,693 458,805 416,231

253,545 320,036 402,622 501,503 724,587 804,180 - - - 300,000 ### 300,000 - - - - ### -

- - - - ### - 16,281 21,079 40,408 48,135 66,320 79,628 94,592 111,346 102,949 92,214 80,181 69,118 1,060 993 952 861 818 723 21,678 21,425 21,338 21,360 21,427 21,343 152,483 151,454 168,766 144,511 137,712 123,854 - - - - ### - 539,639 626,333 737,035 1,108,584 1,331,045 1,398,846

- - - - ### -

1,761,662 1,761,662 1,761,662 1,761,662 ### 1,761,662 970,414 966,239 968,237 968,403 969,120 960,997 330,619 340,062 405,958 414,101 414,228 365,381 - - - - 123,579 186,951

- - - - (89,996) (89,996) (21,016) (21,016) (21,016) (21,016) ### (21,016) - - - - ### - (40,079) (33,161) (40,340) (34,258) (39,691) (30,605) 119,013 121,015 124,344 127,468 176 196 3,120,613 3,134,801 3,198,845 3,216,360 3,118,062 3,133,570

4,040,855 4,032,890 4,229,522 4,751,637 4,907,912 4,948,647


324,230 395,001 231,400 453,224 533,099 351,542 204,170 219,592 174,262 182,035 200,139 247,689 135,588 166,084 195,116 228,702 151,166 159,994 - - - - - -

### - - - - - 21,197 14,963 6,803 6,103 3,657 2,882 3,593 28,623 5,649 14,746 16,252 25,910 - - - - - - 19,905 27,075 66,491 39,166 48,887 51,790 708,683 851,338 679,721 923,976 953,200 839,807

- 16,750 15,523 15,167 13,232 13,206 35,808 61,473 58,226 58,084 61,618 56,387 - - - - - - 320,862 333,175 335,532 337,734 339,570 348,624 - - - - - - 25,354 24,792 25,816 25,494 27,898 27,549 - - - - - - 10,903 4,013 4,752 3,645 8,355 7,034 12,351 4,493 4,330 3,800 4,479 4,149 3,741,046 4,030,575 4,215,348 4,419,542 4,678,702 4,817,738 19,265 17,366 17,114 17,338 17,366 17,371 330,336 340,537 342,875 342,131 344,254 343,737 - - - - - - 4,495,925 4,833,174 5,019,516 5,222,936 5,495,474 5,635,795

5,204,608 5,684,512 5,699,237 6,146,912 6,448,674 6,475,602

80,382 106,928 125,621 157,637 209,161 203,213 - - - - - - 214,251 185,325 184,322 154,779 120,368 120,637 52,953 50,093 44,350 48,102 37,292 34,947 19,726 19,126 23,013 34,106 48,502 49,981 - - - - - -

### 106,997 106,997 38,416 38,402 38,386 41,468 49,929 55,485 41,716 31,634 53,738 - - - - - - 1,548 7,425 1,575 7,732 1,902 9,658 17,796 18,373 9,913 - - 3,006 5,232 5,062 3,775 2,852 2,746 431,130 549,428 556,338 486,263 490,113 513,306

981,181 1,385,281 1,357,301 1,309,396 1,615,999 1,620,626 300,000 300,000 300,000 300,000 300,000 300,000 - - - - - -

- - - - - - 92,490 101,934 106,075 114,333 122,344 117,761 60,012 50,497 44,020 61,906 42,530 35,130 658 579 510 747 - - 24,252 24,663 22,880 22,740 23,920 24,325 105,846 66,790 44,500 25,877 26,976 45,050 - - - - 2,638 595 1,564,439 1,929,744 1,875,286 1,835,000 2,134,407 2,143,487

- - - - - -

1,761,662 1,761,662 1,761,662 2,388,062 2,388,062 2,388,062 962,947 965,271 967,597 959,012 871,918 963,954 365,536 626,696 568,725 570,280 570,280 717,861 258,802 - 69,361 93,560 225,219 -

