Multiplan Fundamentos 20090828 En

Operating Shoppings Portfolio Total GLA BHShopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi Shopping SantaÚrsula BarraShoppingSul (BIG) Portfolio Total

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

Multiplan Interest BHShopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi Shopping SantaÚrsula BarraShoppingSul (BIG) Portfolio Total

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

Own GLA BHShopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi Shopping SantaÚrsula BarraShoppingSul (BIG) Portfolio Total

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

Total GLA (avg.) BHShopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi

Estado MG SP RJ SP DF MG RJ SP PR

Mar-06 Jun-06 1Q06 2Q06 35,450 m² 35,450 m² 39,130 m² 39,130 m² 69,138 m² 69,355 m² 49,670 m² 49,665 m² 39,276 m² 39,276 m² 20,757 m² 20,757 m² 22,067 m² 22,067 m² 39,310 m² 39,310 m² 39,022 m² 39,022 m² 0 m² 0 m² 0 m² 0 m² 14,400 m² 14,400 m² 368,220 m² 368,432 m² 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% 56.9%

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% 56.9%

1Q06 2Q06 28,360 m² 28,360 m² 21,979 m² 21,979 m² 35,308 m² 35,419 m² 25,683 m² 25,680 m² 23,559 m² 23,559 m² 9,341 m² 9,341 m² 11,034 m² 11,034 m² 11,793 m² 11,793 m² 35,119 m² 35,119 m² 0 m² 0 m² 0 m² 0 m² 7,200 m² 7,200 m² 209,376 m² 209,484 m² 1Q06 35,450 m² 39,295 m² 69,138 m² 49,670 m² 39,297 m² 20,757 m² 22,067 m² 39,310 m² 39,028 m²

2Q06 35,450 m² 39,130 m² 69,280 m² 49,656 m² 39,276 m² 20,757 m² 22,067 m² 39,310 m² 39,022 m²

Pátio Savassi Shopping SantaÚrsula BarraShoppingSul Total do Portfolio

MG SP RS

0 m² 0 m² 0 m² 0 m² 0 m² 0 m² 354,013 m² 353,948 m²

Own GLA (avg.) BHShopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi Shopping SantaÚrsula BarraShoppingSul Total do Portfolio

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

1Q06 2Q06 28,360 m² 28,360 m² 22,072 m² 21,979 m² 35,308 m² 35,381 m² 25,683 m² 25,676 m² 23,571 m² 23,559 m² 9,341 m² 9,341 m² 11,034 m² 11,034 m² 11,793 m² 11,793 m² 35,125 m² 35,119 m² 0 m² 0 m² 0 m² 0 m² 0 m² 0 m² 202,287 m² 202,241 m²

Average Occupancy Rate BHShopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi Shopping SantaÚrsula BarraShoppingSul (BIG) Portfolio Total

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

1Q06 96.48% 98.51% 98.53% 93.12% 93.71% 94.11% 98.65% 94.64% 88.23% 0.00% 0.00% 100.00% 95.2%

2Q06 95.78% 98.20% 98.20% 95.78% 93.89% 94.89% 98.72% 94.61% 96.06% 0.00% 0.00% 100.00% 96.3%

Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 3Q06 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 m² 39,130 m² 39,130 m² 39,130 m² 39,130 m² 39,188 m² 39,188 m² 39,188 m² 69,312 m² 69,312 m² 69,312 m² 69,316 m² 69,825 m² 69,825 m² 69,829 m² 49,774 m² 54,987 m² 54,967 m² 54,967 m² 54,999 m² 54,999 m² 54,958 m² 39,276 m² 39,276 m² 39,276 m² 39,293 m² 39,293 m² 39,293 m² 39,775 m² 20,757 m² 20,757 m² 20,757 m² 20,757 m² 20,806 m² 20,806 m² 20,806 m² 22,067 m² 22,067 m² 22,067 m² 22,068 m² 22,068 m² 22,068 m² 22,068 m² 39,310 m² 39,310 m² 39,310 m² 39,310 m² 39,310 m² 39,310 m² 39,310 m² 38,793 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 m² 0 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 m² 368,269 m² 373,480 m² 373,464 m² 393,615 m² 392,279 m² 392,279 m² 392,015 m² 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% 56.8%

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% 57.4%

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% 64.0%

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% 65.0%

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% 64.3%

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% 65.6%

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% 65.6%

3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 28,360 m² 28,360 m² 28,360 m² 28,360 m² 28,360 m² 28,360 m² 27,791 m² 21,979 m² 21,979 m² 29,805 m² 29,805 m² 29,850 m² 29,850 m² 29,850 m² 35,397 m² 35,397 m² 35,397 m² 35,399 m² 35,659 m² 35,658 m² 35,661 m² 25,736 m² 30,951 m² 30,940 m² 30,940 m² 30,958 m² 36,180 m² 36,152 m² 23,559 m² 23,559 m² 23,559 m² 23,569 m² 23,569 m² 23,567 m² 23,856 m² 9,341 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 m² 11,793 m² 11,793 m² 11,793 m² 11,793 m² 11,793 m² 11,793 m² 11,793 m² 34,913 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 m² 0 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 209,312 m² 214,525 m² 238,883 m² 255,927 m² 252,147 m² 257,367 m² 257,063 m² 3Q06 35,450 m² 39,130 m² 69,326 m² 49,697 m² 39,276 m² 20,757 m² 22,067 m² 39,310 m² 38,945 m²

