1Q11 Earnings

| Net Revenue

Our Net Revenue totaled R$179.1 million in 1Q11, 68.4% up over 1Q10

106,325

179,083

Net Revenues Growth (R$ thousand)

68.4%

13.9%

8.5%

3.9%

1.3%0.9%

56.3%

71.5%

Gross Revenues Breakdown 1Q11

Parking

Services

Key Money

Others

Transfer Fee

Base Rent

Overage Rent

Mall & Merchandising

Base Rent

Rent

2

1Q10 1Q11

6.4%8.8%

Base Rent

Overage Rent

Mall & Merchandising

| NOI

NOI reached R$158.6 million in the quarter, 70.5% u p over 1Q10

158,635

NOI Growth (R$ thousand)

70.5%

88,539

111,552

Same Mall NOI Growth (R$ thousand)

26.0%88.8% 89.5%*

3

Growth in managed malls

(89.2% of our NOI) registered 27.5%

1Q10 1Q11

93,021

158,635

1Q10 1Q11

88,539

•Adjusted by the revenue and cost of the condominium of Center Shopping Uberlândia

| EBITDA and FFO

Adjusted EBITDA increased 58.6%, totaling R$140.6 mill ion

140,602

Adjusted EBITDA Growth (R$ thousand)

58.6%42,052

57,224

Net Income Growth (R$ thousand)

36.1%

1Q10 1Q11

45,055

60,077

FFO Growth (R$ thousand)

4

1Q10 1Q11

88,638

33.3%

1Q10 1Q11

Leisure and satellite stores continue to post SSS g rowth above double digits

| Sales

0.9%

6.7%

11.6%

18.5%

8.7%

Same Store Sales per Segment (1Q11 versus 1Q10)

5

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 2009 1Q10 2Q10 3Q10 4Q10 1Q11

10.7% 10.8%12.7%

8.8%

3.5%6.4%

5.1%

11.0%

7.0%

16.2%13.2%

16.6%

11.8%

8.7%

Same Store Sales Growth (%)

Anchors Megastore Satellites Leisure Average

Consistent growth in occupancy rate and resilient b usiness protected against inflation

| Rent

94.9%96.0%

96.9%97.9%

98.1%

Occupancy Rate (%)

6

1Q07 1Q08 1Q09 1Q10 1Q11

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

8.3%9.5%

12.4%13.4%

12.3% 12.0%

9.9%8.8% 8.6% 8.0%

10.1% 10.1% 9.7%

Same Store Rent Growth (%)

| Leasing Activities

Leasing Spread for Renewals reached its highest his torical level

17.7%13.9% 14.7%

18.3%22.3% 22.5%

27.7% 28.1%

Renewals Leasing Spread (%)

101.5

Average Rent per m² (Current Portfolio versus New Contracts)

22.9%

7

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

8.1%

Current Portfolio Negotiated Contracts

82.6

101.5

| Acquisitions

We concluded in 1Q11 increases in ownership in 3 ma lls, representing a total capex of R$108.7 million and a real and unleveraged average IRR of 1 3.7%.

8,617 9,54911,346

29,512

Owned GLA from Acquisitions in 1Q11 (m²)

8Projected NOI

1Q11Actual NOI 1Q11

62,37879,356

NOI of Acquisitions (R$ thousand)

27.2%

Shopping Crystal

Shopping Piracicaba

Shopping Curitiba

Total

Actual NOI in 1Q11 from acquired malls outperformed the projected NOI by 27.2%.

| Greenfield Projects –Mooca Plaza Shopping

Mooca Plaza Shopping

•opening in the fourth quarter of 2011;

•stabilized NOI of R$33.3 million ;

•approximately 79.7% of the GLA already leased ;

•project on schedule, with approximately 40% of construction carried out ;

•Total GLA (m²): 41,963

•Owned GLA (m²): 25,178

•BRMALLS Stabilized NOI: R$33.3 million

•IRR: 18.3% (real and unleveraged)

9

| Greenfield Projects – Other Developments

Shopping Estação BH

•Total GLA (m²): 36,317

•Owned GLA (m²): 21,790

• % Developed : 37.0%

• Leasing Status : 66.4%

•Opening : 1Q1210.8%

672,116

744,84672,730

Owned GLA Added by Greenfield Projects

São Bernardo

•Total GLA (m²): 42,338

•Owned GLA (m²): 25,403

• % Developed : 17.3%

•Opening : 4Q12

10

Current Owned GLA

Owned GLA -Developments

Total Owned GLA

| Summary of Greenfield and Expansion projects

We expect our projects under development to add 188 .7k m² of total GLA by 2013

20.642.7

131.0

Already Developled 161.2 Pipeline 188.7 15% increase in

Total GLA349.9

Total GLA of Greenfield and Expansions ('000 m²)