58,726 - - - (89,996) (89,996) (89,996) (89,996) (90,000) (89,996) (21,016) (21,016) (21,016) (37,156) (38,611) (38,628) - - - - - (29,006) (37,408) (47,584) (58,266) (102,882) (122,626) 110 131 138 154 168 182 3,209,039 3,205,340 3,267,613 3,825,649 3,824,154 3,818,809

5,204,608 5,684,512 5,699,237 6,146,912 6,448,674 6,475,602

R$ 1,000

Mar-14

253,759 240,765 163,638

2,640 14,206

64,649 739,657

12,965 54,204

350,506

27,866 11085

9,103 15,157 4,851,454 35,202 344,756

5,712,298

6,451,955

202,499 - 95,453 41,137 47,457 - - 40,728

2,377

1,989 431,639

1,574,240 300,000

137,115 38,054

24,075 48,010 557 2,122,051

-

2,388,062 967,039 719,226 81,154 - (89,996) (38,628) - (128,796) 203 3,898,264

6,451,955 -

1,000

Total Sales (Shopping 100%) Operating Shoppings Portfolio 1Q06 2Q06 3Q06 4Q06BHShopping 88,748 101,907 104,145 144,591RibeirãoShopping 51,481 58,896 62,450 83,487BarraShopping 180,263 194,858 201,381 272,159MorumbiShopping 122,346 149,513 142,051 218,814ParkShopping 88,182 103,481 103,360 143,957DiamondMall 37,632 43,502 46,789 61,524New York City Center 30,874 30,110 29,853 37,222Shopping AnáliaFranco 69,739 80,317 80,322 110,180ParkShoppingBarigüi 58,410 72,343 74,962 101,499Pátio Savassi - - - -Shopping SantaÚrsula - - - -BarraShoppingSul - - - -Shopping VilaOlímpia - - - -ParkShoppingSãoCaetano - - - -JundiaíShoppingParkShoppingcampoGrandeVillageMallParque Shopping MaceióTotal 727,675 834,928 845,313 1,173,432

Rent Revenue (Base Rent + Overage Rent + Merchandising) - Does not include Straight Line Effect1Q06 2Q06 3Q06 4Q06

Rental Revenue 29,557 47,994 44,269 66,121

Parking RevenueShopping Center 1Q06 2Q06 3Q06 4Q06BHShopping 234 274 320 426RibeirãoShopping - - - -BarraShopping 611 1,029 887 936MorumbiShopping 450 686 666 996ParkShopping - - - -DiamondMall 184 124 153 356New York City Center 211 249 262 368Shopping AnáliaFranco - - - -ParkShoppingBarigüi - - - -Pátio Savassi - - - -Shopping SantaÚrsula - - - -BarraShoppingSul - - - -Shopping VilaOlímpia - - - -ParkShoppingSãoCaetanoJundiaíShoppingParkShoppingcampoGrandeVillageMallParque Shopping MaceióPortfolio Total 1,690 2,362 2,287 3,082Parking Transfer - - - -Parking Net Revenue 1,690 2,362 2,287 3,082

Revenue net from transfer do partners in malls

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08104,442 115,314 120,742 158,431 119,872 132,726 137,235 179,40263,288 71,688 73,836 101,202 76,149 84,662 86,871 115,527

200,991 213,214 219,210 293,169 224,292 231,668 242,282 323,019158,471 190,460 181,729 251,570 183,552 214,998 216,411 283,649101,315 114,852 118,335 157,705 115,046 124,180 129,997 183,73546,655 51,961 57,011 75,238 59,966 68,916 70,547 88,00134,153 30,526 31,927 38,104 35,691 32,409 33,132 39,87578,595 95,561 92,943 125,801 93,862 105,943 103,858 136,01376,732 88,159 91,996 117,584 93,077 106,383 102,374 130,004

- - 42,133 58,645 43,936 49,555 54,678 70,571- - - - - 18,542 26,294 29,645- - - - - - - 71,152- - - - - - - -- - - - - - - -

864,642 971,737 1,029,860 1,377,449 1,045,442 1,169,981 1,203,680 1,650,592

Rent Revenue (Base Rent + Overage Rent + Merchandising) - Does not include Straight Line Effect1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08