4Q06 35,450 m² 39,130 m² 69,312 m² 53,578 m² 39,276 m² 20,757 m² 22,067 m² 39,310 m² 38,791 m²

1Q07 35,450 m² 39,130 m² 69,312 m² 54,979 m² 39,276 m² 20,757 m² 22,067 m² 39,310 m² 38,792 m²

2Q07 35,450 m² 39,130 m² 69,313 m² 54,967 m² 39,288 m² 20,757 m² 22,068 m² 39,310 m² 41,389 m²

3Q07 35,450 m² 39,130 m² 69,653 m² 54,988 m² 39,293 m² 20,757 m² 22,068 m² 39,310 m² 41,393 m²

4Q07 35,450 m² 39,188 m² 69,826 m² 54,999 m² 39,295 m² 20,806 m² 22,068 m² 39,310 m² 41,397 m²

1Q08 35,219 m² 39,188 m² 69,829 m² 54,985 m² 39,453 m² 20,806 m² 22,248 m² 39,310 m² 41,404 m²

0 m² 0 m² 15,545 m² 15,545 m² 15,545 m² 15,545 m² 15,540 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 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 1Q08 28,360 m² 28,360 m² 28,360 m² 28,360 m² 28,360 m² 28,360 m² 28,175 m² 21,979 m² 21,979 m² 29,805 m² 29,805 m² 29,805 m² 29,850 m² 29,850 m² 35,404 m² 35,397 m² 35,397 m² 35,398 m² 35,571 m² 35,659 m² 35,661 m² 25,697 m² 30,158 m² 30,946 m² 30,940 m² 30,952 m² 36,180 m² 36,170 m² 23,559 m² 23,559 m² 23,559 m² 23,566 m² 23,569 m² 23,568 m² 23,662 m² 9,341 m² 9,341 m² 18,681 m² 18,681 m² 18,681 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 11,124 m² 11,793 m² 11,793 m² 11,793 m² 11,793 m² 11,793 m² 11,793 m² 11,793 m² 35,051 m² 34,912 m² 34,913 m² 37,250 m² 34,770 m² 34,774 m² 34,779 m² 0 m² 0 m² 0 m² 13,028 m² 13,028 m² 13,028 m² 13,023 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 m² 0 m² 202,217 m² 206,532 m² 224,488 m² 239,855 m² 237,563 m² 242,970 m² 242,963 m² 3Q06 96.10% 98.56% 97.98% 92.94% 94.01% 95.10% 98.73% 94.58% 97.93% 0.00% 0.00% 100.00% 96.2%

4Q06 96.46% 99.55% 97.43% 99.17% 93.81% 94.85% 98.44% 94.26% 98.81% 0.00% 0.00% 100.00% 97.2%

1Q07 96.34% 99.50% 97.33% 99.82% 97.03% 93.77% 97.53% 94.34% 98.22% 0.00% 0.00% 100.00% 97.4%

2Q07 94.90% 98.82% 97.66% 99.28% 98.49% 94.90% 98.89% 94.34% 98.13% 99.47% 0.00% 100.00% 97.6%

3Q07 93.89% 98.78% 97.55% 99.19% 98.27% 95.89% 99.57% 94.34% 97.92% 99.47% 0.00% 100.00% 97.5%

4Q07 92.56% 98.35% 95.59% 99.21% 98.22% 97.07% 99.57% 94.34% 98.07% 98.77% 0.00% 100.00% 97.0%

1Q08 94.66% 97.88% 97.47% 99.65% 97.61% 97.40% 99.57% 97.73% 98.79% 98.85% 0.00% 100.00% 97.9%

* These percentages do not include BarraShoppingSul, Shopping Santa Úrsula a

Jun-08 2Q08 35,105 m² 39,188 m² 69,812 m² 54,958 m² 39,775 m² 20,808 m² 22,068 m² 39,310 m² 41,411 m² 15,537 m² 24,043 m² 14,400 m² 416,416 m²

Sep-08 3Q08 35,022 m² 39,188 m² 69,775 m² 54,958 m² 39,775 m² 20,809 m² 22,068 m² 39,310 m² 41,409 m² 16,172 m² 24,043 m² 14,400 m² 416,928 m²

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% 64.0%

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% 64.0%

2Q08 28,084 m² 29,850 m² 35,652 m² 36,142 m² 23,808 m² 18,728 m² 11,034 m² 11,793 m² 34,785 m² 13,021 m² 9,016 m² 14,400 m² 266,314 m²

3Q08 28,018 m² 29,850 m² 35,633 m² 36,142 m² 23,808 m² 18,728 m² 11,034 m² 11,793 m² 34,783 m² 13,553 m² 9,016 m² 14,400 m² 266,759 m²

2Q08 35,004 m² 39,188 m² 69,812 m² 54,958 m² 39,775 m² 20,808 m² 22,068 m² 39,310 m² 41,410 m²

3Q08 35,004 m² 39,188 m² 69,787 m² 54,958 m² 39,775 m² 20,809 m² 22,068 m² 39,310 m² 41,408 m²

