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Operating Shoppings Portfolio Mar-06 Jun-06

Total GLA State 1Q06 2Q06


BH Shopping MG 35,450 m 35,450 m
RibeiroShopping SP 39,130 m 39,130 m
BarraShopping RJ 69,138 m 69,355 m
MorumbiShopping SP 49,670 m 49,665 m
ParkShopping DF 39,276 m 39,276 m
DiamondMall MG 20,757 m 20,757 m
New York City Center RJ 22,067 m 22,067 m
ShoppingAnliaFranco SP 39,310 m 39,310 m
ParkShoppingBarigi PR 39,022 m 39,022 m
Ptio Savassi MG 0 m 0 m
ShoppingSantarsula SP 0 m 0 m
BarraShoppingSul RS 14,400 m 14,400 m
ShoppingVilaOlmpia SP 0 m 0 m
ParkShoppingSoCaetano SP
JundiaShopping SP
ParkShoppingCampoGrande RJ
VillageMall RJ
Parque Shopping Macei AL
Total 368,220 m 368,432 m

Multiplan Interest State 1Q06 2Q06


BH Shopping MG 80.0% 80.0%
RibeiroShopping 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%
ShoppingAnliaFranco SP 30.0% 30.0%
ParkShoppingBarigi PR 90.0% 90.0%
Ptio Savassi MG 0.0% 0.0%
ShoppingSantarsula SP 0.0% 0.0%
BarraShoppingSul RS 50.0% 50.0%
ShoppingVilaOlmpia SP 0.0% 0.0%
ParkShoppingSoCaetano SP
JundiaShopping SP
ParkShoppingCampoGrande RJ
VillageMall RJ
Parque Shopping Macei AL
Total 56.9% 56.9%

Owned GLA State 1Q06 2Q06


BH Shopping MG 28,360 m 28,360 m
RibeiroShopping SP 21,979 m 21,979 m
BarraShopping RJ 35,308 m 35,419 m
MorumbiShopping SP 25,683 m 25,680 m
ParkShopping DF 23,559 m 23,559 m
DiamondMall MG 9,341 m 9,341 m
New York City Center RJ 11,034 m 11,034 m
ShoppingAnliaFranco SP 11,793 m 11,793 m
ParkShoppingBarigi PR 35,119 m 35,119 m
Ptio Savassi MG 0 m 0 m
ShoppingSantarsula SP 0 m 0 m
BarraShoppingSul RS 7,200 m 7,200 m
ShoppingVilaOlmpia SP 0 m 0 m
ParkShoppingSoCaetano SP
JundiaShopping SP
ParkShoppingCampoGrande RJ
VillageMall RJ
Parque Shopping Macei AL
Total 209,376 m 209,484 m

Total GLA (avg.) State 1Q06 2Q06


BH Shopping MG 35,450 m 35,450 m
RibeiroShopping SP 39,295 m 39,130 m
BarraShopping RJ 69,138 m 69,280 m
MorumbiShopping SP 49,670 m 49,656 m
ParkShopping DF 39,297 m 39,276 m
DiamondMall MG 20,757 m 20,757 m
New York City Center RJ 22,067 m 22,067 m
ShoppingAnliaFranco SP 39,310 m 39,310 m
ParkShoppingBarigi PR 39,028 m 39,022 m
Ptio Savassi MG 0 m 0 m
ShoppingSantarsula SP 0 m 0 m
BarraShoppingSul RS 0 m 0 m
ShoppingVilaOlmpia SP 0 m 0 m
ParkShoppingSoCaetano SP
JundiaShopping SP
ParkShoppingCampoGrande RJ
VillageMall RJ
Parque Shopping Macei AL
Total 354,013 m 353,948 m

Owned GLA (avg.) State 1Q06 2Q06


BH Shopping MG 28,360 m 28,360 m
RibeiroShopping SP 22,072 m 21,979 m
BarraShopping RJ 35,308 m 35,381 m
MorumbiShopping SP 25,683 m 25,676 m
ParkShopping DF 23,571 m 23,559 m
DiamondMall MG 9,341 m 9,341 m
New York City Center RJ 11,034 m 11,034 m
ShoppingAnliaFranco SP 11,793 m 11,793 m
ParkShoppingBarigi PR 35,125 m 35,119 m
Ptio Savassi MG 0 m 0 m
ShoppingSantarsula SP 0 m 0 m
BarraShoppingSul RS 0 m 0 m
ShoppingVilaOlmpia SP 0 m 0 m
ParkShoppingSoCaetano SP
JundiaShopping SP
ParkShoppingCampoGrande RJ
VillageMall RJ
Parque Shopping Macei AL
Total 202,287 m 202,241 m

Average Occupancy Rate State 1Q06 2Q06


BH Shopping MG 96.5% 95.8%
RibeiroShopping 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%
ShoppingAnliaFranco SP 94.6% 94.6%
ParkShoppingBarigi PR 88.2% 96.1%
Ptio Savassi MG 0.0% 0.0%
ShoppingSantarsula SP 0.0% 0.0%
BarraShoppingSul RS 0.0% 0.0%
ShoppingVilaOlmpia SP 0.0% 0.0%
ParkShoppingSoCaetano SP
JundiaShopping SP
ParkShoppingCampoGrande RJ
VillageMall RJ
Parque Shopping Macei AL
Total 95.2% 96.3%

Operating Office Towers Portfolio Mar-06 Jun-06


Total GLA State 1Q06 2Q06
Morumbi Corporate SP
ParkShopping Corporate DF

Multiplan Interest State 1Q06 2Q06


Morumbi Corporate SP
ParkShopping Corporate DF

Owned GLA State 1Q06 2Q06


Morumbi Corporate SP
ParkShopping Corporate DF

Average Occupancy Rate State 1Q06 2Q06


Morumbi Corporate SP
ParkShopping Corporate DF
Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08
3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08
35,450 m 35,450 m 35,450 m 35,450 m 35,450 m 35,450 m 34,739 m
39,130 m 39,130 m 39,130 m 39,130 m 39,188 m 39,188 m 39,188 m
69,312 m 69,312 m 69,312 m 69,316 m 69,825 m 69,825 m 69,829 m
49,774 m 54,987 m 54,967 m 54,967 m 54,999 m 54,999 m 54,958 m
39,276 m 39,276 m 39,276 m 39,293 m 39,293 m 39,293 m 39,775 m
20,757 m 20,757 m 20,757 m 20,757 m 20,806 m 20,806 m 20,806 m
22,067 m 22,067 m 22,067 m 22,068 m 22,068 m 22,068 m 22,068 m
39,310 m 39,310 m 39,310 m 39,310 m 39,310 m 39,310 m 39,310 m
38,793 m 38,791 m 38,794 m 41,389 m 41,395 m 41,395 m 41,405 m
0 m 0 m 0 m 17,534 m 15,545 m 15,545 m 15,538 m
0 m 0 m 0 m 0 m 0 m 0 m 0 m
14,400 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m
0 m 0 m 0 m 0 m 0 m 0 m 0 m

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

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


80.0% 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 1Q08


28,360 m 28,360 m 28,360 m 28,360 m 28,360 m 28,360 m 27,791 m
21,979 m 21,979 m 29,805 m 29,805 m 29,850 m 29,850 m 29,850 m
35,397 m 35,397 m 35,397 m 35,399 m 35,659 m 35,659 m 35,661 m
25,736 m 30,951 m 30,940 m 30,940 m 30,958 m 36,179 m 36,152 m
23,559 m 23,559 m 23,559 m 23,569 m 23,569 m 23,569 m 23,856 m
9,341 m 9,341 m 18,681 m 18,681 m 18,725 m 18,725 m 18,725 m
11,034 m 11,034 m 11,034 m 11,034 m 11,034 m 11,034 m 11,034 m
11,793 m 11,793 m 11,793 m 11,793 m 11,793 m 11,793 m 11,793 m
34,913 m 34,912 m 34,915 m 37,250 m 34,772 m 34,772 m 34,780 m
0 m 0 m 0 m 14,695 m 13,028 m 13,028 m 13,022 m
0 m 0 m 0 m 0 m 0 m 0 m 0 m
7,200 m 7,200 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m
0 m 0 m 0 m 0 m 0 m 0 m 0 m

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

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


35,450 m 35,450 m 35,450 m 35,450 m 35,450 m 35,450 m 35,219 m
39,130 m 39,130 m 39,130 m 39,130 m 39,130 m 39,188 m 39,188 m
69,326 m 69,312 m 69,312 m 69,313 m 69,653 m 69,826 m 69,829 m
49,697 m 53,578 m 54,979 m 54,967 m 54,988 m 54,999 m 54,985 m
39,276 m 39,276 m 39,276 m 39,288 m 39,293 m 39,295 m 39,453 m
20,757 m 20,757 m 20,757 m 20,757 m 20,757 m 20,806 m 20,806 m
22,067 m 22,067 m 22,067 m 22,068 m 22,068 m 22,068 m 22,248 m
39,310 m 39,310 m 39,310 m 39,310 m 39,310 m 39,310 m 39,310 m
38,945 m 38,791 m 38,792 m 41,389 m 41,393 m 41,397 m 41,404 m
0 m 0 m 15,545 m 15,545 m 15,545 m 15,545 m 15,540 m
0 m 0 m 0 m 0 m 0 m 0 m 0 m
0 m 0 m 0 m 0 m 0 m 0 m 0 m
0 m 0 m 0 m 0 m 0 m 0 m 0 m

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

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


28,360 m 28,360 m 28,360 m 28,360 m 28,360 m 28,360 m 28,175 m
21,979 m 21,979 m 29,805 m 29,805 m 29,805 m 29,850 m 29,850 m
35,404 m 35,397 m 35,397 m 35,398 m 35,571 m 35,660 m 35,661 m
25,697 m 30,158 m 30,946 m 30,940 m 30,952 m 36,179 m 36,170 m
23,559 m 23,559 m 23,559 m 23,566 m 23,569 m 23,570 m 23,662 m
9,341 m 9,341 m 18,681 m 18,681 m 18,681 m 18,725 m 18,725 m
11,034 m 11,034 m 11,034 m 11,034 m 11,034 m 11,034 m 11,124 m
11,793 m 11,793 m 11,793 m 11,793 m 11,793 m 11,793 m 11,793 m
35,051 m 34,912 m 34,913 m 37,250 m 34,770 m 34,774 m 34,779 m
0 m 0 m 0 m 13,028 m 13,028 m 13,028 m 13,023 m
0 m 0 m 0 m 0 m 0 m 0 m 0 m
0 m 0 m 0 m 0 m 0 m 0 m 0 m
0 m 0 m 0 m 0 m 0 m 0 m 0 m

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

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


96.1% 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%

Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08


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-09
2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
35,105 m 35,022 m 36,895 m 36,895 m 36,899 m 36,899 m 36,899 m
39,188 m 39,188 m 46,221 m 46,221 m 46,221 m 46,846 m 46,846 m
69,812 m 69,775 m 69,501 m 69,503 m 69,320 m 69,317 m 69,318 m
54,958 m 54,958 m 54,988 m 54,988 m 54,988 m 54,988 m 55,085 m
39,775 m 39,775 m 43,210 m 43,178 m 43,178 m 43,215 m 51,512 m
20,808 m 20,809 m 20,809 m 21,360 m 21,360 m 21,360 m 21,360 m
22,068 m 22,068 m 22,068 m 22,068 m 22,068 m 22,269 m 22,269 m
39,310 m 39,310 m 39,310 m 39,310 m 39,309 m 50,972 m 50,972 m
41,411 m 41,409 m 42,968 m 42,968 m 42,975 m 42,978 m 42,986 m
15,537 m 16,172 m 16,172 m 16,172 m 16,319 m 16,319 m 16,319 m
24,043 m 24,043 m 24,043 m 24,043 m 24,043 m 24,043 m 24,043 m
14,400 m 14,400 m 68,187 m 68,187 m 68,192 m 68,041 m 68,041 m
0 m 0 m 0 m 0 m 0 m 0 m 28,091 m

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

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


80.0% 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 4Q09


28,084 m 28,018 m 29,516 m 29,516 m 29,519 m 29,519 m 29,519 m
29,850 m 29,850 m 35,207 m 35,207 m 35,207 m 35,682 m 35,682 m
35,652 m 35,633 m 35,494 m 35,495 m 35,401 m 35,400 m 35,400 m
36,142 m 36,142 m 36,161 m 36,161 m 36,161 m 36,161 m 36,225 m
23,808 m 23,808 m 25,526 m 25,507 m 25,510 m 25,528 m 30,717 m
18,728 m 18,728 m 18,728 m 19,224 m 19,224 m 19,224 m 19,224 m
11,034 m 11,034 m 11,034 m 11,034 m 11,034 m 11,135 m 11,135 m
11,793 m 11,793 m 11,793 m 11,793 m 11,793 m 15,292 m 15,292 m
34,785 m 34,783 m 36,093 m 36,093 m 36,099 m 36,101 m 36,108 m
13,021 m 13,553 m 13,553 m 13,553 m 13,677 m 13,198 m 13,198 m
9,016 m 9,016 m 9,016 m 9,016 m 9,016 m 9,016 m 9,016 m
14,400 m 14,400 m 68,187 m 68,187 m 68,192 m 68,041 m 68,041 m
0 m 0 m 0 m 0 m 0 m 0 m 8,427 m