52,453 54,368 55,571 77,001 60,564 68,772 67,994 97,923

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08308 1,263 1,333 1,566 1,568 1,831 1,921 2,324

- - - - - - - -831 3,070 4,081 4,535 4,321 4,412 4,654 5,215

2,255 4,048 3,933 4,621 3,943 4,039 5,195 5,606- - - - - - - -

324 711 840 818 863 1,006 1,038 1,176307 632 838 951 1,091 983 952 1,049

- - - - - 1,259 2,108 2,212- - - - - 185 1,903 2,064- - 612 842 938 1,064 1,218 1,352- - - - - - - 19- - - - - - - -- - - - - - - -

4,025 9,723 11,637 13,333 12,724 14,779 18,989 21,016(1,463) (5,061) (6,209) (6,437) (6,500) (6,600) (7,828) (8,992)2,562 4,662 5,428 6,896 6,224 8,179 11,161 12,024

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10133,842 146,076 148,605 206,681 156,877 166,844 168,976 273,55488,991 95,818 93,305 134,032 103,379 110,145 112,293 151,630

235,403 259,564 280,378 372,359 288,129 308,648 319,099 434,730204,535 241,384 231,348 325,821 239,220 275,052 266,599 368,055135,676 151,657 149,990 220,702 173,024 172,797 181,973 247,58364,670 76,245 77,816 113,241 93,355 103,431 105,399 129,34333,246 31,288 33,050 41,955 46,219 40,481 40,983 50,82997,928 114,810 121,863 189,277 142,517 158,804 157,381 229,041

101,228 111,459 104,175 148,529 113,556 122,748 119,291 185,50852,637 59,241 60,264 81,432 60,256 66,582 68,787 88,33021,051 19,526 18,068 25,177 20,579 24,991 28,066 36,15892,006 100,549 96,983 135,406 107,308 117,185 123,603 162,185

- - - 29,236 41,174 46,884 52,445 73,898- - - - - - - -

1,261,212 1,407,614 1,415,845 2,023,848 1,585,594 6,739,877 1,744,895 2,430,844

1Q09 2Q09 3Q09 4Q09 1Q10 3Q09 3Q10 4Q1079,390 81,498 81,759 123,533 99,051 100,081 102,084 119,416

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q102,040 2,155 2,090 2,615 1,118 1,118 1,166 1,613

- 761 1,509 2,015 769 801 844 1,0404,065 5,897 5,333 5,923 1,968 1,984 2,101 2,6724,582 5,903 5,770 6,718 2,557 2,588 2,804 3,430

- - - 1,770 800 605 726 1,0201,082 1,071 1,191 1,486 1,214 1,211 1,243 1,3691,073 1,244 1,102 1,340 1,068 914 1,056 1,0421,488 2,346 2,219 2,816 1,419 1,370 1,426 1,7002,000 1,714 1,717 2,191 1,732 1,754 2,017 2,7161,326 1,196 1,261 1,844 1,367 1,352 1,413 1,594

- 185 222 285 207 238 313 44445 635 1,338 1,639 1,471 1,481 1,516 2,024

- - - 127 305 89 199 516

17,700 23,106 23,754 30,771 15,995 23,754 16,825 21,180(7,160) (10,299) (9,893) (13,020) - - - -10,540 12,807 13,860 17,751 15,995 13,860 16,825 21,180

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12193,415 208,609 213,858 295,096 218,348 234,747 240,754111,744 119,475 115,091 161,072 118,834 127,921 128,885317,774 349,298 349,764 492,799 348,126 376,795 388,276259,922 300,487 285,584 388,812 280,560 319,709 296,147175,587 187,682 187,205 264,535 192,022 199,933 205,98096,186 106,631 108,232 143,459 109,161 121,696 122,68047,860 44,717 47,638 56,144 52,938 47,285 50,123

160,946 186,595 179,858 246,707 168,475 201,468 190,978143,504 159,125 157,110 218,658 161,382 184,355 175,49568,766 73,497 73,084 93,038 72,999 78,883 77,92729,055 31,624 32,235 44,117 32,823 36,640 40,568

