Corporate Governance

Commitment to superior corporate governance standards

Throughout 2011, the Company focused on improving its corporate governance practices.Our IR team worked hard on keeping investors and analysts even better informed of important developments within the Company by holding events, increasing coverage and optimizing meetings and non-deal roadshows.

BRMALLS Day

In the final quarter of 2011, we held an event, which took place on December 14 at the opening of Mooca Plaza Shopping in São Paulo, uniting several analysts and investors for a morning presentation by our Company. All of the Company’s executive officers took part, including our CEO, Carlos Medeiros.Participants also had an opportunity to take a guided tour of Mooca Plaza Shopping and ask questions about the construction and leasing of the project. Due to the success of the event, we hope to do something similar in 2012 at another Company property as part of our efforts to keep the market informed about BRMALLS.

Conferences

Conferences are extremely important opportunities for meeting with investors and analysts, as well as expanding the Company’s international visibility.Given that BRMALLS has many foreign investors, participating in international conferences is one of our primary IR goals. In 2011, the Company took part in 35 domestic and international conferences.

Meetings

It is also crucial to maintain contact with shareholders and potential investors on a daily basis.Our IR team organizes non-deal road shows and conference calls, as well as meetings with investors, analysts and anyone else who wants to find out more about the Company. This allows us to keep our investors and analysts abreast of what is happening at the Company and what to expect in the future.

Analysts

One of the simplest ways of expanding our investor base is through coverage by analysts fromimportant banks and other financial institutions.We currently have 19 analysts tracking the Company.