Dec-08 Jan-09 Jun-09 4Q08 1Q09 2Q09 36,895 m² 36,895 m² 36,899 m² 46,221 m² 46,221 m² 46,221 m² 69,501 m² 69,503 m² 69,320 m² 54,988 m² 54,988 m² 54,988 m² 43,210 m² 43,178 m² 43,178 m² 20,809 m² 21,360 m² 21,360 m² 22,068 m² 22,068 m² 22,068 m² 39,310 m² 39,310 m² 39,309 m² 42,968 m² 42,968 m² 42,975 m² 16,172 m² 16,172 m² 16,319 m² 24,043 m² 24,043 m² 24,043 m² 68,187 m² 68,187 m² 68,192 m² 484,373 m² 484,894 m² 484,873 m² 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% 68.2%

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% 68.2%

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% 68.2%

4Q08 1Q09 2Q09 29,516 m² 29,516 m² 29,519 m² 35,207 m² 35,207 m² 35,207 m² 35,494 m² 35,495 m² 35,401 m² 36,161 m² 36,161 m² 36,161 m² 25,526 m² 25,507 m² 25,507 m² 18,728 m² 19,224 m² 19,224 m² 11,034 m² 11,034 m² 11,034 m² 11,793 m² 11,793 m² 11,793 m² 36,093 m² 36,093 m² 36,099 m² 13,553 m² 13,553 m² 13,677 m² 9,016 m² 9,016 m² 9,016 m² 68,187 m² 68,187 m² 68,192 m² 330,308 m² 330,786 m² 330,830 m² 4Q08 36,912 m² 41,530 m² 69,482 m² 54,988 m² 42,910 m² 20,809 m² 22,068 m² 39,310 m² 41,928 m²

1Q09 36,895 m² 46,221 m² 69,503 m² 54,988 m² 43,189 m² 21,344 m² 22,068 m² 39,310 m² 42,968 m²

2Q09 36,898 m² 46,221 m² 69,377 m² 54,988 m² 43,178 m² 21,360 m² 22,068 m² 39,310 m² 42,970 m²

15,537 m² 16,029 m² 0 m² 393,900 m²

16,172 m² 24,043 m² 0 m² 402,522 m²

16,172 m² 16,172 m² 16,319 m² 24,043 m² 24,043 m² 24,043 m² 50,258 m² 68,187 m² 68,192 m² 460,410 m² 484,888 m² 484,925 m²

2Q08 28,004 m² 29,850 m² 35,652 m² 36,142 m² 23,808 m² 18,728 m² 11,034 m² 11,793 m² 34,785 m² 13,021 m² 6,011 m² 0 m² 248,827 m²

3Q08 28,003 m² 29,850 m² 35,640 m² 36,142 m² 23,808 m² 18,728 m² 11,034 m² 11,793 m² 34,783 m² 13,553 m² 9,016 m² 0 m² 252,350 m²

4Q08 1Q09 2Q09 29,530 m² 29,516 m² 29,518 m² 31,633 m² 35,207 m² 35,207 m² 35,484 m² 35,495 m² 35,431 m² 36,161 m² 36,161 m² 36,161 m² 25,348 m² 25,513 m² 25,510 m² 18,728 m² 19,210 m² 19,224 m² 11,034 m² 11,034 m² 11,034 m² 11,793 m² 11,793 m² 11,793 m² 35,220 m² 36,093 m² 36,095 m² 13,553 m² 13,553 m² 13,677 m² 9,016 m² 9,016 m² 9,016 m² 50,258 m² 68,187 m² 68,192 m² 307,759 m² 330,778 m² 330,858 m²

2Q08 95.44% 98.52% 97.33% 99.55% 97.96% 97.67% 99.57% 99.42% 98.72% 98.75% 87.07% 100.00% 98.2%

3Q08 95.76% 98.74% 97.59% 99.42% 97.07% 96.92% 98.42% 99.62% 98.51% 98.52% 82.39% 100.00% 98.1%

4Q08 97.23% 97.38% 98.95% 99.42% 96.03% 97.72% 98.17% 99.10% 99.18% 99.06% 72.45% 94.12% 98.3%

1Q09 99.13% 96.79% 98.05% 99.64% 96.91% 99.10% 97.55% 98.63% 99.11% 98.77% 69.81% 93.87% 98.3%

ul, Shopping Santa Úrsula and expansions opened in 4Q08

2Q09 99.31% 96.79% 99.02% 100.00% 97.56% 99.48% 97.87% 98.79% 99.16% 99.49% 67.91% 94.00% 98.7%

38777

38869

38961

Profit & Loss Leases Services Key Money Parking Sales of properties Other Gross Revenue Taxes and contributions on sales and services Net Revenue Headquarters Stock-option-based remuneration expenses* Non-recurring expenses (IPO) Shopping Malls 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 63 50,084 (4,352) 45,732 (15,995) (4,967) (4,286) (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)

2Q06 47,994 13,740 3,402 2,362 2,062 2 69,562 (5,469) 64,093 (17,316) (5,337) (9,207) (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)

3Q06 44,269 11,657 3,353 2,288 5,206 66,773 (5,461) 61,313 (19,199) (3,548) (7,551) (2,738) (1,405) (28,694) 2,781 (2,057) (4,170) 613 (4,655) (744) (5,399) (1,816) (1,140) (8,355)

EBITDA Adjusted EBITDA NOI Adjusted FFO Adjusted Net Income

10,684 21,620 26,961 15,457 11,663

8,967 38,866 41,149 25,236 20,654

26,741 30,289 39,006 28,057 23,887

Efeito ABL Total GLA Own GLA Total GLA (avg.) Own GLA (avg.) Adjusted Total GLA (avg.) Adjusted Own GLA (avg.)