120,286 132,018 136,255 183,857 139,603 150,499 156,28561,320 67,017 64,777 88,903 69,328 74,946 68,715

- - - 80,041 85,974 99,618 98,642

1,786,364 1,966,778 1,950,693 2,757,235 2,050,575 2,254,494 2,241,454

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12112,450 115,208 117,351 142,049 128,089 133,583 130,358

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q121,534 1,555 1,566 1,884 1,544 1,597 1,720

958 1,017 969 1,166 1,009 1,005 9762,038 2,168 2,195 2,473 2,734 2,646 2,5242,743 2,864 2,797 3,716 3,088 3,236 3,010

763 831 848 1,130 861 797 8261,395 1,348 1,369 1,617 1,373 1,492 1,6241,092 1,022 1,144 972 1,337 1,323 1,3961,493 1,704 1,752 1,942 1,583 1,720 1,6872,183 2,210 2,647 3,029 2,534 2,823 2,7361,663 1,554 1,623 1,747 1,595 1,861 2,245

362 359 387 487 487 491 5311,681 1,649 1,724 2,297 1,602 2,215 2,422

648 766 754 809 961 2,052 1,8861,418 1,710 1,955 1,997

18,553 19,046 19,775 24,687 22,418 25,214 25,580- - - - - - -

18,553 19,046 19,775 24,687 22,418 25,214 25,580

R$ 1,000

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14314,978 234,122 246,823 254,299 334,966 246,184194,050 143,978 150,381 160,789 221,408 165,550514,217 379,329 379,149 409,064 559,663 391,694407,136 296,526 331,521 316,617 436,857 332,041284,274 213,737 223,279 230,282 318,494 232,455155,933 120,580 128,970 131,281 170,014 131,20558,606 57,941 48,867 53,512 58,880 58,093

268,056 188,961 213,797 213,743 297,878 206,952237,272 181,566 193,999 190,135 250,901 186,119101,701 77,972 81,514 82,760 105,735 79,54854,006 41,127 44,833 46,089 54,810 42,421

204,398 149,631 161,844 161,465 217,599 157,75489,698 70,436 77,951 76,624 97,533 77,750

134,218 100,045 112,328 114,635 154,777 109,18880,441 66,477 77,002 78,674 108,943 84,42650,574 67,838 75,283 81,503 126,298 79,82426,659 55,347 66,646 72,425 91,626 92,410

44,197 49,4003,176,216 2,445,613 2,614,187 2,673,896 3,650,580 2,723,015

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14184,599 163,982 162,149 166,844 191,251 179,330

4Q12 1Q13 2Q13 3Q13 4Q13 1Q142,069 1,954 2,027 2,083 2,530 2,1251,337 1,134 1,103 1,274 1,387 1,2453,149 2,366 2,666 2,795 3,151 3,3383,835 3,303 3,391 3,296 4,148 3,8111,182 966 926 975 1,267 1,1001,849 1,797 1,914 1,976 2,184 1,9851,231 1,455 1,290 1,347 1,432 1,6341,962 1,730 1,778 1,839 2,335 1,8323,247 2,727 2,923 3,299 3,774 3,2002,072 2,345 2,012 2,105 2,322 2,174

655 649 738 762 834 6862,682 2,192 2,409 2,575 3,074 2,6251,947 1,967 1,959 1,991 2,075 2,1052,339 1,996 2,087 2,182 2,453 2,2811,477 1,277 1,340 1,378 1,648 1,710

560 1,017 1,084 1,172 1,584 1,497542 1,322 1,253 1,480 1,669 1,904

111 16532,137 30,196 30,902 32,530 37,977 35,416

- - - - - -32,137 30,196 30,902 32,530 37,977 35,416

IndicatorsFinancial (MTE %) 1Q06 2Q06 3Q06Gross Revenue 50,084 69,562 66,773 Net Revenue 45,732 64,093 61,313 Headquarters 15,995 17,316 19,199 Rental Revenue 29,557 47,994 44,269 Rental Revenue/m² 146 R$/m² 237 R$/m² 219 R$/m²Shopping Center EBITDA