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

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


35,004 m 35,004 m 36,912 m 36,895 m 36,898 m 36,899 m 36,899 m
39,188 m 39,188 m 41,530 m 46,221 m 46,221 m 46,626 m 46,846 m
69,812 m 69,787 m 69,482 m 69,503 m 69,377 m 69,322 m 69,318 m
54,958 m 54,958 m 54,988 m 54,988 m 54,988 m 54,988 m 55,085 m
39,775 m 39,775 m 42,910 m 43,189 m 43,178 m 43,207 m 51,531 m
20,808 m 20,809 m 20,809 m 21,344 m 21,360 m 21,360 m 21,360 m
22,068 m 22,068 m 22,068 m 22,068 m 22,068 m 22,269 m 22,269 m
39,310 m 39,310 m 39,310 m 39,310 m 39,310 m 48,667 m 50,972 m
41,410 m 41,408 m 41,928 m 42,968 m 42,970 m 42,978 m 42,986 m
15,537 m 16,172 m 16,172 m 16,172 m 16,319 m 16,319 m 16,319 m
16,029 m 24,043 m 24,043 m 24,043 m 24,043 m 24,043 m 24,043 m
0 m 0 m 50,258 m 68,187 m 68,192 m 68,089 m 68,041 m
0 m 0 m 0 m 0 m 0 m 0 m 17,736 m

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

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


28,004 m 28,003 m 29,530 m 29,516 m 29,518 m 29,519 m 29,519 m
29,850 m 29,850 m 31,633 m 35,207 m 35,207 m 35,515 m 35,682 m
35,652 m 35,640 m 35,484 m 35,495 m 35,431 m 35,403 m 35,400 m
36,142 m 36,142 m 36,161 m 36,161 m 36,161 m 36,161 m 36,225 m
23,808 m 23,808 m 25,348 m 25,513 m 25,510 m 25,523 m 30,728 m
18,728 m 18,728 m 18,728 m 19,210 m 19,224 m 19,224 m 19,224 m
11,034 m 11,034 m 11,034 m 11,034 m 11,034 m 11,135 m 11,135 m
11,793 m 11,793 m 11,793 m 11,793 m 11,793 m 14,600 m 15,292 m
34,785 m 34,783 m 35,220 m 36,093 m 36,095 m 36,102 m 36,108 m
13,021 m 13,553 m 13,553 m 13,553 m 13,677 m 13,198 m 13,198 m
6,011 m 9,016 m 9,016 m 9,016 m 9,016 m 9,016 m 9,016 m
0 m 0 m 50,258 m 68,187 m 68,192 m 68,089 m 68,041 m
0 m 0 m 0 m 0 m 0 m 0 m 5,321 m

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

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


95.4% 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%

Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09


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-11
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
36,840 m 36,840 m 47,547 m 47,547 m 47,547 m 47,520 m 47,520 m
46,784 m 46,784 m 46,784 m 46,784 m 46,784 m 46,739 m 46,805 m
69,318 m 69,319 m 69,351 m 69,278 m 69,313 m 69,580 m 69,585 m
55,085 m 55,085 m 55,085 m 55,085 m 55,085 m 55,085 m 55,085 m
51,512 m 51,532 m 51,532 m 51,526 m 51,526 m 51,566 m 51,526 m
21,360 m 21,388 m 21,388 m 21,388 m 21,388 m 21,386 m 21,386 m
22,269 m 22,269 m 22,271 m 22,271 m 22,271 m 22,271 m 22,271 m
50,974 m 50,974 m 50,974 m 50,974 m 50,377 m 50,377 m 50,429 m
42,985 m 42,985 m 42,934 m 49,917 m 49,934 m 49,935 m 49,935 m
16,319 m 16,319 m 17,254 m 17,254 m 17,254 m 17,254 m 17,253 m
23,088 m 23,088 m 23,088 m 23,132 m 23,208 m 23,199 m 23,334 m
68,149 m 68,229 m 68,405 m 68,400 m 68,407 m 68,407 m 68,431 m
28,091 m 28,091 m 28,091 m 28,274 m 28,274 m 28,274 m 28,201 m

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

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


80.0% 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%

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


29,472 m 29,472 m 38,038 m 38,038 m 38,038 m 38,016 m 38,016 m
35,635 m 35,635 m 35,635 m 35,649 m 35,649 m 35,601 m 35,651 m
35,400 m 35,401 m 35,418 m 35,401 m 35,419 m 35,534 m 35,537 m
36,225 m 36,225 m 36,225 m 36,246 m 36,246 m 36,225 m 36,225 m
30,717 m 30,729 m 30,729 m 30,709 m 30,709 m 30,749 m 30,726 m
19,224 m 19,250 m 19,250 m 19,249 m 19,249 m 19,247 m 19,247 m
11,135 m 11,135 m 11,136 m 11,136 m 11,136 m 11,136 m 11,135 m
15,292 m 15,292 m 15,292 m 15,292 m 15,113 m 15,113 m 15,129 m
36,107 m 36,107 m 36,065 m 41,930 m 41,945 m 41,945 m 41,945 m
13,198 m 13,198 m 16,646 m 16,650 m 16,650 m 16,646 m 16,645 m
8,658 m 8,658 m 8,658 m 14,458 m 14,505 m 14,499 m 14,584 m
68,149 m 68,229 m 68,405 m 68,400 m 68,407 m 68,407 m 68,431 m
8,427 m 8,427 m 8,427 m 8,482 m 8,482 m 8,482 m 8,460 m

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

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


36,879 m 36,840 m 40,515 m 47,547 m 47,547 m 47,539 m 47,520 m
46,784 m 46,784 m 46,784 m 46,784 m 46,784 m 46,783 m 46,805 m
69,318 m 69,319 m 69,351 m 69,278 m 69,290 m 69,394 m 69,585 m
55,085 m 55,085 m 55,085 m 55,085 m 55,085 m 55,085 m 55,085 m
51,512 m 51,532 m 51,532 m 51,526 m 51,526 m 51,540 m 51,526 m
21,360 m 21,388 m 21,388 m 21,388 m 21,388 m 21,387 m 21,386 m
22,269 m 22,269 m 22,270 m 22,271 m 22,271 m 22,271 m 22,271 m
50,972 m 50,974 m 50,974 m 50,974 m 50,576 m 50,377 m 50,429 m
42,986 m 42,985 m 42,950 m 49,917 m 49,923 m 49,934 m 49,935 m
16,319 m 16,319 m 16,631 m 17,254 m 17,254 m 17,254 m 17,253 m
23,088 m 23,088 m 23,088 m 23,132 m 23,157 m 23,207 m 23,334 m
68,077 m 68,202 m 68,405 m 68,400 m 68,407 m 68,439 m 68,431 m
25,569 m 25,569 m 28,091 m 27,090 m 28,274 m 28,274 m 28,201 m

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

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


29,504 m 29,472 m 32,412 m 38,038 m 38,038 m 38,031 m 38,016 m
35,635 m 35,635 m 35,635 m 35,649 m 35,649 m 35,634 m 35,651 m
35,400 m 35,401 m 35,418 m 35,401 m 35,407 m 35,439 m 35,537 m
36,225 m 36,225 m 36,225 m 36,246 m 36,246 m 36,225 m 36,225 m
30,717 m 30,729 m 30,729 m 30,709 m 30,709 m 30,734 m 30,726 m
19,224 m 19,250 m 19,250 m 19,249 m 19,249 m 19,248 m 19,247 m
11,135 m 11,135 m 11,135 m 11,136 m 11,136 m 11,135 m 11,135 m
15,292 m 15,292 m 15,292 m 15,292 m 15,173 m 15,113 m 15,129 m
36,108 m 36,107 m 36,078 m 41,930 m 41,935 m 41,944 m 41,945 m
13,198 m 13,198 m 16,044 m 16,650 m 16,650 m 16,646 m 16,645 m
8,658 m 8,658 m 8,658 m 14,457 m 14,473 m 14,504 m 14,584 m
68,077 m 68,202 m 68,405 m 68,400 m 68,407 m 68,439 m 68,431 m
7,671 m 7,671 m 8,427 m 8,127 m 8,482 m 8,482 m 8,460 m

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

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


99.1% 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%

Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11


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-13
4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
47,543 m 47,565 m 47,565 m 47,565 m 47,565 m 47,565 m 47,565 m
46,717 m 46,669 m 46,592 m 46,483 m 50,552 m 50,552 m 49,972 m
69,440 m 69,422 m 69,422 m 69,119 m 69,224 m 69,465 m 69,294 m
55,085 m 55,085 m 55,088 m 55,090 m 55,086 m 55,089 m 55,091 m
53,213 m 53,332 m 53,332 m 53,332 m 53,448 m 53,448 m 53,455 m
21,386 m 21,386 m 21,386 m 21,386 m 21,386 m 21,386 m 21,386 m
22,271 m 22,271 m 22,271 m 22,271 m 22,271 m 22,271 m 22,271 m
50,429 m 50,429 m 50,427 m 50,427 m 50,427 m 50,427 m 50,427 m
49,935 m 49,939 m 50,056 m 50,176 m 50,175 m 50,182 m 50,182 m
17,253 m 17,253 m 17,253 m 17,253 m 17,253 m 17,253 m 17,291 m
23,339 m 23,339 m 23,339 m 22,993 m 22,992 m 23,057 m 23,057 m
68,212 m 68,212 m 68,212 m 68,212 m 68,212 m 68,261 m 68,212 m
28,201 m 28,201 m 28,201 m 28,363 m 28,363 m 28,363 m 28,363 m
39,025 m 39,149 m 39,345 m 39,274 m 39,274 m 39,274 m 39,274 m
34,535 m 34,501 m 34,429 m
42,342 m 42,355 m 42,820 m
25,529 m 25,235 m 25,437 m

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

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


80.0% 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 2Q13


38,035 m 38,052 m 38,052 m 38,052 m 38,052 m 38,052 m 38,052 m
35,584 m 35,548 m 35,753 m 35,670 m 38,768 m 38,792 m 38,347 m
35,463 m 35,454 m 35,449 m 35,294 m 35,348 m 35,471 m 35,383 m
36,225 m 36,225 m 36,223 m 36,225 m 36,222 m 36,224 m 36,225 m
31,732 m 31,803 m 31,627 m 31,627 m 31,696 m 32,989 m 32,993 m
19,247 m 19,247 m 19,247 m 19,248 m 19,248 m 19,248 m 19,248 m
11,135 m 11,135 m 11,135 m 11,135 m 11,135 m 11,135 m 11,135 m
15,129 m 15,129 m 15,128 m 15,128 m 15,128 m 15,128 m 15,128 m
41,945 m 41,949 m 42,047 m 42,148 m 42,147 m 42,153 m 42,153 m
16,645 m 16,645 m 16,649 m 16,649 m 16,649 m 16,649 m 16,686 m
14,587 m 14,587 m 14,587 m 14,371 m 14,370 m 14,411 m 14,411 m
68,212 m 68,212 m 68,212 m 68,212 m 68,212 m 68,261 m 68,212 m
8,460 m 16,921 m 16,921 m 17,018 m 17,018 m 17,018 m 17,018 m
39,025 m 39,149 m 39,345 m 39,274 m 39,274 m 39,274 m 39,274 m
34,535 m 34,501 m 34,429 m
38,108 m 38,119 m 38,538 m
25,529 m 25,235 m 25,437 m

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

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


47,542 m 47,576 m 47,571 m 47,569 m 47,568 m 47,565 m 47,565 m
46,775 m 46,685 m 46,649 m 46,614 m 47,260 m 50,552 m 50,341 m
69,488 m 69,437 m 69,429 m 69,354 m 69,368 m 69,500 m 69,309 m
55,085 m 55,085 m 55,086 m 55,087 m 55,085 m 55,088 m 55,091 m
52,629 m 53,332 m 53,332 m 53,332 m 53,289 m 53,448 m 53,455 m
21,413 m 21,386 m 21,386 m 21,386 m 21,386 m 21,386 m 21,386 m
22,271 m 22,271 m 22,271 m 22,271 m 22,271 m 22,271 m 22,271 m
50,429 m 50,429 m 50,428 m 50,437 m 50,434 m 50,427 m 50,427 m
49,935 m 49,939 m 50,008 m 50,064 m 50,092 m 50,178 m 50,182 m
17,253 m 17,253 m 17,253 m 17,253 m 17,253 m 17,253 m 17,266 m
23,339 m 23,339 m 23,338 m 23,223 m 23,165 m 23,014 m 23,057 m
68,212 m 68,212 m 68,212 m 68,212 m 68,221 m 68,229 m 68,319 m
28,201 m 28,201 m 28,249 m 28,287 m 28,306 m 28,363 m 28,363 m
39,020 m 39,093 m 39,139 m 39,192 m 39,212 m 39,274 m 39,274 m
34,535 m 34,570 m 34,477 m
34,297 m 42,665 m 42,820 m
25,529 m 25,239 m 25,654 m