11

2008 2009 2010 2011YTD 2011 pipeline 2012 2013 Total

23.528.2

18.8

15.1

5.5

46.3

29.2

41.9

78.0

218.9

R$ 725.00

R$ (2,623.80) R$ (1,898.80)

Cash and Debt Position (R$ million)

| Cash and Debt Position

128.2% vs 4Q10

67.6% vs 4Q10

BRMALLS ended 1Q11 with a cash position of R$725.0 million, a 128.2% increase over 4Q10

59.1% vs 4Q10 861Debt Amortization Schedule (R$ million)

Cash Gross Debt Net Debt

12

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

114 127

237 239 231 231150 151 142

94 76 69

| Capital Markets

•Daily traded volume averaged R$27.9 million in 1Q11

•The number of trades averaged 2,518, an increase of 71.6% compared to 1Q10

•Since the IPO in 2007, BRMALLS share has increased 120.8 %, compared to a 41.8% increase of the Ibovespa index

Stock Performance

Stock split

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30

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40

45

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20

40

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120

140

160

180

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Aug 09 Oct 09 Dec 09 Feb 10 Apr 10 Jun 10 Aug 10 Oct 10 Dec 10 Feb 11

Milli

on

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Trading Volume (30 days) BRML3 Ibovespa

• Last week we added 68k m² of owned GLA through the:

• Opening of Via Brasil Shopping located in Irajá (RJ) o n April 27

• Opening of the expansion of Shopping Tamboré located in Ba rueri (SP) on April 28

• Acquisition of Shopping Paralela located in Salvador ( BA) on April 29

• On April 29 we filed with CVM a public offering in Brazil and a private

| Recent Events

• On April 29 we filed with CVM a public offering in Brazil and a privateplacement elsewhere of common shares of R$598.4 million* (a pproximately$381 million**)

14*Based on closing share price of R$17.60, as of April 27th, 2011.** Based on FX rate of R$1.57 / US$ , as of April 27th, 2011.

Via Brasil Shopping

•Acquisition concluded on May 2010, andinaugurated on April 27, 2011

•The mall opens with 95% of its GLA leased;

•In February 2011 BRMALLS became responsible for leasing, elevating total GLA leased from 82% to 95% in only 2 months

• Total capex of R$102.9 million , fully disbursed in 2010

•stabilized NOI of R$13.9 million to BRMALLS

| Inauguration – Via Brasil Shopping

•stabilized NOI of R$13.9 million to BRMALLS

15

Total GLA: 30,680 m²

Owned GLA: 15,033 m²

Stores: 189

Parking spots: 2,850

BRMALLS Stabilized NOI: R$13.9 milhões

IRR (real and unleveraged): 14.7%

| Inauguration – Shopping Tamboré Expansion

Shopping Tamboré Expansion

• The project was initiated in October 2009 andopened according to schedule on April, 28 th

• stabilized NOI of R$20.4 million ;

• 98.5% of the GLA was leased on the opening date(100% considering signed contracts) , above ourinitial estimate of 94.3%;

• Approximately 80% of the stores were open on theinauguration

• With the expansion, the stabilized NOI should begreater than R$60 million .greater than R$60 million .

16

•Owned GLA: 15,140 m²

•Number of stores expansion: 84

•Parking spots: 832

•Stabilized NOI BRMALLS: R$ 20.4 million

•IRR (real and unleveraged): 16.8%

•Cash on Cash (real and unleveraged): 18.5%

•Total Capex: R$124.0 million

| Subsequent Acquisiton – Shopping Center Paralela

Shopping Center Paralela

• On April 29, 2011 BRMALLS acquired a 95% interest in ShoppingParalela for R$237.5 million, of which 40% were paid upfront and therest in 4 annual installments, additionally R$47.5 million for the parkingoperation

• Opened only two years ago, the mall is still undergoing a consolidationphase due to its recent openning, resulting in a vacancy of 8.5%

•The implementation of BRMALLS management practices shall bringsubstantial improvements related to leasing, tenant mix an dvacancy reduction

•NOI for the next 12 months of R$22.2 million for BRMALLS

•Present value of the acquisition price is equivalent to•Present value of the acquisition price is equivalent toR$5,778.8/m², in line with replacement cost and the average investmentof our greenfields

17

Total GLA: 39,800 m²

Owned GLA: 37,800 m²

Number of stores: 330

Parking spots: 2,400

Total Capex: R$285.0 million

Entry cap rate: 10,1%

IRR (real and unleveraged): 15.4%