Adjusted Consolidated EBITDA 21,620 38,866 30,289Adjusted Consolidated EBITDA/m² 107 R$/m² 192 R$/m² 150 R$/m²Shopping Center EBITDA MarginAdjusted Consolidated EBITDA Margin 47.3% 60.6% 49.4%NOI + Key Money 29,030 44,551 42,358

144 R$/m² 220 R$/m² 209 R$/m²NOI + Key Money Margin 87.1% 82.9% 84.9%NOI 26,961 41,149 39,006

133 R$/m² 203 R$/m² 193 R$/m²NOI Margin 86.3% 81.7% 83.8%Adjusted FFO 15,457 25,236 28,057 Adjusted FFO/m² 76 R$/m² 125 R$/m² 139 R$/m²Performance (100%) 1Q06 2Q06 3Q06Total GLA 368,220 m² 368,432 m² 368,269 m²Own GLA 209,376 m² 209,484 m² 209,312 m²Adjusted Total GLA (avg.) 354,013 m² 353,948 m² 353,959 m²Adjusted Own GLA (avg.) 202,287 m² 202,241 m² 202,217 m²Total Sales 727,675 834,928 845,313 Total Sales/m² 2,056 R$/m² 2,359 R$/m² 2,388 R$/m²Same Stores Sales N/A N/A N/ASame Stores Rent N/A N/A N/AOccupancy Costs 15.8% 14.9% 15.7%

Rent as Sales % 9.8% 8.6% 9.4%Others as Sales % 6.0% 6.3% 6.2%

Turnover 1.0% 0.8% 0.9%Occupancy Rate 95.2% 96.3% 96.2%Delinquency 8.2% 6.9% 6.6%Rent Loss 0.0% 0.0% 10.4%

Shopping Center EBITDA/m2

NOI + Key Money/m2

NOI/m2

4Q06 1Q07 2Q07 3Q07 4Q07 90,068 77,093 86,254 93,081 112,364 81,833 70,364 78,764 85,095 102,170 15,014 9,666 15,620 13,069 17,551 71,259 52,453 54,368 55,572 77,001

345 R$/m² 242 R$/m² 248 R$/m² 242 R$/m² 327 R$/m²

53,029 50,547 45,464 48,936 67,213257 R$/m² 233 R$/m² 208 R$/m² 213 R$/m² 286 R$/m²

64.8% 71.8% 57.7% 57.5% 65.8%67,298 50,640 53,580 51,803 74,955

326 R$/m² 234 R$/m² 245 R$/m² 225 R$/m² 319 R$/m²85.1% 83.0% 77.7% 72.4% 78.5%

62,516 46,073 48,721 47,418 69,865 303 R$/m² 213 R$/m² 222 R$/m² 206 R$/m² 297 R$/m²

84.1% 83.7% 82.5% 77.7% 83.3% 50,629 43,704 41,498 46,350 68,621

245 R$/m² 202 R$/m² 189 R$/m² 202 R$/m² 292 R$/m²4Q06 1Q07 2Q07 3Q07 4Q07

373,480 m² 373,464 m² 393,615 m² 392,279 m² 392,279 m²214,525 m² 238,883 m² 255,927 m² 252,147 m² 257,369 m²357,671 m² 374,618 m² 377,217 m² 377,588 m² 377,884 m²206,532 m² 216,662 m² 219,001 m² 229,738 m² 235,135 m²

1,173,432 864,642 971,737 1,029,860 1,377,449 3,281 R$/m² 2,308 R$/m² 2,576 R$/m² 2,727 R$/m² 3,645 R$/m²

N/A ▲13.8% ▲12.2% ▲14.4% ▲11.4%N/A ▲9.4% ▲10.4% ▲10.6% ▲9.0%

13.2% 14.1% 12.8% 13.8% 13.4%8.4% 9.2% 8.2% 9.2% 8.0%4.9% 5.0% 4.6% 4.7% 5.4%0.5% 0.8% 0.8% 1.9% 1.7%