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

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


38,034 m 38,061 m 38,057 m 38,055 m 38,054 m 38,052 m 38,052 m
35,629 m 35,560 m 35,798 m 35,770 m 36,243 m 38,792 m 38,630 m
35,488 m 35,461 m 35,452 m 35,414 m 35,421 m 35,489 m 35,391 m
36,225 m 36,225 m 36,222 m 36,223 m 36,221 m 36,223 m 36,225 m
31,383 m 31,802 m 31,627 m 31,627 m 31,601 m 32,989 m 32,993 m
19,272 m 19,247 m 19,247 m 19,247 m 19,247 m 19,248 m 19,248 m
11,135 m 11,135 m 11,135 m 11,135 m 11,135 m 11,135 m 11,135 m
15,129 m 15,129 m 15,128 m 15,131 m 15,130 m 15,128 m 15,128 m
41,945 m 41,949 m 42,007 m 42,054 m 42,077 m 42,149 m 42,153 m
16,645 m 16,645 m 16,649 m 16,649 m 16,649 m 16,649 m 16,662 m
14,587 m 14,587 m 14,586 m 14,514 m 14,478 m 14,384 m 14,411 m
68,212 m 68,212 m 68,212 m 68,212 m 68,221 m 68,229 m 68,319 m
8,460 m 16,921 m 16,949 m 16,972 m 16,983 m 17,018 m 17,018 m
39,020 m 39,093 m 39,139 m 39,192 m 39,212 m 39,274 m 39,274 m
34,535 m 34,570 m 34,477 m
30,867 m 38,399 m 38,538 m
25,529 m 25,239 m 25,654 m

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

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


99.9% 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%

Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13


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-14 Jun-14 Sep-14 Dec-14 Mar-15
3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
47,684 m 47,161 m 47,021 m 46,999 m 47,092 m 47,092 m 47,106 m
60,384 m 68,656 m 68,656 m 68,656 m 68,656 m 68,656 m 68,658 m
69,280 m 69,329 m 69,272 m 74,738 m 74,741 m 74,738 m 74,738 m
55,145 m 54,978 m 55,512 m 55,512 m 55,512 m 55,512 m 55,512 m
53,458 m 53,458 m 53,521 m 53,521 m 53,522 m 53,524 m 53,524 m
21,442 m 21,386 m 21,386 m 21,386 m 21,386 m 21,386 m 21,386 m
22,271 m 22,271 m 22,271 m 22,271 m 22,271 m 22,271 m 22,271 m
51,043 m 51,005 m 51,005 m 51,005 m 51,005 m 51,005 m 51,750 m
50,182 m 50,300 m 50,390 m 50,676 m 50,674 m 50,674 m 50,650 m
17,291 m 17,287 m 17,398 m 17,398 m 17,398 m 17,774 m 17,999 m
23,057 m 23,057 m 23,057 m 23,057 m 23,057 m 23,057 m 23,057 m
68,500 m 69,117 m 69,048 m 69,058 m 69,058 m 73,107 m 73,126 m
28,363 m 28,371 m 28,371 m 28,370 m 28,382 m 28,369 m 28,369 m
39,274 m 39,274 m 39,274 m 39,274 m 39,274 m 39,274 m 39,274 m
34,430 m 34,542 m 34,430 m 34,425 m 34,293 m 34,385 m 34,385 m
42,821 m 42,819 m 42,819 m 42,819 m 42,819 m 42,819 m 42,819 m
25,985 m 25,977 m 25,685 m 25,685 m 25,685 m 25,685 m 25,686 m
37,580 m 37,580 m 37,578 m 37,618 m 37,540 m 37,540 m
710,610 m 756,567 m 756,696 m 762,428 m 762,443 m 766,869 m 767,849 m

3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15


80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0%
80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0%
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%
61.7% 61.7% 61.7% 61.7% 61.7% 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%
60.0% 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% 100.0% 100.0% 100.0% 100.0%
90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
75.1% 74.0% 73.9% 73.8% 73.8% 73.8% 73.8%

3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15


38,147 m 37,729 m 37,616 m 37,599 m 37,674 m 37,674 m 37,685 m
48,280 m 54,925 m 54,925 m 54,925 m 54,925 m 54,925 m 54,927 m
35,376 m 35,401 m 35,372 m 38,163 m 38,165 m 38,163 m 38,163 m
36,261 m 36,151 m 36,502 m 36,502 m 36,502 m 36,502 m 36,502 m
32,995 m 32,995 m 33,034 m 33,034 m 33,034 m 33,036 m 33,036 m
19,298 m 19,248 m 19,248 m 19,247 m 19,247 m 19,247 m 19,247 m
11,135 m 11,135 m 11,135 m 11,136 m 11,136 m 11,135 m 11,135 m
15,313 m 15,302 m 15,302 m 15,302 m 15,302 m 15,301 m 15,525 m
42,153 m 42,252 m 42,327 m 42,568 m 42,566 m 42,566 m 42,546 m
16,686 m 16,682 m 16,790 m 16,789 m 16,789 m 17,152 m 17,369 m
14,411 m 14,411 m 14,411 m 14,411 m 14,411 m 14,411 m 14,411 m
68,500 m 69,117 m 69,048 m 69,058 m 69,058 m 73,107 m 73,126 m
17,018 m 17,022 m 17,022 m 17,022 m 17,029 m 17,022 m 17,022 m
39,274 m 39,274 m 39,274 m 39,274 m 39,274 m 39,274 m 39,274 m
34,430 m 34,542 m 34,430 m 34,425 m 34,293 m 34,385 m 34,385 m
38,539 m 38,537 m 38,537 m 38,537 m 38,537 m 38,537 m 38,537 m
25,985 m 25,977 m 25,685 m 25,685 m 25,685 m 25,685 m 25,686 m
18,790 m 18,790 m 18,789 m 18,809 m 18,770 m 18,770 m
533,801 m 559,489 m 559,448 m 562,465 m 562,435 m 566,892 m 567,344 m

3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15


47,605 m 46,990 m 47,059 m 46,999 m 47,092 m 47,092 m 47,097 m
57,126 m 63,197 m 68,657 m 68,656 m 68,656 m 68,656 m 68,640 m
69,280 m 69,257 m 69,272 m 71,094 m 74,741 m 74,739 m 74,759 m
55,145 m 54,824 m 55,512 m 55,512 m 55,512 m 55,512 m 55,512 m
53,458 m 53,458 m 53,518 m 53,592 m 53,522 m 53,509 m 53,524 m
21,442 m 21,386 m 21,386 m 21,386 m 21,386 m 21,386 m 21,386 m
22,271 m 22,271 m 22,271 m 22,271 m 22,271 m 22,271 m 22,271 m
50,657 m 51,005 m 51,005 m 51,005 m 51,005 m 51,005 m 51,501 m
50,200 m 50,260 m 50,351 m 50,485 m 50,674 m 50,674 m 50,650 m
17,291 m 17,309 m 17,324 m 17,398 m 17,398 m 17,649 m 17,998 m
23,057 m 23,057 m 23,057 m 23,057 m 23,057 m 23,057 m 23,057 m
68,795 m 68,500 m 69,049 m 69,058 m 69,058 m 70,504 m 73,113 m
28,363 m 28,368 m 28,371 m 28,370 m 28,382 m 28,492 m 28,369 m
39,274 m 39,274 m 39,274 m 39,274 m 39,274 m 39,274 m 39,274 m
34,429 m 34,430 m 34,430 m 34,428 m 34,293 m 34,389 m 34,385 m
42,821 m 42,819 m 42,819 m 42,819 m 42,819 m 42,819 m 42,794 m
26,005 m 25,980 m 25,687 m 25,685 m 25,685 m 25,685 m 25,685 m
25,053 m 37,578 m 37,578 m 37,701 m 37,701 m 37,540 m
707,220 m 737,438 m 756,619 m 758,668 m 762,526 m 764,413 m 767,554 m

3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15


38,084 m 37,592 m 37,647 m 37,599 m 37,674 m 37,674 m 37,678 m
45,676 m 50,558 m 54,925 m 54,925 m 54,925 m 54,925 m 54,912 m
35,376 m 35,364 m 35,372 m 36,302 m 38,165 m 38,164 m 38,174 m
36,261 m 36,050 m 36,502 m 36,502 m 36,502 m 36,502 m 36,502 m
32,995 m 32,995 m 33,032 m 33,078 m 33,034 m 33,026 m 33,036 m
19,298 m 19,248 m 19,248 m 19,248 m 19,247 m 19,247 m 19,247 m
11,135 m 11,135 m 11,135 m 11,135 m 11,136 m 11,135 m 11,135 m
15,197 m 15,302 m 15,302 m 15,302 m 15,302 m 15,301 m 15,450 m
42,168 m 42,219 m 42,295 m 42,407 m 42,566 m 42,566 m 42,546 m
16,686 m 16,703 m 16,718 m 16,790 m 16,789 m 17,031 m 17,368 m
14,411 m 14,411 m 14,411 m 14,411 m 14,411 m 14,411 m 14,411 m
68,795 m 68,500 m 69,049 m 69,058 m 69,058 m 70,504 m 73,113 m
17,018 m 17,021 m 17,022 m 17,022 m 17,029 m 17,095 m 17,022 m
39,274 m 39,274 m 39,274 m 39,274 m 39,274 m 39,274 m 39,274 m
34,429 m 34,430 m 34,430 m 34,428 m 34,293 m 34,389 m 34,385 m
38,539 m 38,537 m 38,537 m 38,537 m 38,537 m 38,537 m 38,515 m
26,005 m 25,980 m 25,687 m 25,685 m 25,685 m 25,685 m 25,685 m
12,527 m 18,789 m 18,789 m 18,851 m 18,850 m 18,770 m
531,346 m 547,843 m 559,375 m 560,492 m 562,477 m 564,318 m 567,221 m

3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15


98.0% 99.2% 99.2% 99.3% 99.7% 99.7% 99.3%
97.2% 98.9% 96.3% 97.1% 98.3% 99.7% 99.3%
99.5% 99.9% 100.0% 99.9% 99.7% 99.7% 99.9%
98.7% 99.9% 99.8% 99.9% 99.9% 99.5% 99.5%
97.7% 98.2% 99.2% 98.9% 99.7% 99.6% 98.8%
98.3% 99.7% 99.1% 100.0% 100.0% 99.9% 99.3%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
99.2% 98.8% 99.9% 99.5% 99.4% 98.8% 98.7%
98.9% 99.8% 99.2% 99.0% 99.4% 100.0% 99.7%
99.1% 98.0% 100.0% 99.8% 99.9% 100.0% 100.0%
95.2% 96.0% 96.6% 94.9% 95.7% 95.7% 95.8%
97.9% 98.3% 98.3% 99.5% 99.4% 99.7% 99.7%
90.4% 95.0% 96.7% 96.7% 96.8% 98.0% 95.6%
98.6% 99.4% 99.2% 98.3% 98.0% 98.9% 99.2%
98.4% 96.6% 95.1% 96.6% 98.3% 98.5% 98.2%
98.7% 97.9% 97.7% 97.9% 97.0% 96.2% 94.0%
99.0% 98.9% 99.7% 99.6% 99.7% 99.7% 99.8%
95.0% 96.0% 95.9% 95.9% 96.2% 94.7%
98.1% 98.6% 98.5% 98.4% 98.8% 99.0% 98.6%

Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15


3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
74,198 m 74,198 m 74,198 m 74,198 m 74,198 m 74,198 m
13,360 m

3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15


100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
50.0%

3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15


74,198 m 74,198 m 74,198 m 74,198 m 74,198 m 74,198 m
6,680 m

3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15


48.0% 48.0% 61.2% 67.0% 67.0% 74.0%
8.0%
Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
47,110 m 47,110 m 47,138 m 47,138 m 47,146 m 47,158 m 47,158 m
68,598 m 68,553 m 68,658 m 68,658 m 68,658 m 68,658 m 68,658 m
74,714 m 74,714 m 74,713 m 74,713 m 78,213 m 78,213 m 78,213 m
56,155 m 56,102 m 56,102 m 56,102 m 56,102 m 56,102 m 56,102 m
53,524 m 53,524 m 53,524 m 53,524 m 53,524 m 53,524 m 53,524 m
21,386 m 21,386 m 21,386 m 21,386 m 21,386 m 21,386 m 21,386 m
22,271 m 22,271 m 22,257 m 22,257 m 22,257 m 22,257 m 22,257 m
51,750 m 51,830 m 51,750 m 51,719 m 51,719 m 51,719 m 51,590 m
50,650 m 50,674 m 51,035 m 51,408 m 52,243 m 52,243 m 52,323 m
17,558 m 19,191 m 19,191 m 19,191 m 19,191 m 19,191 m 19,255 m
23,057 m 23,057 m 23,057 m 23,057 m 23,057 m 23,057 m 23,057 m
73,104 m 73,038 m 73,034 m 73,001 m 73,001 m 73,001 m 73,001 m
28,369 m 28,369 m 28,370 m 28,370 m 28,370 m 28,370 m 28,370 m
39,253 m 39,253 m 39,253 m 39,253 m 39,253 m 39,253 m 39,253 m
34,385 m 34,385 m 34,385 m 34,385 m 34,385 m 34,407 m 34,407 m
42,819 m 42,819 m 42,819 m 42,819 m 42,819 m 43,820 m 43,820 m
25,686 m 25,686 m 25,686 m 25,685 m 25,704 m 25,705 m 25,705 m
37,540 m 37,540 m 37,540 m 37,540 m 37,540 m 37,498 m 37,498 m
767,927 m 769,502 m 769,897 m 770,206 m 774,568 m 775,561 m 775,575 m