368,220 m² 209,376 m² 354,013 m² 202,287 m² 354,013 m² 202,287 m²

368,432 m² 209,484 m² 353,948 m² 202,241 m² 353,948 m² 202,241 m²

368,269 m² 209,312 m² 353,959 m² 202,217 m² 353,959 m² 202,217 m²

BarraShoppingSul (BIG)

0 m²

0 m²

0 m²

Multiplan interest BarraShoppingSul (BIG) RibeirãoShopping (additional 20%) Pátio Savassi

0 m² 0 m² 0 m²

0 m² 0 m² 0 m²

0 m² 0 m² 0 m²

Considerations: In order to calculate the índex R$/sq.m 1. Do not consider the BIG´s GLA

2. Do not consider the additional interest in RibeirãoShopping (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 20

This Line was adjusted so it could be compared to 2Q09 results. This adjustment results from the application of CPC

39052

39142

39234

39326

39417

39508

4Q06 71,259 8,360 4,782 3,082 2,585 90,068 (8,236) 81,833 (15,014) (6,229) (11,826) (1,658) (826) (27,594) 2,570 (4,630) (4,965) 522 12,182 (2) 12,180 (603) 1,150 (886) 11,841

1Q07 52,453 10,873 4,567 4,025 5,175 0 77,093 (6,729) 70,364 (9,666) (8,942) (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

2Q07 54,368 12,116 4,859 9,723 5,188 86,254 (7,490) 78,764 (15,620) (1,361) (10,309) (5,061) (2,971) 596 (28,177) 1,697 (6,139) (5,285) 88 6,222 (22) 6,200 616 (120) (21) 6,675

3Q07 55,572 12,942 4,385 11,637 8,545 (0) 93,081 (7,986) 85,095 (13,069) (11,983) (13,583) (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)

4Q07 77,001 16,401 5,091 13,333 154 384 112,364 (10,194) 102,170 (17,551) (14,032) (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

1Q08 60,564 11,254 4,764 12,724 33 89,339 (8,447) 80,892 (11,712) (318) (14,678) (6,500) 2,603 (31,428) 15,622 (7,932) (7,584) 623 19,587 19,587 (770) (5,710) (145) 12,962

46,800 53,029 62,516 50,629 45,664

50,547 50,547 46,073 43,704 38,532

44,103 45,464 48,721 41,498 36,214

13,253 48,936 47,418 46,350 40,357

67,213 67,213 69,865 68,621 61,358

50,910 50,910 52,109 57,685 50,101

373,480 m² 214,525 m² 357,671 m² 206,532 m² 357,671 m² 206,532 m²

373,464 m² 238,883 m² 374,618 m² 224,488 m² 374,618 m² 216,662 m²

393,615 m² 255,927 m² 377,217 m² 239,855 m² 377,217 m² 219,001 m²

392,279 m² 252,147 m² 377,588 m² 237,563 m² 377,588 m² 229,738 m²

392,279 m² 257,367 m² 377,884 m² 242,970 m² 377,884 m² 235,133 m²

392,015 m² 257,063 m² 377,981 m² 242,963 m² 377,981 m² 235,126 m²

0 m²

0 m²

0 m²

0 m²

0 m²

0 m²

0 m² 0 m² 0 m²

0 m² 7,826 m² 0 m²

0 m² 7,826 m² 13,028 m²

0 m² 7,826 m² 0 m²

0 m² 7,838 m² 0 m²

0 m² 7,838 m² 0 m²

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

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

39600 2Q08 68,772 21,716 8,717 14,779 0 113,984 (9,878) 104,107 (27,260) (318) (12,895) (6,600) 2,120 (31,477) 9,503 (9,468) (8,248) (54) 19,410 19,410 (723) (5,775) (172) 12,739

3Q08 67,994 18,604 3,606 18,989 2,268 111,461 (10,363) 101,098 (22,287) (318) (11,244) (7,828) (884) (1,640) (31,337) 6,863 (5,117) (7,732) 221 19,796 (65) 19,731 (4,086) (6,359) (201) 9,086

4Q08 97,923 14,521 4,155 21,016 513 (0) 138,129 (12,995) 125,134 (318) (14,300) (8,992) (267) 526 (30,469) 2,311 (8,237) (7,846) 172 35,922

1Q09 79,389 15,389 5,168 17,700 427 118,074 (9,972) 108,102 (18,761) (510) (16,556) (7,160) (233) (6,198) (276) 4,362 (9,745) (9,381) 1,263 44,907

2Q09 81,498 18,107 6,034 23,106 882 89 129,717 (12,348) 117,369 (25,701) (807)

