Brmalls - Annual Report 2009

Corporate Governance Commitment to superior corporate governance standards Throughout 2009, the Company focused on improving its corporate governance practices. Our IR team worked on improving our website, the main source of Company’s information, and also on gaining additional visibility in the international market.

Analyst Day
During the last quarter of 2009 we organized a unique event that took place on January 19, 2010. The event brought together the majority of our sell-side analysts for one morning to go through our Company’s presentation. Each director presented on his division and gave their insight on the Company’s future. It was the first time we organized an event of this kind and its outcome was very positive. We look forward to repeat the event again this year.

Conferences
Conferences are very important opportunities to meet with investors and analysts, and to expand the Company’s international visibility. As BRMALLS is a company with many foreign investors, participating in international conferences is one of our main IR goals. In 2009, BRMALLS participated in 13 international and national conferences.

Meetings
It is also very important to maintain contact with investors and potential investors on a daily basis. Our IR team organizes non-deal road shows, conference calls and meetings with our investors, analysts and anyone who wants to learn and understand more about the Company. This enables us to keep our investors and analysts aligned in terms of what is happening in the Company and what to expect in the future.

IR Website
We are constantly enhancing our IR website. In 2009, we made several structural changes to simplify navigation. These include the creation of: the Investor Kit, with all the information needed to evaluate the Company; Investor Central, which gathers all the earnings releases and the fundamentals spreadsheet in one location. In addition, we improved the website’s design, making it more modern and functional. We also, we provided our Dividend Policy on the website, improving our Corporate Governance support.

Analysts
One of the most direct ways to expand our investor base is through analyst coverage from important banks and brokerage companies. Currently, we have 14 analysts covering our Company. In 2009, five new analysts began to cover our Company, including Barclays, Deutsche Bank and BTG Pactual. This additional coverage strengthens our relationship with these banks and facilitates access to important investors and conferences.