2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16


80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0%
80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0%
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% 73.7%
61.7% 61.7% 61.7% 61.7% 61.7% 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%
60.0% 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% 100.0% 100.0% 100.0% 100.0%
90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
73.8% 73.8% 73.8% 73.8% 73.8% 73.8% 75.9%

2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16


37,688 m 37,688 m 37,711 m 37,711 m 37,717 m 37,726 m 37,726 m
54,878 m 54,843 m 54,927 m 54,927 m 54,927 m 54,927 m 54,927 m
38,151 m 38,151 m 38,178 m 38,178 m 39,967 m 39,931 m 51,486 m
36,925 m 36,890 m 36,915 m 36,915 m 36,915 m 36,890 m 41,365 m
33,036 m 33,036 m 33,025 m 33,025 m 33,025 m 32,998 m 32,998 m
19,247 m 19,247 m 19,247 m 19,247 m 19,247 m 19,247 m 19,247 m
11,135 m 11,135 m 11,129 m 11,129 m 11,129 m 11,129 m 11,129 m
15,525 m 15,549 m 15,525 m 15,516 m 15,516 m 15,516 m 15,477 m
42,546 m 42,566 m 42,869 m 43,183 m 43,884 m 43,884 m 43,951 m
16,944 m 18,520 m 18,520 m 18,520 m 18,520 m 18,520 m 18,581 m
14,411 m 14,411 m 14,411 m 14,411 m 14,411 m 14,411 m 14,411 m
73,104 m 73,038 m 73,034 m 73,001 m 73,001 m 73,001 m 73,001 m
17,022 m 17,022 m 17,022 m 17,022 m 17,022 m 17,022 m 17,022 m
39,253 m 39,253 m 39,253 m 39,253 m 39,253 m 39,253 m 39,253 m
34,385 m 34,385 m 34,385 m 34,385 m 34,385 m 34,407 m 34,407 m
38,537 m 38,537 m 38,537 m 38,537 m 38,537 m 39,438 m 39,438 m
25,686 m 25,686 m 25,686 m 25,685 m 25,704 m 25,705 m 25,705 m
18,770 m 18,770 m 18,770 m 18,770 m 18,770 m 18,749 m 18,749 m
567,241 m 568,726 m 569,141 m 569,412 m 571,927 m 572,752 m 588,871 m

2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16


47,107 m 47,110 m 47,138 m 47,138 m 47,141 m 47,154 m 47,158 m
68,598 m 68,658 m 68,611 m 68,658 m 68,658 m 68,658 m 68,658 m
74,714 m 74,714 m 74,713 m 74,713 m 78,216 m 78,213 m 78,213 m
56,154 m 56,102 m 56,102 m 56,102 m 56,102 m 56,102 m 56,102 m
53,524 m 53,524 m 53,524 m 53,524 m 53,524 m 53,524 m 53,501 m
21,386 m 21,386 m 21,386 m 21,386 m 21,386 m 21,386 m 21,386 m
22,271 m 22,271 m 22,257 m 22,257 m 22,257 m 22,257 m 22,257 m
51,391 m 51,725 m 51,750 m 51,719 m 51,719 m 51,719 m 51,676 m
50,650 m 50,578 m 51,784 m 51,408 m 51,687 m 52,243 m 52,270 m
17,546 m 18,040 m 19,191 m 19,191 m 19,191 m 19,255 m 19,213 m
23,057 m 23,057 m 23,057 m 23,079 m 23,224 m 23,057 m 23,057 m
73,104 m 73,060 m 73,034 m 73,012 m 73,001 m 73,001 m 73,001 m
28,369 m 28,369 m 28,370 m 28,370 m 28,370 m 28,370 m 28,388 m
39,253 m 39,266 m 39,253 m 39,253 m 39,253 m 39,253 m 39,253 m
34,385 m 34,385 m 34,385 m 34,385 m 34,385 m 34,407 m 34,407 m
42,819 m 42,819 m 42,819 m 42,819 m 42,819 m 43,486 m 43,820 m
25,686 m 25,686 m 25,628 m 25,710 m 25,731 m 25,704 m 25,705 m
37,540 m 37,540 m 37,540 m 37,540 m 37,540 m 37,498 m 37,498 m
767,554 m 768,290 m 770,542 m 770,264 m 774,202 m 775,286 m 775,560 m

2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16


37,686 m 37,688 m 37,711 m 37,711 m 37,713 m 37,723 m 37,726 m
54,878 m 54,927 m 54,889 m 54,927 m 54,927 m 54,927 m 54,927 m
38,151 m 38,151 m 38,178 m 38,178 m 39,968 m 39,931 m 51,486 m
36,925 m 36,890 m 36,915 m 36,915 m 36,915 m 36,890 m 41,365 m
33,036 m 33,036 m 33,024 m 33,025 m 33,025 m 32,998 m 32,984 m
19,247 m 19,247 m 19,247 m 19,247 m 19,247 m 19,247 m 19,247 m
11,135 m 11,135 m 11,129 m 11,129 m 11,129 m 11,129 m 11,129 m
15,417 m 15,518 m 15,525 m 15,516 m 15,516 m 15,516 m 15,503 m
42,546 m 42,485 m 43,499 m 43,183 m 43,417 m 43,884 m 43,906 m
16,932 m 17,409 m 18,520 m 18,520 m 18,520 m 18,581 m 18,540 m
14,411 m 14,411 m 14,411 m 14,424 m 14,515 m 14,411 m 14,411 m
73,104 m 73,060 m 73,034 m 73,012 m 73,001 m 73,001 m 73,001 m
17,022 m 17,022 m 17,022 m 17,022 m 17,022 m 17,022 m 17,033 m
39,253 m 39,266 m 39,253 m 39,253 m 39,253 m 39,253 m 39,253 m
34,385 m 34,385 m 34,385 m 34,385 m 34,385 m 34,407 m 34,407 m
38,537 m 38,537 m 38,537 m 38,537 m 38,537 m 39,137 m 39,438 m
25,686 m 25,686 m 25,628 m 25,710 m 25,731 m 25,704 m 25,705 m
18,770 m 18,770 m 18,770 m 18,770 m 18,770 m 18,749 m 18,749 m
567,119 m 567,622 m 569,676 m 569,462 m 571,588 m 572,509 m 588,807 m

2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16


99.5% 98.3% 98.1% 97.9% 98.3% 97.9% 98.1%
99.5% 99.5% 98.9% 97.7% 96.2% 96.5% 96.7%
100.0% 99.8% 100.0% 99.9% 99.4% 99.3% 99.5%
99.3% 99.9% 99.4% 99.5% 99.2% 99.8% 99.5%
98.7% 99.0% 99.2% 98.2% 98.2% 97.4% 97.1%
99.8% 99.7% 100.0% 99.5% 99.8% 99.8% 99.5%
100.0% 100.0% 100.0% 100.0% 99.9% 100.0% 100.0%
97.9% 96.3% 97.7% 98.0% 97.9% 98.0% 97.6%
99.8% 99.5% 98.3% 99.9% 97.0% 97.8% 98.9%
97.9% 97.0% 98.4% 98.2% 98.9% 99.4% 99.6%
95.6% 93.0% 92.0% 91.0% 90.5% 90.6% 88.7%
99.7% 99.3% 99.4% 98.5% 98.0% 99.1% 97.9%
94.4% 92.4% 91.8% 93.1% 94.2% 93.2% 92.7%
99.3% 98.3% 97.8% 98.5% 98.7% 99.0% 98.4%
97.8% 97.3% 96.6% 95.8% 96.7% 95.6% 94.9%
94.0% 93.6% 94.5% 95.2% 95.4% 95.1% 95.4%
98.7% 95.8% 95.8% 95.6% 95.4% 96.4% 99.5%
97.3% 99.4% 99.2% 98.0% 98.5% 92.9% 93.1%
98.4% 98.1% 98.0% 97.9% 97.6% 97.4% 97.3%

Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16


2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
74,198 m 74,198 m 74,198 m 74,198 m 74,198 m 74,198 m 74,198 m
13,360 m 13,360 m 13,360 m 13,360 m 13,360 m 13,360 m 13,360 m

2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16


100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%

2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16


74,198 m 74,198 m 74,198 m 74,198 m 74,198 m 74,198 m 74,198 m
6,680 m 6,680 m 6,680 m 6,680 m 6,680 m 6,680 m 6,680 m

2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16


90.0% 90.0% 90.5% 91.5% 91.5% 92.1% 94.9%
20.8% 18.2% 18.8% 18.8% 20.8% 20.8% 22.2%
Profit & Loss 1Q06 2Q06 3Q06
Rental revenue 29,557 47,994 44,269
Services revenue 10,987 13,740 11,657
Key money revenue 2,069 3,402 3,353
Parking revenue 1,690 2,362 2,288
Real estate for sale revenue 5,718 2,062 5,206
Straight-line effect
Other revenues 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 expenses (15,995) (17,316) (19,199)
Share-based compensations - ### -
Non-recurring expenses (4,967) (5,337) (3,548)
Shoppin centers expenses (4,286) (9,207) (7,551)
Office towers for lease expenses
New projects for lease expenses
New projects for sale expenses
Parking - ### -
Cost of properties sold (2,936) (1,366) (2,738)
Equity pickup (575) 1,278 (1,405)
Goodwill 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 and amortization (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)
Income tax and social contribution (5,291) (5,909) (1,816)
Deferred 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 33.8% 39.4% 45.8%
Property EBITDA* 10,801 7,669 27,600
Property EBITDA margin 26.7% 12.3% 48.8%
Consolidated 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 activities (revenues, taxes, costs and expenses) and expenses related to fut

Final Total Mall GLA 368,220 m 368,432 m 368,269 m


Owned Mall GLA 209,376 m 209,484 m 209,312 m
Total Mall GLA (avg.) 354,013 m 353,948 m 353,959 m
Owned Mall GLA (avg.) 202,287 m 202,241 m 202,217 m
Adjusted Total Mall GLA (avg.) 354,013 m 353,948 m 353,959 m
Adjusted Owned Mall GLA (avg.) 202,287 m 202,241 m 202,217 m

BarraShoppingSul (BIG) 0 m 0 m 0 m

Multiplan interest
BarraShoppingSul (BIG) 0 m 0 m 0 m
RibeiroShopping (additional 20%) 0 m 0 m 0 m
Ptio Savassi 0 m 0 m 0 m

Considerations:
In order to calculate the ndex R$/sq.m
1. Do not consider the BIGs GLA
2. Do not consider the additional interest in RibeiroShopping (20%) dec/2006
3. Do not consider Patio Savassi Shopping Center GLA

The full amount of the stock option compensation line for the year 2008 was recorded into 4Q08 figures. The full 20

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

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 impro

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%
47,366 47,893 42,681 9,992 64,541 48,393 57,624
59.6% 73.0% 57.7% 12.9% 63.3% 59.8% 55.4%
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%
and expenses related to future development. Headquarters expenses and stock options as proportional to the shopping centers reve

373,480 m 373,464 m 393,615 m 392,279 m 392,279 m 392,015 m 416,416 m


214,525 m 238,883 m 255,927 m 252,147 m 257,369 m 257,063 m 266,314 m
357,671 m 374,618 m 377,217 m 377,588 m 377,884 m 377,981 m 393,900 m
206,532 m 224,488 m 239,855 m 237,563 m 242,972 m 242,963 m 248,827 m
357,671 m 374,618 m 377,217 m 377,588 m 377,884 m 377,981 m 393,900 m
206,532 m 216,662 m 219,001 m 229,738 m 235,135 m 235,126 m 248,827 m

0 m 0 m 0 m 0 m 0 m 0 m 0 m

0 m 0 m 0 m 0 m 0 m 0 m 0 m
0 m 7,826 m 7,826 m 7,826 m 7,838 m 7,838 m
0 m 0 m 13,028 m 0 m 0 m 0 m

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

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

educting transfers, to improve the accounting practices and converging with market standards.
3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10
67,994 97,923 79,389 81,499 81,759 117,533 90,020
18,604 14,521 15,389 18,108 22,005 17,870 14,709
3,606 4,155 5,168 6,034 8,108 7,680 11,179
18,989 21,016 10,540 12,807 13,860 17,752 15,995
2,268 513 426 882 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%
60,216 83,835 66,346 69,094 97,109 110,407 94,044
60.8% 67.2% 66.0% 65.0% 85.5% 72.8% 73.4%
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%
onal to the shopping centers revenues as a percentage of gross revenue.