35,922 (7,221) 10,764 (248) 39,217

44,907 (1,286) 784 (227) 44,178

47,827 (2,254) 284 (228) 45,628

59,100 59,100 64,057 58,239 49,991

57,054 57,054 67,911 48,155 40,423

80,163 80,163 95,647 66,768 58,922

59,947 59,947 73,374 53,835 44,178

63,445 63,445 79,930 55,602 45,628

(21,792)

(14,375) (10,299) (481) (3,354) (256) 5,063 (10,707) (9,719) 1,094 47,827

416,416 m² 266,314 m² 393,900 m² 248,827 m² 393,900 m² 248,827 m²

416,928 m² 266,759 m² 402,522 m² 252,350 m² 402,522 m² 252,350 m²

484,373 m² 330,308 m² 460,410 m² 307,759 m² 446,010 m² 293,359 m²

484,894 m² 330,786 m² 484,888 m² 330,778 m² 470,488 m² 316,378 m²

484,873 m² 330,830 m² 484,925 m² 330,858 m² 470,525 m² 316,458 m²

0 m²

0 m²

14,400 m²

14,400 m²

14,400 m²

0 m² 0 m² 0 m²

0 m² 0 m² 0 m²

14,400 m² 0 m² 0 m²

14,400 m² 0 m² 0 m²

14,400 m² 0 m² 0 m²

quarters of the year, for comparison

anuary 29, 2008.

Balance Sheet ASSETS

Mar-06

Jun-06

1Q06

2Q06

Current Assets Cash and cash equivalent Accounts Receivable 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

26,739 38,134 2,491 8,959 21,632 3,218 101,173

232,631 40,421 2,651 6,046 10,786 89 292,624

Non Current Assets Receivables with related Parties Accounts Receivable Loans Receivable and Prepaid Acc. LT Lands and properties hel for sale Sundry loans and advances Legal Deposit Deffered income and social contribution taxes Other Investments Property and equipment Intangible Deffered charges Total Non Current Assets

4,978 990 2,767 2,533 13,852 11,928 502 343,266 580,756 10,245 934,267

1,103 941 3,477 5,471 14,245 6,469 45 176,344 546,760 377,528 1,100,632

1,035,440

1,393,255

Total Assets

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

1Q06

2Q06

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

Non Current Liabilities Loans and financing

38,691

36,990

Stock aquisitions Debt with related Parties Property acquisition obligations

10,295 100 -

5,382 272,295 -

Taxes paid in installments Provision for contingencies Deferred incomes* Total Non Current Liabilities Minority Interest Shareholder's Equity Capital Capital Reserves Income Reserve UTD Income Equity Valuation adjustment Shares in treasure department 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) 155,823 1,072,989

264,419 745,877 (36,629) 973,667 1,425,007

* There was na account was reclassification where Expected income was turned into Deferred Incomes

Sep-06

Dec-06

Mar-07

Jun-07

Sep-07

Dec-07

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

59,841 36,072 2,709 5,026 4,986 108 108,742

10,598 52,593 1,353 3,002 1,209 5,224 369 74,348

11,268 52,000 1,113 5,116 5,846 230 75,574

12,039 45,996 897 41,850 6,837 152 107,771

475,243 58,830 817 3,884 8,210 546,983

416,445 80,220 3,087 11,384 16,840 172 528,148

1,601 941 4,198 4,593 14,276 6,469 45 1,948 557,373 524,123 1,083,444

1,123 7,096 680 26,728 3,564 14,276 7,165 46 41,122 612,394 480,069 14,086 1,147,671

1,145 544 39,152 2,294 14,335 6,971 44 42,471 641,303 463,819 1,147,593

1,192 355 10,995 74,719 3,062 14,222 193,963 44 42,804 644,750 441,349 1,128,903

210 12,088 76,032 2,915 14,404 187,815 840 153,784 711,650 416,904 1,282,338

1,201 16,106 76,810 1,569 166,208 1,431 48,561 916,278 427,793 26,311 1,418,942

1,192,187

1,222,019

1,223,167

1,236,675

1,829,322

1,947,090

3Q06

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

4Q06

1Q07

2Q07

3Q07

4Q07

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

77 50,435

45,991 25,702

46,718 22,068

47,211 (0) 25,644

0 21,137

0 77,510

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

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

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

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

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

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

79

83

906

1,236

1,280

1,317

264,419 745,877 (39,591) 970,706 1,224,309

s turned into Deferred Incomes

264,419 745,877 (31,454) 978,842 1,282,697

264,419 745,877 (21,284) 989,012 1,287,653

264,419 932,425 (14,854) 1,181,990

952,747 932,425 (40,371) 1,844,801

952,747 932,425 (11,086) 1,874,086

1,535,225

2,123,625

2,210,415

Mar-08

Jun-08

Sep-08

Dec-08

Jan-09

$1,000 Jun-09

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

362,596 64,620 28,108 15,444 28,506 664 499,938

263,893 77,441 2,839 16,882 28,506 508 390,069

114,716 75,246 5,470 20,402 28,506 887 245,226

167,585 99,529 18,496 20,198 38,704 344,512

187,213 91,334 16,450 21,090 39,492 965 356,544

1,300 17,806 77,036 1,605 149,094 3,812 11,613 1,087,241 396,639 34,401 1,529,894