97.2% 97.4% 97.6% 97.5% 97.0%5.6% 6.6% 5.3% 4.5% 4.4%6.2% 1.0% 0.5% 0.9% 0.4%

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 89,339 113,984 111,461 138,129 110,913 119,417 80,892 104,107 101,098 125,134 100,941 107,069 11,671 27,539 20,119 19,791 18,885 24,657 60,564 68,772 67,994 97,923 79,389 81,499

258 R$/m² 276 R$/m² 269 R$/m² 334 R$/m² 251 R$/m² 258 R$/m² 66,164 66,805

209 R$/m² 211 R$/m²50,910 59,100 57,055 80,163 60,005 63,442

217 R$/m² 238 R$/m² 226 R$/m² 273 R$/m² 190 R$/m² 200 R$/m²65.8% 62.9%

62.9% 56.8% 56.4% 64.1% 59.4% 59.3%56,919 73,697 71,629 102,123 78,946 87,339

242 R$/m² 296 R$/m² 284 R$/m² 348 R$/m² 250 R$/m² 276 R$/m²72.9% 79.9% 79.1% 83.0% 83.0% 87.0%

52,155 64,979 68,023 97,968 73,778 81,305 222 R$/m² 261 R$/m² 270 R$/m² 334 R$/m² 233 R$/m² 257 R$/m²

78.1% 84.4% 85.9% 89.1% 82.0% 86.2% 57,685 58,239 54,514 66,768 53,109 55,316

245 R$/m² 234 R$/m² 216 R$/m² 228 R$/m² 168 R$/m² 175 R$/m²1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

392,015 m² 416,416 m² 416,928 m² 484,373 m² 484,894 m² 484,873 m²257,063 m² 266,314 m² 266,759 m² 330,308 m² 330,786 m² 330,833 m²377,981 m² 393,900 m² 402,522 m² 446,010 m² 470,488 m² 470,525 m²235,126 m² 248,827 m² 252,350 m² 293,359 m² 316,378 m² 316,458 m²

1,045,442 1,169,981 1,203,680 1,650,592 1,261,212 1,407,614 2,766 R$/m² 2,970 R$/m² 2,990 R$/m² 3,701 R$/m² 2,681 R$/m² 2,992 R$/m²

▲14.0% ▲11.4% ▲9.9% ▲7.9% ▲5.1% ▲9.8%▲7.7% ▲9.0% ▲11.6% ▲13.9% ▲13.2% ▲14.0%13.6% 13.2% 12.2% 12.3% 14.6% 13.6%8.4% 7.8% 7.4% 8.1% 8.8% 8.1%5.2% 5.4% 4.8% 4.2% 5.8% 5.5%1.1% 1.6% 2.2% 1.7% 1.4% 1.0%

97.9% 98.2% 98.1% 98.3% 98.3% 98.7%3.2% 3.9% 3.7% 3.7% 5.8% 4.5%1.0% 1.7% 0.5% 0.6% 0.4% 0.4%

3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 129,793 174,245 149,964 157,373 159,950 195,337 173,153 116,627 158,097 136,380 143,096 146,512 178,388 157,813 18,695 25,945 20,068 25,324 24,744 22,962 21,626 81,759 117,533 90,020 94,254 93,765 138,075 105,476

256 R$/m² 356 R$/m² 271 R$/m² 283 R$/m² 276 R$/m² 387 R$/m² 295 R$/m² 92,838 98,962 87,682 80,656 69,124 105,790 106,847

291 R$/m² 299 R$/m² 264 R$/m² 243 R$/m² 204 R$/m² 296 R$/m² 299 R$/m²86,074 94,433 85,292 80,922 73,012 110,970 102,842

270 R$/m² 286 R$/m² 257 R$/m² 243 R$/m² 215 R$/m² 311 R$/m² 288 R$/m²81.8% 65.3% 68.4% 61.1% 51.6% 68.6% 73.5%73.8% 59.7% 62.5% 56.6% 49.8% 62.2% 65.2%

86,714 133,353 110,907 106,257 112,303 130,611 124,732272 R$/m² 404 R$/m² 334 R$/m² 319 R$/m² 331 R$/m² 366 R$/m² 349 R$/m²

83.6% 89.5% 87.9% 86.7% 88.2% 87.1% 89.0%78,606 125,673 99,728 99,907 103,919 121,283 115,570