416,928 m 484,373 m 484,894 m 484,873 m 497,248 m 533,741 m 532,773 m


266,759 m 330,308 m 330,786 m 330,833 m 334,298 m 347,985 m 347,640 m
402,522 m 460,410 m 484,888 m 484,925 m 494,769 m 523,405 m 530,218 m
252,350 m 307,759 m 330,778 m 330,858 m 333,486 m 344,890 m 346,843 m
402,522 m 446,010 m 470,488 m 470,525 m 480,369 m 509,005 m 515,818 m
252,350 m 293,359 m 316,378 m 316,458 m 319,086 m 330,490 m 332,443 m

0 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m

0 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m

he year, for comparison


2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
94,254 93,765 138,075 105,476 108,425 111,301 161,053
21,077 18,347 18,793 19,068 21,344 23,644 18,268
6,350 8,384 9,328 9,162 10,045 9,802 10,123
15,505 16,825 21,179 18,553 19,046 19,775 24,687
12,240 13,719 26,453 13,592 8,468 10,515 16,819
6,412 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 1,020 441
80,894 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%
91,341 82,269 114,672 110,292 113,708 120,054 143,347
69.2% 61.4% 74.4% 75.8% 75.3% 76.9% 80.2%
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%

532,902 m 544,703 m 551,830 m 551,368 m 551,592 m 551,759 m 592,048 m


347,757 m 359,921 m 371,640 m 371,548 m 371,601 m 371,730 m 411,423 m
530,353 m 537,063 m 550,645 m 551,481 m 551,482 m 551,759 m 591,592 m
346,974 m 353,708 m 371,285 m 371,555 m 371,576 m 371,730 m 411,163 m
515,953 m 522,663 m 536,245 m 537,081 m 537,082 m 537,359 m 577,192 m
332,574 m 339,308 m 356,885 m 357,155 m 357,176 m 357,330 m 396,763 m

14,400 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m

14,400 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m


1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
121,975 126,883 124,240 188,846 154,436 153,123
20,447 26,592 22,920 28,417 24,827 27,234
8,907 9,540 8,773 10,624 12,802 14,164
22,418 25,213 25,580 32,137 30,196 30,902
166,054 15,583 35,521 10,311 14,111 26,612
6,114 6,699 6,119 (4,247) 9,546 9,027
111 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 2,179
166,347 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%
136,247 135,788 135,182 184,521 166,904 150,115
81.0% 76.4% 78.3% 79.5% 79.2% 70.3%
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 m 592,489 m 591,945 m 698,634 m 698,685 m 698,528 m


420,054 m 420,377 m 420,051 m 521,439 m 522,661 m 522,671 m
592,236 m 592,351 m 592,281 m 687,271 m 699,022 m 699,257 m
420,026 m 420,209 m 420,197 m 511,607 m 522,967 m 523,308 m
577,836 m 577,951 m 577,881 m 672,871 m 684,622 m 684,857 m
405,626 m 405,809 m 405,797 m 497,207 m 508,567 m 508,908 m

14,400 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m

14,400 m 14,400 m 14,400 m 14,400 m 14,400 m 14,400 m


3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
154,802 216,686 167,921 186,249 184,446 262,723 194,216
26,001 27,085 32,187 27,548 30,025 29,309 27,617
12,960 12,935 10,256 9,495 9,771 7,313 7,895
32,530 37,977 35,416 38,633 37,872 45,649 42,492
30,946 25,461 25,853 28,543 30,414 32,508 11,286
12,042 (25,435) 11,411 6,599 13,734 (22,517) 8,690
1,472 333 907 1,201 1,011 491 764
270,753 295,042 283,952 298,268 307,274 355,476 292,961
(22,103) (26,447) (26,703) (25,794) (29,117) (32,978) (28,259)
248,650 268,595 257,249 272,474 278,158 322,497 264,702
(27,842) (28,200) (24,495) (31,587) (29,534) (31,335) (25,664)
(3,062) (3,209) (3,085) (3,540) (4,045) (4,008) (3,930)
- - - - - - -
(26,849) (38,443) (25,544) (24,841) (26,905) (29,267) (22,958)
(3,430) (2,540) (3,754) (5,712) (3,230)
(3,900) (13,726) (6,334) (2,493) (2,372) (1,950) (1,754)
(3,255) (3,767) (3,713) (2,288) (1,983) (823) (652)
- - - - - - -
(19,672) (16,213) (15,459) (17,919) (17,875) (20,110) (8,334)
483 (331) 11,009 406 (716) (241) 1
- - - - - - -
13,789 12,770 9,527 9,451 8,174 13,518 11,211
(32,667) (48,495) (49,495) (48,781) (50,555) (56,812) (56,161)
- - - - - - -
(31,365) (36,164) (39,292) (40,059) (41,996) (40,218) (39,196)
(935) (25,869) 10,364 (622) (4,680) (5,237) (4,482)
113,375 66,948 117,300 107,662 101,916 140,304 109,555
- - - - - - -
113,375 66,948 117,300 107,662 101,916 140,304 109,555
(18,687) (14,369) (28,021) (3,794) (26,749) (17,308) (34,037)
(8,010) 4,583 (6,974) (10,470) (6,995) 1,175 (5,906)
(9) (14) (20) (23) 25 33 (18)
86,669 57,148 82,286 93,375 68,198 124,204 69,593

86,669 57,148 82,286 93,375 68,198 124,204 69,593


34.9% 21.3% 32.0% 34.3% 24.5% 38.5% 26.3%
94,679 52,565 89,259 103,845 75,193 123,030 75,499
38.1% 19.6% 34.7% 38.1% 27.0% 38.1% 28.5%
126,044 88,729 128,551 143,904 117,189 163,247 114,695
50.7% 33.0% 50.0% 52.8% 42.1% 50.6% 43.3%
165,074 152,406 190,148 186,632 185,030 220,679 195,382
75.0% 62.1% 81.3% 75.7% 73.8% 75.3% 76.8%
163,618 138,837 196,560 187,050 186,293 223,815 193,700
65.8% 51.7% 76.4% 68.6% 67.0% 69.4% 73.2%
163,618 138,837 196,560 187,050 186,293 223,815 193,700
65.8% 51.7% 76.4% 68.6% 67.0% 69.4% 73.2%
185,485 203,720 196,031 213,596 215,164 258,189 227,106
87.4% 84.1% 87.1% 88.6% 87.5% 88.1% 89.7%
172,525 190,785 185,774 204,101 205,393 250,876 219,211
86.5% 83.2% 86.5% 88.2% 87.0% 87.8% 89.3%

710,610 m 756,567 m 756,696 m 762,428 m 762,443 m 766,869 m 767,849 m


533,801 m 559,489 m 559,448 m 562,465 m 562,435 m 566,892 m 567,344 m
707,220 m 737,438 m 756,619 m 758,668 m 762,526 m 764,413 m 767,554 m
531,346 m 547,843 m 559,375 m 560,492 m 562,477 m 564,318 m 567,221 m
692,820 m 723,038 m 742,219 m 744,268 m 748,126 m 748,761 m 749,396 m
516,946 m 533,443 m 544,975 m 546,092 m 548,077 m 548,665 m 549,063 m

14,400 m 14,400 m 14,400 m 14,400 m 14,400 m 15,653 m 18,158 m

14,400 m 14,400 m 14,400 m 14,400 m 14,400 m 15,653 m 18,158 m


2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
201,142 199,761 266,527 207,233 210,919 213,721
25,714 29,327 27,777 37,103 31,511 27,209
5,880 6,873 4,266 3,518 3,355 2,767
43,175 41,400 49,690 46,474 45,828 44,509
1,655 4,452 1,467 3,930 1,648 -
8,551 7,533 (16,858) 9,663 6,095 10,628
882 2,345 718 1,328 2,468 1,361
287,000 291,691 333,586 309,248 301,824 300,197
(28,530) (29,018) (34,005) (30,424) (32,034) (30,124)
258,470 262,673 299,581 278,824 269,790 270,072
(32,838) (32,640) (33,422) (31,900) (37,026) (32,735)
(3,022) (2,861) (2,982) (5,314) (6,427) (7,143)
- - - - - -
(22,047) (28,393) (27,654) (32,108) (32,317) (37,420)
(3,556) (1,263) (2,401) (1,943) (1,838) (1,692)
(5,402) (4,747) (2,894) (1,493) (1,710) (2,298)
(1,295) (1,230) (1,028) (871) (328) (733)
- - - - - -
(4,190) (4,332) (2,098) (2,148) (2,984) (2,920)
20 4 (27) 7 (6) 25
- - - - - -
14,976 11,948 18,118 21,160 23,946 20,890
(57,993) (63,473) (65,766) (70,327) (70,788) (74,351)
- - - - - -
(39,294) (39,650) (39,505) (39,550) (39,758) (38,682)
(123) (5,030) 184 (4,257) 8,172 (727)
103,706 91,006 140,106 110,082 108,726 92,286
- - - - - -
103,706 91,006 140,106 110,082 108,726 92,286
(4,664) (28,437) (4,416) (34,975) (7,988) (34,984)
(2,803) (4,139) 1,989 (4,976) (2,026) 768
94 127 24 (51) (40) (40)
96,333 58,556 137,703 70,079 98,672 58,030

96,333 58,556 137,703 70,079 98,672 58,030


37.3% 22.3% 46.0% 25.1% 36.6% 21.5%
99,136 62,695 135,714 75,055 100,698 57,262
38.4% 23.9% 45.3% 26.9% 37.3% 21.2%
138,431 102,345 175,219 114,605 140,456 95,944
53.6% 39.0% 58.5% 41.1% 52.1% 35.5%
195,600 189,018 232,149 200,232 199,118 190,355
76.1% 73.1% 77.8% 72.7% 74.2% 70.5%
186,018 182,179 227,259 198,799 195,326 184,430
72.0% 69.4% 75.9% 71.3% 72.4% 68.3%
186,018 182,179 227,259 198,799 195,326 184,430
72.0% 69.4% 75.9% 71.3% 72.4% 68.3%
233,145 225,911 273,569 232,837 232,042 232,515
90.1% 88.4% 90.1% 87.2% 87.2% 85.6%
227,265 219,038 269,303 229,319 228,687 229,748
89.9% 88.1% 90.0% 87.1% 87.0% 85.5%

767,927 m 769,502 m 769,897 m 770,206 m 774,568 m 775,561 m


567,241 m 568,726 m 569,141 m 569,412 m 571,927 m 572,752 m
767,554 m 768,290 m 770,542 m 770,264 m 774,202 m 775,286 m
567,119 m 567,622 m 569,676 m 569,462 m 571,588 m 572,509 m
749,396 m 750,132 m 752,384 m 752,106 m 756,044 m 757,128 m
548,961 m 549,464 m 551,518 m 551,304 m 553,430 m 554,351 m

18,158 m 18,158 m 18,158 m 18,158 m 18,158 m 18,158 m

18,158 m 18,158 m 18,158 m 18,158 m 18,158 m 18,158 m


4Q16
297,585
24,092
4,293
53,930
(6,303)
(29,875)
2,541
346,263
(35,196)
311,067
(34,643)
5,299
-
(42,465)
(2,361)
(5,646)
(694)
-
10,097
(128)
-
15,890
(80,760)
-
(42,397)
(748)
132,510
-
132,510
(41,970)
(5,651)
271
85,160

85,160
27.4%
90,811
29.2%
133,208
42.8%
241,277
76.2%
239,777
77.1%
239,777
77.1%
281,108
86.2%
276,815
86.1%

775,575 m
588,871 m
775,560 m
588,807 m
757,402 m
570,649 m

18,158 m

18,158 m
Balance Sheet Mar-06 Jun-06

ASSETS

Current Assets
Cash and cash equivalents 26,739 232,631
Accounts receivable 38,134 40,421
Lands and properties for sale - -
Loans receivable and prepaid Acc. ST 2,491 2,651
Sundry loans and advances - -
Related parties 8,959 6,046
Recoverable taxes and contributions 21,632 10,786
Deferred income and social contribution taxes - -
Sundry advances - -
Deferred costs - -
Other 3,218 89
Total Current Assets 101,173 292,624

Non-current Assets
Related parties 4,978 1,103
Accounts receivable - -
Loans receivable and prepaid Acc. LT 990 941
Lands and properties for sale 2,767 3,477
Sundry loans and advances 2,533 5,471
Judicial deposits 13,852 14,245
Deferred income and social contribution taxes 11,928 6,469
Deferred costs - -
Other 502 45
Investments 343,266 176,344
Investment properties
Property, plant and equipment 580,756 546,760
Intangible - -
Deferred charges 10,245 377,528
Total Non-current Assets 971,817 1,132,383

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

LIABILITIES

Current Liabilities
Loans and financing 632,406 14,075
Stock acquisitions 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
Interest on shareholders' equity 3,499 2,166
Deferred income - -
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 Liabilities
Loans and financing 38,691 36,990
Debentures
Stock acquisitions 10,295 5,382
Debt with related parties 100 272,295
Deferred 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 - -
Phantom Stock Options - -
Total Non-current Liabilities 127,985 390,189

Minority Interest 87,791 503

Shareholder's Equity
Capital 160,296 264,419
Capital reserves - 745,877
Profit reserve - -
Retained earnings (4,472) (36,629)
Addionatal dividends proposed
Effects on capital transactions - -
Share issuance costs - -
Equity valuation adjustment - -
Shares in treasury - -
Minority interest
Total 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


Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10

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


Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13

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


Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15

253,759 195,027 213,032 338,322 412,875 275,805


240,765 263,093 277,998 350,423 321,297 319,007
163,638 166,529 157,647 156,420 158,462 73,982
- - - - - -
- - - - - -
2,640 2,722 2,538 2,486 2,139 2,288
14,206 2,688 3,356 2,661 3,175 7,769
- - - - - -
- - 33,571 20,945 1,516 1,586
- - - - - -
64,649 76,320 28,010 18,660 28,429 27,454
739,657 706,379 716,152 889,917 927,894 707,892

12,965 12,692 12,570 12,422 10,527 11,561


54,204 53,047 51,982 51,543 51,664 51,562
- - - - -
350,506 361,603 365,193 193,784 197,450 223,245
- - - - - -
27,866 22,604 22,640 14,000 13,962 14,498
11085 15,443 16,768 18,453 18,533 19,709
- - - - - -
9,103 18,917 19,552 19,992 20,241 16,488
15,157 15,564 9,067 6,670 6,671 6,692
4,851,454 4,890,233 4,914,089 5,128,894 5,122,282 5,315,879
35,202 34,005 32,971 32,476 31,999 32,749
344,756 346,765 348,216 349,532 349,990 349,487
- - - - -
5,712,298 5,770,873 5,793,048 5,827,764 5,823,320 6,041,870

6,451,955 6,477,252 6,509,200 6,717,681 6,751,214 6,749,761

202,499 200,389 207,097 206,481 211,505 213,864


- - - - - -
95,453 70,144 77,125 90,113 90,785 70,815
41,137 40,733 38,014 32,378 26,586 56,749
47,457 20,620 38,612 45,228 50,233 34,209
- - - - - -
- 59,971 59,971 73,059 73,059 77,583
40,728 37,661 37,480 33,673 18,555 22,811
- - - - -
2,377 10,724 152,291 9,735 21,851 10,880
- - - - -
1,989 9,723 2,014 5,614 7,054 6,691
431,639 449,965 612,605 496,281 499,628 493,602
1,574,240 1,543,005 1,494,713 1,550,173 1,500,968 1,467,850
300,000 300,000 150,000 398,223 398,223 398,223
- - - - -
- - - - -
137,115 150,647 158,406 159,699 165,686 169,664
38,054 30,004 21,410 17,530 13,542 57,158
- - - - -
24,075 21,382 21,921 15,942 10,974 9,683
48,010 37,635 13,948 10,175 4,825 (769)
557 476 372 5 5 -
- - - - - -
2,122,051 2,083,148 1,860,770 2,151,746 2,094,223 2,101,809

- - - - - -

2,388,062 2,388,062 2,388,062 2,388,062 2,388,062 2,388,062


967,039 965,144 962,077 966,085 966,449 967,597
719,226 719,222 719,224 932,423 932,423 912,529
81,154 105,660 170,599 - 71,969 78,068
- - - - - -
(89,996) (89,996) (89,996) (89,996) (89,996) (89,996)
(38,628) (38,628) (38,771) (38,993) (38,994) (38,993)
- - - - - -
(128,796) (106,867) (77,998) (90,704) (75,347) (67,704)
203 1,542 2,628 2,777 2,795 4,787
3,898,264 3,944,139 4,035,825 4,069,654 4,157,362 4,154,350

6,451,955 6,477,252 6,509,200 6,717,681 6,751,214 6,749,761


R$ 1,000
Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16

263,402 382,106 464,142 334,482 679,771 479,726


236,123 273,071 237,763 258,318 259,738 302,177
75,879 72,527 71,330 71,945 69,815 47,222
- ### - ### - ###
- ### - ### - ###
2,563 3,873 4,323 4,352 6,636 6,169
2,609 10,149 4,392 35,414 7,969 6,560
- ### - ### - ###
- 8,068 2,631 3,710 5,006 19,699
- 30,790 30,922 33,315 33,013 33,830
27,305 21,967 32,166 25,493 21,531 20,697
607,881 802,550 847,669 767,029 1,083,479 916,078

11,423 12,657 12,164 11,702 11,329 10,806


138,581 135,423 136,987 129,576 120,547 114,982
- ### - ### - ###
228,241 212,160 215,976 230,364 234,031 247,120
- ### - ### - ###
14,696 13,151 14,319 15,154 17,681 18,395
19,851 18,443 17,557 17,342 16,681 16,519
- 77,700 89,746 84,121 82,804 77,084
16,773 21,415 19,929 19,445 20,631 19,908
2,825 2,797 2,828 2,822 2,848 2,720
5,331,638 5,385,981 5,405,611 5,432,499 5,531,197 6,201,957
31,975 30,841 29,872 28,431 30,190 30,453
349,855 351,419 351,090 350,353 349,424 348,591
- ### - ### - ###
6,145,858 6,261,986 6,296,079 6,321,807 6,417,362 7,088,535

6,753,740 7,064,536 7,143,747 7,088,837 7,500,842 8,004,614

313,563 168,631 173,803 162,482 171,360 373,598


- ### - ### - ###
78,896 88,585 95,851 81,267 89,293 148,268
51,415 52,950 52,161 34,943 32,010 28,866
38,846 46,589 28,766 35,837 29,120 39,092
- ### - ### - ###
77,583 115,783 115,783 81,341 81,341 81,341
23,940 52,283 51,130 40,171 39,045 33,395
- ### - ### - ###
25,919 12,031 26,321 11,794 27,027 11,977
- ### - ### - ###
5,825 7,497 6,998 7,941 5,767 6,091
615,986 544,350 550,813 455,776 474,964 722,629
1,326,761 1,636,071 1,633,086 1,652,166 1,965,944 1,849,887
398,223 398,223 398,223 398,223 398,220 688,638
- ### - ### - ###
- ### - ### - ###
173,818 170,548 174,639 176,450 175,020 180,510
48,583 40,027 31,200 23,859 17,907 11,954
- ### - ### - ###
10,234 9,912 14,643 15,708 15,081 13,831
(2,317) 77,407 71,935 75,850 70,524 73,528
224 597 3,481 8,299 - ###
- ### - ### 14,357 7,277
1,955,526 2,332,785 2,327,207 2,350,554 2,657,055 2,825,625

- - - - - -

2,388,062 2,388,062 2,388,062 2,388,062 2,388,062 2,388,062


970,236 972,873 975,134 978,000 982,078 983,540
912,529 1,053,637 1,053,637 1,053,637 1,053,637 1,270,179
138,554 - 69,658 72,906 130,979 -
### - ### - ### -
(89,996) (89,996) (89,996) (89,996) (89,996) (89,996)
(39,003) (39,003) (39,003) (39,004) (39,004) (39,004)
- ### - ### - ###
(104,314) (104,314) (97,996) (87,370) (63,245) (62,611)
6,159 6,142 6,231 6,271 6,312 6,190
4,182,227 4,187,401 4,265,727 4,282,506 4,368,823 4,456,360

6,753,740 7,064,536 7,143,747 7,088,837 7,500,842 8,004,614


1,000

Total Sales (Shopping 100%)


Operating Shoppings Portfolio 1Q06 2Q06 3Q06 4Q06
BH Shopping 88,748 101,907 104,145 144,591
RibeiroShopping 51,481 58,896 62,450 83,487
BarraShopping 180,263 194,858 201,381 272,159
MorumbiShopping 122,346 149,513 142,051 218,814
ParkShopping 88,182 103,481 103,360 143,957
DiamondMall 37,632 43,502 46,789 61,524
New York City Center 30,874 30,110 29,853 37,222
ShoppingAnliaFranco 69,739 80,317 80,322 110,180
ParkShoppingBarigi 58,410 72,343 74,962 101,499
Ptio Savassi - - - -
ShoppingSantarsula - - - -
BarraShoppingSul - - - -
ShoppingVilaOlmpia - - - -
ParkShoppingSoCaetano - - - -
JundiaShopping - - - -
ParkShoppingCampoGrande - - - -
VillageMall - - - -
Parque Shopping Macei - - - -
Total 727,675 834,928 845,313 1,173,432

Rental Revenue (Base Rent + Overage Rent + Merchandising) - Does not include Straight-line Effect
Operating Shoppings Portfolio 1Q06 2Q06 3Q06 4Q06
Rental Revenue 29,557 47,994 44,269 66,121

Parking Revenue
Operating Shoppings Portfolio 1Q06 2Q06 3Q06 4Q06
BH Shopping 234 274 320 426
RibeiroShopping - - - -
BarraShopping 611 1,029 887 936
MorumbiShopping 450 686 666 996
ParkShopping - - - -
DiamondMall 184 124 153 356
New York City Center 211 249 262 368
ShoppingAnliaFranco - - - -
ParkShoppingBarigi - - - -
Ptio Savassi - - - -
ShoppingSantarsula - - - -
BarraShoppingSul - - - -
ShoppingVilaOlmpia - - - -
ParkShoppingSoCaetano - - - -
JundiaShopping - - - -
ParkShoppingCampoGrande - - - -
VillageMall - - - -
Parque Shopping Macei - - - -
Morumbi Corporate - - - -
Portfolio Total 1,690 2,362 2,287 3,082
Parking 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 4Q08
104,442 115,314 120,742 158,431 119,872 132,726 137,235 179,402
63,288 71,688 73,836 101,202 76,149 84,662 86,871 115,527
200,991 213,214 219,210 293,169 224,292 231,668 242,282 323,019
158,471 190,460 181,729 251,570 183,552 214,998 216,411 283,649
101,315 114,852 118,335 157,705 115,046 124,180 129,997 183,735
46,655 51,961 57,011 75,238 59,966 68,916 70,547 88,001
34,153 30,526 31,927 38,104 35,691 32,409 33,132 39,875
78,595 95,561 92,943 125,801 93,862 105,943 103,858 136,013
76,732 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

t include Straight-line Effect


1Q07 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 4Q08


308 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 1,176
307 632 838 951 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 4Q10
133,842 146,076 148,605 206,681 156,877 166,844 168,976 273,554
88,991 95,818 93,305 134,032 103,379 110,145 112,293 151,630
235,403 259,564 280,378 372,359 288,129 308,648 319,099 434,730
204,535 241,384 231,348 325,821 239,220 275,052 266,599 368,055
135,676 151,657 149,990 220,702 173,024 172,797 181,973 247,583
64,670 76,245 77,816 113,241 93,355 103,431 105,399 129,343
33,246 31,288 33,050 41,955 46,219 40,481 40,983 50,829
97,928 114,810 121,863 189,277 142,517 158,804 157,381 229,041
101,228 111,459 104,175 148,529 113,556 122,748 119,291 185,508
52,637 59,241 60,264 81,432 60,256 66,582 68,787 88,330
21,051 19,526 18,068 25,177 20,579 24,991 28,066 36,158
92,006 100,549 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 1,714,591 1,744,895 2,430,844

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


79,390 81,498 81,759 123,533 99,051 100,081 102,084 119,416

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


2,040 2,155 2,090 2,615 1,118 1,118 1,166 1,613
- 761 1,509 2,015 769 801 844 1,040
4,065 5,897 5,333 5,923 1,968 1,984 2,101 2,672
4,582 5,903 5,770 6,718 2,557 2,588 2,804 3,430
- - - 1,770 800 605 726 1,020
1,082 1,071 1,191 1,486 1,214 1,211 1,243 1,369
1,073 1,244 1,102 1,340 1,068 914 1,056 1,042
1,488 2,346 2,219 2,816 1,419 1,370 1,426 1,700
2,000 1,714 1,717 2,191 1,732 1,754 2,017 2,716
1,326 1,196 1,261 1,844 1,367 1,352 1,413 1,594
- 185 222 285 207 238 313 444
45 635 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 3Q12
193,415 208,609 213,858 295,096 218,348 234,747 240,754
111,744 119,475 115,091 161,072 118,834 127,921 128,885
317,774 349,298 349,764 492,799 348,126 376,795 388,276
259,922 300,487 285,584 388,812 280,560 319,709 296,147
175,587 187,682 187,205 264,535 192,022 199,933 205,980
96,186 106,631 108,232 143,459 109,161 121,696 122,680
47,860 44,717 47,638 56,144 52,938 47,285 50,123
160,946 186,595 179,858 246,707 168,475 201,468 190,978
143,504 159,125 157,110 218,658 161,382 184,355 175,495
68,766 73,497 73,084 93,038 72,999 78,883 77,927
29,055 31,624 32,235 44,117 32,823 36,640 40,568
120,286 132,018 136,255 183,857 139,603 150,499 156,285
61,320 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 3Q12