1,409 12,177 116,032 1,554 143,057 1,460 20,250 1,213,178 366,636 35,598 1,635,662

1,557 19,872 116,359 4,650 136,698 1,868 18,711 1,373,033 335,866 41,987 1,769,597

1,687 17,762 129,457 10,328 137,263 3,029 22,847 1,573,204 309,890 32,757 2,238,224

1,698 18,037 131,200 19,773 137,259 3,529 17,603 1,630,588 310,529 31,648 2,301,865

132,210 10,968 137,726 3,422 16,053 1,711,326 310,035 30,588 2,371,507

2,029,833

2,025,731

2,014,823

2,582,737

2,658,409

2,733,997

1Q08

2Q08

3Q08

4Q08

1Q09

187,337 88,674 19,831 22,179 39,308 5,161 362,490

1,722 17,457

2T09

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

113,277

106,020

98,367

90,049

81,609

154,985 100,000 72,731

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

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

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

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

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

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 1,886,509

952,747 932,425 17,443 (3,394) 1,899,221

952,747 932,425 27,556 1,912,728

952,747 958,276 22,084 (1,928) 1,931,179

952,747 958,786 22,473 44,180 (4,624) 1,973,562

952,747 959,593 21,673 89,806 (4,624) 2,019,195

2,280,485

2,301,420

2,295,827

2,582,737

2,658,409

2,733,997

1,000

Total Sales (Shopping 100%) Operating Shoppings Portfolio BHShopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi BarraShoppingSul Shopping SantaÚrsula Portfolio Total

1Q06 88,748 51,481 180,263 122,346 88,182 37,632 30,874 69,739 58,410 727,675

2Q06 101,907 58,896 194,858 149,513 103,481 43,502 30,110 80,317 72,343 834,928

Rent Revenue (Base Rent + Overage Rent + Merchandising) Operating Shoppings Portfolio 1Q06 2Q06 Rent Revenue 29,557 47,994 BHShopping 5,950 9,076 RibeirãoShopping 1,612 3,313 BarraShopping 7,170 11,333 MorumbiShopping 4,881 9,331 ParkShopping 2,459 4,199 DiamondMall 1,883 2,323 New York City Center 526 1,116 Shopping AnáliaFranco 2,332 2,361 ParkShoppingBarigüi 2,725 4,922 Pátio Savassi Shopping SantaÚrsula BarraShoppingSul 20 20 Base Rent 24,695 38,730 BHShopping 4,954 7,326 RibeirãoShopping 1,241 2,587 BarraShopping 6,435 9,617 MorumbiShopping 3,817 7,580 ParkShopping 1,928 3,324 DiamondMall 1,694 1,946 New York City Center 410 972 Shopping AnáliaFranco 2,018 1,833 ParkShoppingBarigüi 2,177 3,524 Pátio Savassi Shopping SantaÚrsula BarraShoppingSul 20 20 Overage Rent 955 1,305 BHShopping 123 132 RibeirãoShopping 99 79 BarraShopping 216 207 MorumbiShopping 143 127 ParkShopping 94 148 DiamondMall 49 80 New York City Center 31 11

3Q06 4Q06 104,145 144,591 62,450 83,487 201,381 272,159 142,051 218,814 103,360 143,957 46,789 61,524 29,853 37,222 80,322 110,180 74,962 101,499 845,313 1,173,432

3Q06 44,269 7,848 3,054 10,369 8,635 4,142 2,146 1,095 2,432 4,540 7 37,971 6,776 2,601 9,259 7,307 3,355 1,889 942 2,037 3,799 7 1,393 158 84 201 137 303 95 11

4Q06 66,121 11,315 4,218 15,249 13,466 5,700 4,450 1,363 3,268 7,085 7 57,246 9,899 3,646 13,690 11,710 4,444 4,164 1,171 2,659 5,857 7 2,246 216 135 337 178 482 101 48

Shopping AnáliaFranco 68 ParkShoppingBarigüi 132 Pátio Savassi Shopping SantaÚrsula BarraShoppingSul Merchandising 3,907 * + Increase in Accounts Receivables R$ 5.1M Parking Revenue Operating Shoppings Portfolio BHShopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi Shopping SantaÚrsula BarraShoppingSul Portfolio Total

1Q06 234 611 450 184 211 1,690

63 457 7,960

99 304 4,905

194 555 6,629

2Q06 274 1,029 686 124 249 2,362

3Q06 320 887 666 153 262 2,287

4Q06 426 936 996 356 368 3,082

1Q07 104,442 63,288 200,991 158,471 101,315 46,655 34,153 78,595 76,732 864,642

1Q07 52,453 8,335 3,265 11,817 11,600 4,244 4,585 1,187 2,600 4,813 7 45,393 7,376 2,850 10,495 9,644 3,497 4,102 1,021 2,192 4,209 7 2,412 185 112 453 796 260 212 75