246 R$/m² 380 R$/m² 300 R$/m² 300 R$/m² 306 R$/m² 340 R$/m² 324 R$/m²82.2% 88.9% 86.7% 86.0% 87.4% 86.3% 88.2%

72,533 91,609 90,253 87,833 84,111 105,956 103,056 227 R$/m² 277 R$/m² 271 R$/m² 264 R$/m² 248 R$/m² 297 R$/m² 289 R$/m²

3Q09 4Q09 1Q10 3Q09 3Q10 4Q10 1Q11497,248 m² 533,741 m² 532,773 m² 532,902 m² 544,703 m² 551,830 m² 551,368 m²334,298 m² 347,985 m² 347,640 m² 347,757 m² 359,921 m² 371,640 m² 371,548 m²480,369 m² 509,005 m² 515,818 m² 515,953 m² 522,663 m² 536,245 m² 537,081 m²319,086 m² 330,490 m² 332,443 m² 332,574 m² 339,308 m² 356,885 m² 357,155 m²

1,415,845 2,023,848 1,585,594 6,739,877 1,744,895 2,430,844 1,786,364 2,947 R$/m² 3,976 R$/m² 3,074 R$/m² 13,063 R$/m² 3,338 R$/m² 4,533 R$/m² 3,326 R$/m²

▲5.6% ▲10.6% ▲14.9% ▲11.9% ▲13.7% ▲12.6% ▲6.6%▲8.1% ▲6.5% ▲3.9% ▲4.4% ▲6.6% ▲12.0% ▲10.3%13.5% 12.0% 13.5% 12.9% 12.7% 11.9% 13.7%8.0% 7.8% 7.7% 7.3% 7.3% 7.6% 8.0%5.5% 4.2% 5.8% 5.6% 5.4% 4.3% 5.7%2.7% 1.4% 1.1% 1.3% 1.2% 0.7% 0.8%

98.4% 99.1% 97.9% 98.1% 98.4% 98.6% 98.4%4.5% 0.6% 3.2% 4.0% 3.2% 2.1% 1.7%1.4% 1.5% 0.6% 0.8% 1.1% 1.6% 0.4%

2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 174,505 181,818 212,748 346,026 211,579 223,691 266,676 158,682 165,658 194,099 323,349 191,777 205,362 241,385 20,071 20,955 25,717 25,561 21,170 29,173 23,990 108,425 111,301 161,053 121,975 126,883 124,240 188,846

304 R$/m² 311 R$/m² 406 R$/m² 301 R$/m² 313 R$/m² 306 R$/m² 380 R$/m² 110,412 117,517 140,396 133,904 124,581 128,169 171,726

309 R$/m² 329 R$/m² 354 R$/m² 330 R$/m² 307 R$/m² 316 R$/m² 345 R$/m²107,148 111,560 133,730 190,718 120,423 133,213 171,408

300 R$/m² 312 R$/m² 337 R$/m² 470 R$/m² 297 R$/m² 328 R$/m² 345 R$/m²73.1% 75.3% 78.5% 79.6% 70.1% 74.2% 74.0%67.5% 67.3% 68.9% 59.0% 62.8% 64.9% 71.0%

127,056 131,550 166,640 141,054 147,617 152,289 203,736356 R$/m² 368 R$/m² 420 R$/m² 348 R$/m² 364 R$/m² 375 R$/m² 410 R$/m²

88.1% 89.5% 94.2% 88.5% 87.7% 92.5% 89.6%117,011 121,748 156,517 132,147 138,077 143,516 193,112

328 R$/m² 341 R$/m² 394 R$/m² 326 R$/m² 340 R$/m² 354 R$/m² 388 R$/m²87.2% 88.8% 93.9% 87.8% 87.0% 92.0% 89.1%

80,811 99,731 131,830 160,283 93,877 102,595 158,889 226 R$/m² 279 R$/m² 332 R$/m² 395 R$/m² 231 R$/m² 253 R$/m² 320 R$/m²