112,450 115,208 117,351 142,049 128,089 133,583 130,358

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


1,534 1,555 1,566 1,884 1,544 1,597 1,720
958 1,017 969 1,166 1,009 1,005 976
2,038 2,168 2,195 2,473 2,734 2,646 2,524
2,743 2,864 2,797 3,716 3,088 3,236 3,010
763 831 848 1,130 861 797 826
1,395 1,348 1,369 1,617 1,373 1,492 1,624
1,092 1,022 1,144 972 1,337 1,323 1,396
1,493 1,704 1,752 1,942 1,583 1,720 1,687
2,183 2,210 2,647 3,029 2,534 2,823 2,736
1,663 1,554 1,623 1,747 1,595 1,861 2,245
362 359 387 487 487 491 531
1,681 1,649 1,724 2,297 1,602 2,215 2,422
648 766 754 809 961 2,052 1,886
- - - 1,418 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
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14
314,978 234,122 246,823 254,299 334,966 246,184 263,351
194,050 143,978 150,381 160,789 221,408 165,550 181,106
514,217 379,329 379,149 409,064 559,663 391,694 417,914
407,136 296,526 331,521 316,617 436,857 332,041 386,285
284,274 213,737 223,279 230,282 318,494 232,455 247,146
155,933 120,580 128,970 131,281 170,014 131,205 145,964
58,606 57,941 48,867 53,512 58,880 58,093 51,122
268,056 188,961 213,797 213,743 297,878 206,952 234,166
237,272 181,566 193,999 190,135 250,901 186,119 198,374
101,701 77,972 81,514 82,760 105,735 79,548 85,148
54,006 41,127 44,833 46,089 54,810 42,421 42,002
204,398 149,631 161,844 161,465 217,599 157,754 175,447
89,698 70,436 77,951 76,624 97,533 77,750 81,693
134,218 100,045 112,328 114,635 154,777 109,188 127,456
80,441 66,477 77,002 78,674 108,943 84,426 98,881
50,574 67,838 75,283 81,503 126,298 79,824 92,163
26,659 55,347 66,646 72,425 91,626 92,410 127,841
- - - - 44,197 49,400 55,354
3,176,216 2,445,613 2,614,187 2,673,896 3,650,580 2,723,015 3,011,414

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14


184,599 163,982 162,149 166,844 191,251 179,330 192,848

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14


2,069 1,954 2,027 2,083 2,530 2,125 2,398
1,337 1,134 1,103 1,274 1,387 1,245 1,303
3,149 2,366 2,666 2,795 3,151 3,338 3,328
3,835 3,303 3,391 3,296 4,148 3,811 4,263
1,182 966 926 975 1,267 1,100 1,133
1,849 1,797 1,914 1,976 2,184 1,985 2,155
1,231 1,455 1,290 1,347 1,432 1,634 1,608
1,962 1,730 1,778 1,839 2,335 1,832 2,023
3,247 2,727 2,923 3,299 3,774 3,200 3,654
2,072 2,345 2,012 2,105 2,322 2,174 2,298
655 649 738 762 834 686 654
2,682 2,192 2,409 2,575 3,074 2,625 3,114
1,947 1,967 1,959 1,991 2,075 2,105 1,984
2,339 1,996 2,087 2,182 2,453 2,281 2,505
1,477 1,277 1,340 1,378 1,648 1,710 1,968
560 1,017 1,084 1,172 1,584 1,497 1,579
542 1,322 1,253 1,480 1,669 1,904 2,425
- - - - 111 165 240
- - - - - - -
32,137 30,196 30,902 32,530 37,977 35,416 38,633
- - - - - - -
32,137 30,196 30,902 32,530 37,977 35,416 38,633
3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
256,498 361,976 253,356 265,691 257,939 352,250 246,154
179,640 246,447 173,915 176,785 173,449 245,553 166,605
442,606 605,045 417,819 448,719 448,722 615,751 433,832
364,127 490,158 345,658 412,063 380,257 533,750 374,258
243,224 344,816 249,059 264,974 255,767 350,491 245,118
142,233 175,528 132,864 143,744 139,992 178,704 136,048
48,830 60,260 54,910 46,496 45,210 59,260 60,815
222,492 314,782 217,947 241,450 226,656 333,714 226,387
194,994 266,002 195,929 202,450 198,511 290,144 196,249
87,729 114,719 85,034 90,365 91,905 128,044 88,500
41,241 54,318 41,259 42,459 39,772 50,002 36,961
171,732 243,329 171,002 181,469 172,110 240,892 170,106
79,975 110,574 90,909 99,948 96,739 119,869 93,368
119,463 164,977 116,636 129,005 125,186 178,205 124,875
91,376 127,781 95,117 103,031 97,923 131,257 96,014
90,425 144,974 88,194 98,494 99,154 148,363 99,823
120,665 140,983 108,461 130,045 108,331 159,952 122,242
65,905 95,504 78,882 77,726 80,783 111,090 90,857
2,963,155 4,062,174 2,916,949 3,154,913 3,038,406 4,227,292 3,008,213

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16


198,174 240,206 202,906 209,694 207,294 249,669 216,896

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16


2,356 2,964 2,698 2,972 2,583 3,252 2,900
1,317 1,610 1,296 1,256 1,247 1,535 1,437
3,444 3,954 3,656 3,749 3,748 4,318 4,272
4,472 5,328 4,278 4,750 4,619 5,535 4,618
1,172 1,673 1,413 1,383 1,295 1,819 1,581
2,147 2,395 2,266 2,236 2,200 2,479 2,503
1,460 1,432 1,350 1,192 1,105 1,230 1,501
2,008 2,466 2,017 2,083 1,954 2,340 2,184
3,548 4,517 4,048 4,343 4,250 5,582 4,646
2,148 2,463 2,506 2,258 2,308 2,775 2,607
575 698 661 701 642 734 703
3,048 3,774 3,320 3,545 3,393 4,163 3,708
2,041 2,357 2,586 2,632 2,455 2,693 2,747
2,357 3,082 2,482 2,554 2,368 2,966 2,809
1,898 2,292 2,032 2,112 1,956 2,329 2,362
1,512 1,998 1,875 1,948 1,927 2,420 2,234
2,072 2,216 2,057 2,418 2,173 2,391 2,296
297 431 483 526 548 636 726
- - 1,468 516 628 491 641
37,872 45,649 42,492 43,175 41,400 49,690 46,474
- - - - - - -
37,872 45,649 42,492 43,175 41,400 49,690 46,474
R$ 1,000

2Q16 3Q16 4Q16


264,663 257,943 359,457
180,364 181,011 256,828
446,076 450,814 647,439
432,215 391,622 550,679
257,733 264,857 369,487
145,447 144,034 175,997
49,037 50,134 58,726
258,517 239,015 350,092
221,391 206,377 300,812
94,275 96,120 126,281
36,652 34,627 42,842
179,495 170,169 221,541
106,267 99,630 123,588
143,753 132,947 187,443
106,775 98,686 137,820
103,351 105,697 160,073
130,591 117,995 163,284
83,618 83,549 120,328
3,240,220 3,125,226 4,352,717

2Q16 3Q16 4Q16


217,013 224,350 267,710

2Q16 3Q16 4Q16


2,868 2,769 3,557
1,468 1,433 1,714
4,107 4,007 5,489
5,043 4,723 6,233
1,462 1,511 2,132
2,337 2,321 2,580
1,237 1,236 1,339
2,225 2,120 2,586
4,665 4,585 5,855
2,316 2,427 2,709
632 611 694
3,587 3,578 3,797
2,673 2,469 2,787
2,859 2,746 3,273
2,381 2,253 2,751
2,175 2,237 2,330
2,361 2,054 2,518
727 685 836
704 744 749
45,828 44,509 53,930
- - -
45,828 44,509 53,930
Indicators
Financial (MTE %) 1Q06 2Q06 3Q06
Gross 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/m 146 R$/m 237 R$/m 219 R$/m
Property EBITDA
Property EBITDA/m2
Adjusted Consolidated EBITDA 21,620 38,866 30,289
Adjusted Consolidated EBITDA/m 107 R$/m 192 R$/m 150 R$/m
Shopping Center EBITDA Margin
Adjusted Consolidated EBITDA Margin 47.3% 60.6% 49.4%
NOI + Key Money 29,030 44,551 42,358
NOI + Key Money/m2 144 R$/m 220 R$/m 209 R$/m
NOI + Key Money Margin 87.1% 82.9% 84.9%
NOI 26,961 41,149 39,006
NOI/m2 133 R$/m 203 R$/m 193 R$/m
NOI Margin 86.3% 81.7% 83.8%
Adjusted FFO 15,457 25,236 28,057
Adjusted FFO/m 76 R$/m 125 R$/m 139 R$/m
Performance (100%) 1Q06 2Q06 3Q06
Final Total Mall GLA 368,220 m 368,432 m 368,269 m
Owned Mall GLA 209,376 m 209,484 m 209,312 m
Adjusted Total Mall GLA (avg.) 354,013 m 353,948 m 353,959 m
Adjusted Owned Mall GLA (avg.) 202,287 m 202,241 m 202,217 m
Total Office Towers GLA (avg.) 0 m 0 m 0 m
Owned Office Towers GLA (avg.) 0 m 0 m 0 m
Adjusted Total GLA (avg.) 354,013 m 353,948 m 353,959 m
Adjusted Owned GLA (avg.) 202,287 m 202,241 m 202,217 m
Total Sales 727,675 834,928 845,313
Total Sales/m 2,056 R$/m 2,359 R$/m 2,388 R$/m
Same Stores Sales N/A N/A N/A
Same Stores Rent N/A N/A N/A
Occupancy 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%
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$/m 242 R$/m 248 R$/m 242 R$/m 327 R$/m

