BRMALLS gross revenue more than tripled since 2006.

Our gross revenue grew 340.7% since 2006, reaching R$429.1 million this year. This revenue increase is partly explained by our acquisitions, which expanded our tenant’ base.

Rent revenue is responsible for approximately 78% of our gross revenues, followed by parking and services provided, which represented 10% and 8.3% respectively. Our main source of revenue has a very low risk, since base rent accounts for 78% of the rent revenue. Thus, our revenue base protects us from economy disturbances and variations.

The implementation of professional management in 2006 significantly increased all of our performance indicators.

We more than tripled net revenues of the Company, reaching R$392.5 million in 2009. Our management was also able to increase the Company’s profitability significantly, our 2009 net income was R$284.5 million, almost eight times the net income we reported in 2006. Our EBITDA grew more than four times over 2006, reaching R$319.4 million in 2009. Our EBITDA margin of 81.4% grew faster than our peers and is the highest in the Brazilian shopping mall sector.

Our professional administration was also responsible for visible changes in the Company’s operating margins, turning them into the sector’s best margins.

In 2009 we reached R$362 million in NOI, with a 91.9% margin. Our AFFO was R$232.9 million in 2009 with a margin of 59.3%.

Since our IPO, we were able to increase our AFFO per share by almost 150%, closing 2009 at R$1.15 per share.