2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 115,314 120,742 158,431 119,872 132,726 137,235 179,402 71,688 73,836 101,202 76,149 84,662 86,871 115,527 213,214 219,210 293,169 224,292 231,668 242,282 323,019 190,460 181,729 251,570 183,552 214,998 216,411 283,649 114,852 118,335 157,705 115,046 124,180 129,997 183,735 51,961 57,011 75,238 59,966 68,916 70,547 88,001 30,526 31,927 38,104 35,691 32,409 33,132 39,875 95,561 92,943 125,801 93,862 105,943 103,858 136,013 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 29,645 18,542 26,294 71,152 971,737 1,029,860 1,377,449 1,045,442 1,169,981 1,203,680 1,650,592

2Q07 54,368 8,690 3,535 11,877 11,555 4,469 4,762 1,186 2,812 5,474 7 45,187 7,249 2,901 10,232 9,706 3,472 4,017 1,048 2,167 4,389 7 2,341 256 132 332 387 315 309 8

3Q07 55,571 8,508 3,520 11,840 11,457 4,433 4,832 1,266 2,830 5,214 1,665 7 46,896 7,301 2,937 10,502 9,701 3,474 4,155 1,077 2,200 4,338 1,205 7 2,438 307 134 339 387 342 325 22

4Q07 77,001 11,217 4,652 15,264 17,420 5,954 6,519 1,427 3,685 7,275 3,580 7 64,128 9,455 3,758 13,559 14,216 4,569 5,652 1,156 2,902 5,991 2,864 7 3,712 397 231 411 679 463 418 109

1Q08 60,564 8,554 3,696 12,435 14,499 4,455 5,097 1,268 2,924 4,851 2,777 7 51,991 7,310 3,091 11,080 12,472 3,608 4,410 1,097 2,390 4,234 2,292 7 2,514 262 182 443 442 285 328 68

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 54,548 7,232 4,607 11,169 12,434 3,790 4,637 1,169 2,478 4,449 2,375 202 7 2,829 296 254 273 582 211 417 40

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 56,478 7,941 4,460 11,579 12,825 3,977 4,923 1,100 2,498 4,287 2,439 443 6 2,718 294 259 279 400 424 349 17

4Q08 97,923 12,841 7,512 17,734 21,600 7,109 7,382 1,563 4,085 7,783 4,387 527 5,400 82,769 10,955 6,232 15,749 17,653 5,713 6,417 1,336 3,331 6,546 3,315 401 5,122 3,294 371 269 324 583 325 320 26

128 191 4,648

188 414 6,840

171 223 188 6,237

257 398 348 9,162

178 132 197 6,059

163 318 270 5 11,395

116 251 317 13 8,798

168 239 462 13 193 11,860

1Q07 308 831 2,255 324 307 4,025

2Q07 1,263 3,070 4,048 711 632 9,723

3Q07 1,333 4,081 3,933 840 838 612 11,637

4Q07 1,566 4,535 4,621 818 951 842 13,333

1Q08 1,568 4,321 3,943 863 1,091 938 12,724

2Q08 1,831 4,412 4,039 1,006 983 1,259 185 1,064 14,779

3Q08 1,921 4,654 5,195 1,038 952 2,108 1,903 1,218 18,989

4Q08 2,324 5,215 5,606 1,176 1,049 2,212 2,064 1,352 19 21,016

$1,000 1Q09 2Q09 133,842 146,076 88,991 95,818 235,403 259,564 204,535 241,384 135,676 151,657 64,670 76,245 33,246 31,288 97,928 114,810 101,228 111,459 52,637 59,241 21,051 19,526 92,006 100,549 1,261,212 1,407,614

1Q09 79,389 10,239 6,216 14,127 16,157 5,515 5,620 1,326 3,128 5,810 3,398 1,009 6,843 69,272 9,058 5,234 12,765 14,151 4,580 4,984 1,081 2,701 4,938 2,906 296 6,578 1,948 168 162 301 282 288 148 79

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 69,916 9,011 5,404 12,355 14,353 4,732 5,415 1,049 2,761 5,133 2,861 264 6,577 2,837 196 194 319 511 325 398 16

64 110 221 5 121 8,169

141 198 397 2 140 8,746

1Q09 2,040 4,065 4,582 1,082 1,073 1,488 2,000 1,326 45 17,700

2Q09 2,155 761 5,897 5,903 1,071 1,244 2,346 1,714 1,196 185 635 23,106

Indicators Financial (MTE %) Gross Revenue Net Revenue Headquarters Rental Revenue Rental Revenue/m² Adjusted EBITDA Adjusted EBITDA/m² Adjusted EBITDA Margin NOI NOI/sq.m NOI Margin Adjusted FFO Adjusted FFO/m² Performance (100%) Total GLA Own GLA Adjusted Total GLA (avg.) Adjusted Own GLA (avg.) Total Sales Total Sales/m² Same Stores Sales/m² Same Stores Rent/m² 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$/m² 21,620 107 R$/m² 47.3% 26,961 133 R$/m² 86.3% 15,457 76 R$/m² 1Q06 368,220 m² 209,376 m² 354,013 m² 202,287 m² 727,675 2,056 R$/m² N/A N/A 15.8% 9.8% 6.0% 1.0% 95.2% 8.2% 0.0%