53,029 50,547 45,464 48,936 67,213


257 R$/m 233 R$/m 208 R$/m 213 R$/m 286 R$/m

64.8% 71.8% 57.7% 57.5% 65.8%


67,298 50,640 53,580 51,803 74,955
326 R$/m 234 R$/m 245 R$/m 225 R$/m 319 R$/m
85.1% 83.0% 77.7% 72.4% 78.5%
62,516 46,073 48,721 47,418 69,865
303 R$/m 213 R$/m 222 R$/m 206 R$/m 297 R$/m
84.1% 83.7% 82.5% 77.7% 83.3%
50,629 43,704 41,498 46,350 68,621
245 R$/m 202 R$/m 189 R$/m 202 R$/m 292 R$/m
4Q06 1Q07 2Q07 3Q07 4Q07
373,480 m 373,464 m 393,615 m 392,279 m 392,279 m
214,525 m 238,883 m 255,927 m 252,147 m 257,369 m
357,671 m 374,618 m 377,217 m 377,588 m 377,884 m
206,532 m 216,662 m 219,001 m 229,738 m 235,135 m
0 m 0 m 0 m 0 m 0 m
0 m 0 m 0 m 0 m 0 m
357,671 m 374,618 m 377,217 m 377,588 m 377,884 m
206,532 m 216,662 m 219,001 m 229,738 m 235,135 m
1,173,432 864,642 971,737 1,029,860 1,377,449
3,281 R$/m 2,308 R$/m 2,576 R$/m 2,727 R$/m 3,645 R$/m
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$/m 276 R$/m 269 R$/m 334 R$/m 251 R$/m 258 R$/m
66,346 69,094
210 R$/m 218 R$/m
50,910 59,100 57,055 80,163 60,005 63,442
217 R$/m 238 R$/m 226 R$/m 273 R$/m 190 R$/m 200 R$/m
66.0% 65.0%
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$/m 296 R$/m 284 R$/m 348 R$/m 250 R$/m 276 R$/m
72.9% 79.9% 79.1% 83.0% 83.0% 87.0%
52,155 64,979 68,023 97,968 73,778 81,305
222 R$/m 261 R$/m 270 R$/m 334 R$/m 233 R$/m 257 R$/m
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$/m 234 R$/m 216 R$/m 228 R$/m 168 R$/m 175 R$/m
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09
392,015 m 416,416 m 416,928 m 484,373 m 484,894 m 484,873 m
257,063 m 266,314 m 266,759 m 330,308 m 330,786 m 330,833 m
377,981 m 393,900 m 402,522 m 446,010 m 470,488 m 470,525 m
235,126 m 248,827 m 252,350 m 293,359 m 316,378 m 316,458 m
0 m 0 m 0 m 0 m 0 m 0 m
0 m 0 m 0 m 0 m 0 m 0 m
377,981 m 393,900 m 402,522 m 446,010 m 470,488 m 470,525 m
235,126 m 248,827 m 252,350 m 293,359 m 316,378 m 316,458 m
1,045,442 1,169,981 1,203,680 1,650,592 1,261,212 1,407,614
2,766 R$/m 2,970 R$/m 2,990 R$/m 3,701 R$/m 2,681 R$/m 2,992 R$/m
+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$/m 356 R$/m 271 R$/m 283 R$/m 276 R$/m 387 R$/m 295 R$/m
97,109 110,407 94,044 91,341 82,269 114,672 110,292
304 R$/m 334 R$/m 283 R$/m 275 R$/m 242 R$/m 321 R$/m 309 R$/m
86,074 94,433 85,292 80,922 73,012 110,970 102,842
270 R$/m 286 R$/m 257 R$/m 243 R$/m 215 R$/m 311 R$/m 288 R$/m
85.5% 72.8% 73.4% 69.2% 61.4% 74.4% 75.8%
73.8% 59.7% 62.5% 56.6% 49.8% 62.2% 65.2%
86,714 133,353 110,907 106,257 112,303 130,611 124,732
272 R$/m 404 R$/m 334 R$/m 319 R$/m 331 R$/m 366 R$/m 349 R$/m
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$/m 380 R$/m 300 R$/m 300 R$/m 306 R$/m 340 R$/m 324 R$/m
82.2% 88.9% 86.7% 86.0% 87.4% 86.3% 88.2%
72,533 91,609 90,253 87,833 84,111 105,956 103,056
227 R$/m 277 R$/m 271 R$/m 264 R$/m 248 R$/m 297 R$/m 289 R$/m
3Q09 4Q09 1Q10 3Q09 3Q10 4Q10 1Q11
497,248 m 533,741 m 532,773 m 532,902 m 544,703 m 551,830 m 551,368 m
334,298 m 347,985 m 347,640 m 347,757 m 359,921 m 371,640 m 371,548 m
480,369 m 509,005 m 515,818 m 515,953 m 522,663 m 536,245 m 537,081 m
319,086 m 330,490 m 332,443 m 332,574 m 339,308 m 356,885 m 357,155 m
0 m 0 m 0 m 0 m 0 m 0 m 0 m
0 m 0 m 0 m 0 m 0 m 0 m 0 m
480,369 m 509,005 m 515,818 m 515,953 m 522,663 m 536,245 m 537,081 m
319,086 m 330,490 m 332,443 m 332,574 m 339,308 m 356,885 m 357,155 m
1,415,845 2,023,848 1,585,594 1,714,591 1,744,895 2,430,844 1,786,364
2,947 R$/m 3,976 R$/m 3,074 R$/m 3,323 R$/m 3,338 R$/m 4,533 R$/m 3,326 R$/m
+5.6% +10.6% +14.9% +11.9% +13.7% +12.6% +6.6%
+8.1% +6.5% +3.9% +4.4% +6.6% +12.0% +10.3%
13.5% 12.0% 13.5% 12.9% 12.7% 11.9% 13.7%
8.0% 7.8% 7.7% 7.3% 7.3% 7.6% 8.0%
5.5% 4.2% 5.8% 5.6% 5.4% 4.3% 5.7%
2.7% 1.4% 1.1% 1.3% 1.2% 0.7% 0.8%
98.4% 99.1% 97.9% 98.1% 98.4% 98.6% 98.4%
4.5% 0.6% 3.2% 4.0% 3.2% 2.1% 1.7%
1.4% 1.5% 0.6% 0.8% 1.1% 1.6% 0.4%
2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
174,505 181,818 212,748 346,026 211,579 223,691 266,676
158,682 165,658 194,099 323,349 191,777 205,362 241,385
20,071 20,955 25,717 25,561 21,170 29,173 23,990
108,425 111,301 161,053 121,975 126,883 124,240 188,846
304 R$/m 311 R$/m 406 R$/m 301 R$/m 313 R$/m 306 R$/m 380 R$/m
113,708 120,054 143,347 136,247 135,788 135,182 184,521
318 R$/m 336 R$/m 361 R$/m 336 R$/m 335 R$/m 333 R$/m 371 R$/m
107,148 111,560 133,730 190,718 120,423 133,213 171,408
300 R$/m 312 R$/m 337 R$/m 470 R$/m 297 R$/m 328 R$/m 345 R$/m
75.3% 76.9% 80.2% 81.0% 76.4% 78.3% 79.5%
67.5% 67.3% 68.9% 59.0% 62.8% 64.9% 71.0%
127,056 131,550 166,640 141,054 147,617 152,289 203,736
356 R$/m 368 R$/m 420 R$/m 348 R$/m 364 R$/m 375 R$/m 410 R$/m
88.1% 89.5% 94.2% 88.5% 87.7% 92.5% 89.6%
117,011 121,748 156,517 132,147 138,077 143,516 193,112
328 R$/m 341 R$/m 394 R$/m 326 R$/m 340 R$/m 354 R$/m 388 R$/m
87.2% 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$/m 279 R$/m 332 R$/m 395 R$/m 231 R$/m 253 R$/m 320 R$/m
2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
551,592 m 551,759 m 592,048 m 592,251 m 592,489 m 591,945 m 698,634 m
371,601 m 371,730 m 411,423 m 420,054 m 420,377 m 420,051 m 521,439 m
537,082 m 537,359 m 577,192 m 577,836 m 577,951 m 577,881 m 672,871 m
357,176 m 357,330 m 396,763 m 405,626 m 405,809 m 405,797 m 497,207 m
0 m 0 m 0 m 0 m 0 m 0 m 0 m
0 m 0 m 0 m 0 m 0 m 0 m 0 m
537,082 m 537,359 m 577,192 m 577,836 m 577,951 m 577,881 m 672,871 m
357,176 m 357,330 m 396,763 m 405,626 m 405,809 m 405,797 m 497,207 m
1,966,778 1,950,693 2,757,235 2,050,575 2,254,494 2,241,454 3,176,216
3,662 R$/m 3,630 R$/m 4,777 R$/m 3,549 R$/m 3,901 R$/m 3,879 R$/m 4,720 R$/m
+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%
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
245,923 262,840 270,753 295,042 283,952 298,268 307,274
223,546 237,423 248,650 268,595 257,249 272,474 278,158
19,860 32,123 27,842 28,200 24,495 31,587 29,534
154,436 153,123 154,802 216,686 167,921 186,249 184,446
304 R$/m 301 R$/m 299 R$/m 357 R$/m 271 R$/m 300 R$/m 296 R$/m
166,904 150,115 165,074 152,406 190,148 186,632 185,030
328 R$/m 295 R$/m 319 R$/m 251 R$/m 307 R$/m 301 R$/m 297 R$/m
159,287 148,951 163,618 138,837 196,560 187,050 186,293
313 R$/m 293 R$/m 317 R$/m 228 R$/m 317 R$/m 302 R$/m 299 R$/m
79.2% 70.3% 75.0% 62.1% 81.3% 75.7% 73.8%
71.3% 62.7% 65.8% 51.7% 76.4% 68.6% 67.0%
182,083 172,830 185,485 203,720 196,031 213,596 215,164
358 R$/m 340 R$/m 359 R$/m 335 R$/m 317 R$/m 344 R$/m 346 R$/m
88.0% 83.4% 87.4% 84.1% 87.1% 88.6% 87.5%
169,281 158,666 172,525 190,785 185,774 204,101 205,393
333 R$/m 312 R$/m 334 R$/m 314 R$/m 300 R$/m 329 R$/m 330 R$/m
87.2% 82.2% 86.5% 83.2% 86.5% 88.2% 87.0%
101,969 109,422 126,044 88,729 128,551 143,904 117,189
201 R$/m 215 R$/m 244 R$/m 146 R$/m 208 R$/m 232 R$/m 188 R$/m
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
698,685 m 698,528 m 710,610 m 756,567 m 756,696 m 762,428 m 762,443 m
522,661 m 522,671 m 533,801 m 559,489 m 559,448 m 562,465 m 562,435 m
684,622 m 684,857 m 692,820 m 723,038 m 742,219 m 744,268 m 748,126 m
508,567 m 508,908 m 516,946 m 533,443 m 544,975 m 546,092 m 548,077 m
0 m 0 m 0 m 74,198 m 74,198 m 74,198 m 74,198 m
0 m 0 m 0 m 74,198 m 74,198 m 74,198 m 74,198 m
684,622 m 684,857 m 692,820 m 797,236 m 816,417 m 818,466 m 822,324 m
508,567 m 508,908 m 516,946 m 607,641 m 619,173 m 620,290 m 622,275 m
2,445,613 2,614,187 2,673,896 3,650,580 2,723,015 3,011,414 2,963,155
3,572 R$/m 3,817 R$/m 3,859 R$/m 5,049 R$/m 3,669 R$/m 4,046 R$/m 3,961 R$/m
+8.1% +5.8% +8.4% +7.6% +8.3% +9.4% +6.1%
+11.4% +8.0% +11.4% +8.0% +6.8% +10.1% +8.8%
14.0% 13.7% 13.0% 11.7% 13.7% 12.7% 13.1%
8.1% 7.7% 7.4% 7.4% 7.8% 7.2% 7.5%
6.0% 6.0% 5.6% 4.3% 5.9% 5.5% 5.6%
0.4% 1.4% 1.1% 0.7% 0.7% 1.0% 0.8%
97.5% 97.6% 98.1% 98.6% 98.5% 98.4% 98.8%
2.2% 2.0% 1.5% 1.8% 1.9% 2.1% 1.7%
0.2% 0.2% 0.7% 1.1% 0.5% 0.6% 0.8%
4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
355,476 292,961 287,000 291,691 333,586 309,248
322,497 264,702 258,470 262,673 299,581 278,824
31,335 25,664 32,838 32,640 33,422 31,900
262,723 194,216 201,142 199,761 266,527 207,233
422 R$/m 308 R$/m 319 R$/m 317 R$/m 421 R$/m 328 R$/m
220,679 195,382 195,600 189,018 232,149 200,232
354 R$/m 310 R$/m 311 R$/m 300 R$/m 367 R$/m 317 R$/m
223,815 193,700 186,018 182,179 227,259 198,799
359 R$/m 307 R$/m 295 R$/m 289 R$/m 359 R$/m 314 R$/m
75.3% 76.8% 76.1% 73.1% 77.8% 72.7%
69.4% 73.2% 72.0% 69.4% 75.9% 71.3%
258,189 227,106 233,145 225,911 273,569 232,837
415 R$/m 361 R$/m 370 R$/m 358 R$/m 433 R$/m 368 R$/m
88.1% 89.7% 90.1% 88.4% 90.1% 87.2%
250,876 219,211 227,265 219,038 269,303 229,319
403 R$/m 348 R$/m 361 R$/m 347 R$/m 426 R$/m 363 R$/m
87.8% 89.3% 89.9% 88.1% 90.0% 87.1%
163,247 114,695 138,431 102,345 175,219 114,605
262 R$/m 182 R$/m 220 R$/m 162 R$/m 277 R$/m 181 R$/m
4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
766,869 m 767,849 m 767,927 m 769,502 m 769,897 m 770,206 m
566,892 m 567,344 m 567,241 m 568,726 m 569,141 m 569,412 m
748,761 m 749,396 m 749,396 m 750,132 m 752,384 m 752,106 m
548,665 m 549,063 m 548,961 m 549,464 m 551,518 m 551,304 m
74,198 m 87,558 m 87,558 m 87,558 m 87,558 m 87,558 m
74,198 m 80,878 m 80,878 m 80,878 m 80,878 m 80,878 m
822,959 m 836,954 m 836,954 m 837,690 m 839,942 m 839,664 m
622,863 m 629,941 m 629,839 m 630,342 m 632,396 m 632,182 m
4,062,174 2,916,949 3,154,913 3,038,406 4,227,292 3,008,213
5,425 R$/m 3,892 R$/m 4,210 R$/m 4,050 R$/m 5,619 R$/m 4,000 R$/m
+7.9% +4.3% +1.2% +0.6% +2.1% +1.6%
+9.2% +9.5% +7.0% +6.8% +6.2% +5.8%
11.7% 13.5% 12.6% 13.0% 11.6% 13.9%
7.4% 8.1% 7.4% 7.7% 7.5% 8.1%
4.3% 5.4% 5.2% 5.3% 4.1% 5.8%
0.5% 0.60% 0.55% 1.1% 0.8% 1.1%
99.0% 98.6% 98.4% 98.1% 98.0% 97.9%
1.7% 1.8% 1.5% 2.4% 1.9% 4.5%
0.6% 0.5% 0.3% 0.4% 1.2% 1.0%
R$ 1,000

2Q16 3Q16 4Q16


301,824 300,197 346,263
269,790 270,072 311,067
37,026 32,735 34,643
210,919 213,721 297,585
333 R$/m 336 R$/m 457 R$/m
199,118 190,355 241,277
314 R$/m 300 R$/m 370 R$/m
195,326 184,430 239,777
308 R$/m 290 R$/m 368 R$/m
74.2% 70.5% 76.2%
72.4% 68.3% 77.1%
232,042 232,515 281,108
366 R$/m 366 R$/m 431 R$/m
87.2% 85.6% 86.2%
228,687 229,748 276,815
361 R$/m 362 R$/m 425 R$/m
87.0% 85.5% 86.1%
140,456 95,944 133,208
221 R$/m 151 R$/m 204 R$/m
2Q16 3Q16 4Q16
774,568 m 775,561 m 775,575 m
571,927 m 572,752 m 588,871 m
756,044 m 757,128 m 757,402 m
553,430 m 554,351 m 570,649 m
87,558 m 87,558 m 87,558 m
80,878 m 80,878 m 80,878 m
843,602 m 844,686 m 844,960 m
634,308 m 635,229 m 651,527 m
3,240,220 3,125,226 4,352,717
4,286 R$/m 4,128 R$/m 5,747 R$/m
+2.3% +2.8% +1.5%
+6.0% +8.4% +8.1%
13.1% 13.5% 12.1%
7.5% 7.9% 7.7%
5.5% 5.7% 4.4%
1.1% 1.6% 1.1%
97.6% 97.4% 97.3%
4.0% 3.1% 2.4%
1.1% 1.2% 1.8%