2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12551,592 m² 551,759 m² 592,048 m² 592,251 m² 592,489 m² 591,945 m² 698,634 m²371,601 m² 371,730 m² 411,423 m² 420,054 m² 420,377 m² 420,051 m² 521,439 m²537,082 m² 537,359 m² 577,192 m² 577,836 m² 577,951 m² 577,881 m² 672,871 m²357,176 m² 357,330 m² 396,763 m² 405,626 m² 405,809 m² 405,797 m² 497,207 m²

1,966,778 1,950,693 2,757,235 2,050,575 2,254,494 2,241,454 3,176,216 3,662 R$/m² 3,630 R$/m² 4,777 R$/m² 3,549 R$/m² 3,901 R$/m² 3,879 R$/m² 4,720 R$/m²

▲9.4% ▲7.5% ▲8.3% ▲8.2% ▲8.1% ▲8.5% ▲6.8%▲14.1% ▲16.0% ▲14.5% ▲11.9% ▲10.4% ▲7.7% ▲8.6%

12.8% 13.1% 12.4% 14.0% 13.1% 13.1% 12.4%7.5% 7.8% 7.8% 8.2% 7.6% 7.6% 7.9%5.3% 5.3% 4.6% 5.8% 5.5% 5.4% 4.5%1.7% 0.6% 0.9% 0.9% 1.3% 1.6% 1.4%

98.1% 98.1% 98.0% 97.2% 97.8% 98.5% 98.1%1.9% 0.9% 1.5% 2.1% 1.7% 1.3% 1.9%1.0% 2.4% 1.1% 0.3% 0.3% 0.1% 0.3%

R$ 1,000

1Q13 2Q13 3Q13 4Q13 1Q14 245,923 262,840 270,753 295,042 283,952 223,546 237,423 248,650 268,595 257,249 19,860 32,123 27,842 28,200 24,495 154,436 153,123 154,802 216,686 167,921

304 R$/m² 301 R$/m² 299 R$/m² 410 R$/m² 302 R$/m² 162,533 148,923 161,174 137,641 182,687

320 R$/m² 293 R$/m² 312 R$/m² 261 R$/m² 329 R$/m²159,287 148,951 163,618 138,837 196,560

313 R$/m² 293 R$/m² 317 R$/m² 263 R$/m² 353 R$/m²77.1% 69.8% 73.2% 56.4% 79.9%71.3% 62.7% 65.8% 51.7% 76.4%

182,083 172,830 185,485 203,720 199,460358 R$/m² 340 R$/m² 359 R$/m² 386 R$/m² 359 R$/m²

88.0% 83.4% 87.4% 84.1% 88.6%169,281 158,666 172,525 190,785 189,204

333 R$/m² 312 R$/m² 334 R$/m² 361 R$/m² 340 R$/m²87.2% 82.2% 86.5% 83.2% 88.1%

101,969 109,422 126,044 88,729 128,551 201 R$/m² 215 R$/m² 244 R$/m² 168 R$/m² 231 R$/m²

1Q13 2Q13 3Q13 4Q13 1Q14698,685 m² 698,528 m² 710,610 m² 749,834 m² 756,696 m²522,661 m² 522,671 m² 533,801 m² 554,103 m² 570,527 m²684,622 m² 684,857 m² 692,820 m² 716,215 m² 742,219 m²508,567 m² 508,908 m² 516,946 m² 527,985 m² 556,079 m²

2,445,613 2,614,187 2,673,896 3,650,580 2,723,015 3,572 R$/m² 3,817 R$/m² 3,859 R$/m² 5,097 R$/m² 3,669 R$/m²

▲8.1% ▲5.8% ▲8.4% ▲7.6% ▲8.3%▲11.4% ▲8.0% ▲11.4% ▲8.0% ▲6.8%

14.0% 13.7% 13.0% 11.7% 13.7%8.1% 7.7% 7.4% 7.4% 7.8%6.0% 6.0% 5.6% 4.3% 5.9%0.4% 1.4% 1.1% 0.7% 0.7%

97.5% 97.6% 98.1% 98.6% 98.5%2.2% 2.0% 1.5% 1.8% 1.9%0.2% 0.2% 0.7% 1.1% 0.5%

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Fundamentals Spreadsheet 1Q14