2Q06 69,562 64,093 17,316 47,994 237 R$/m² 38,866 192 R$/m² 60.6% 41,149 203 R$/m² 81.7% 25,236 125 R$/m² 2Q06 368,432 m² 209,484 m² 353,948 m² 202,241 m² 834,928 2,359 R$/m² N/A N/A 14.9% 8.6% 6.3% 0.8% 96.3% 6.9% 0.0%

3Q06 66,773 61,313 19,199 44,269 219 R$/m² 30,289 150 R$/m² 49.4% 39,006 193 R$/m² 83.8% 28,057 139 R$/m² 3Q06 368,269 m² 209,312 m² 353,959 m² 202,217 m² 845,313 2,388 R$/m² 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$/m² 53,029 257 R$/m² 64.8% 62,516 303 R$/m² 84.1% 50,629 245 R$/m² 4Q06 373,480 m² 214,525 m² 357,671 m² 206,532 m² 1,173,432 3,281 R$/m² N/A N/A 13.2% 8.4% 4.9% 0.5% 97.2% 5.6% 6.2%

1Q07 77,093 70,364 9,666 52,453 242 R$/m² 50,547 233 R$/m² 71.8% 46,073 213 R$/m² 83.7% 43,704 202 R$/m² 1Q07 373,464 m² 238,883 m² 374,618 m² 216,662 m² 864,642 2,308 R$/m² ▲13.8% ▲9.4% 14.1% 9.2% 5.0% 0.8% 97.4% 6.6% 1.0%

2Q07 86,254 78,764 15,620 54,368 248 R$/m² 45,464 208 R$/m² 57.7% 48,721 222 R$/m² 82.5% 41,498 189 R$/m² 2Q07 393,615 m² 255,927 m² 377,217 m² 219,001 m² 971,737 2,576 R$/m² ▲12.2% ▲10.4% 15.9% 10.7% 5.2% 0.8% 97.6% 5.3% 0.5%

3Q07 93,081 85,095 13,069 55,572 242 R$/m² 48,936 213 R$/m² 57.5% 47,418 206 R$/m² 77.7% 46,350 202 R$/m² 3Q07 392,279 m² 252,147 m² 377,588 m² 229,738 m² 1,029,860 2,727 R$/m² ▲14.4% ▲10.6% 13.8% 9.2% 4.7% 1.9% 97.5% 4.5% 0.9%

4Q07 112,364 102,170 17,551 77,001 327 R$/m² 67,213 286 R$/m² 65.8% 69,865 297 R$/m² 83.3% 68,621 292 R$/m² 4Q07 392,279 m² 257,367 m² 377,884 m² 235,133 m² 1,377,449 3,645 R$/m² ▲11.4% ▲9.0% 13.4% 8.0% 5.4% 1.7% 97.0% 4.4% 0.4%

$1,000 1Q08 89,339 80,892 11,712 60,564 258 R$/m² 50,910 217 R$/m² 62.9% 52,109 222 R$/m² 78.0% 57,685 245 R$/m² 1Q08 392,015 m² 257,063 m² 377,981 m² 235,126 m² 1,045,442 2,766 R$/m² ▲14.0% ▲7.7% 13.6% 8.4% 5.2% 1.1% 97.9% 3.2% 1.0%

2Q08 113,984 104,107 27,260 68,772 276 R$/m² 59,100 238 R$/m² 56.8% 64,057 257 R$/m² 83.2% 58,239 234 R$/m² 2Q08 416,416 m² 266,314 m² 393,900 m² 248,827 m² 1,169,981 2,970 R$/m² ▲11.4% ▲9.0% 13.2% 7.8% 5.4% 1.6% 98.2% 3.9% 1.7%

3Q08 111,461 101,098 22,287 67,994 269 R$/m² 57,054 226 R$/m² 56.4% 67,911 269 R$/m² 85.8% 48,155 191 R$/m² 3Q08 416,928 m² 266,759 m² 402,522 m² 252,350 m² 1,203,680 2,990 R$/m² ▲9.9% ▲11.6% 12.2% 7.4% 4.8% 2.2% 98.1% 3.7% 0.5%

4Q08 1Q09 2Q09 138,129 118,074 129,717 125,134 108,102 117,369 21,792 18,761 25,701 97,923 79,389 81,498 334 R$/m² 251 R$/m² 258 R$/m² 80,163 59,947 63,445 273 R$/m² 189 R$/m² 200 R$/m² 64.1% 55.5% 54.1% 95,647 73,374 79,930 326 R$/m² 232 R$/m² 253 R$/m² 87.0% 81.6% 84.8% 66,768 53,835 55,602 228 R$/m² 170 R$/m² 176 R$/m² 4Q08 1Q09 2Q09 484,373 m² 484,894 m² 484,873 m² 330,308 m² 330,786 m² 330,830 m² 446,010 m² 470,488 m² 470,525 m² 293,359 m² 316,378 m² 316,458 m² 1,650,592 1,261,212 1,407,614 3,701 R$/m² 2,681 R$/m² 2,992 R$/m² ▲7.9% ▲5.1% ▲9.8% ▲13.9% ▲13.2% ▲14.0% 12.3% 14.6% 13.6% 8.1% 8.8% 8.1% 4.2% 5.8% 5.5% 1.7% 1.4% 1.0% 98.3% 98.3% 98.7% 3.7% 5.8% 4.5% 0.6% 0.4% 0.4%