3Q13 EBITDA at R$ 77.7mn: up 36.5% YoY Net Profit at R$ 45.0 million, up 67.7% YoY (GLA growth of 21,2%)

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1 3Q13 EBITDA at R$ 77.7mn: up 36.5% YoY Net Profit at R$ 45.0 million, up 67.7% YoY (GLA growth of 21,2%) São Paulo, November 7, 2013 In this release Iguatemi (Iguatemi Empresa de Shopping Centers S.A. Bovespa: (IGTA3), one of the largest full service companies in the Brazilian shopping mall sector, reports for third quarter 2013 (3Q13). Financial and operational figures are reported as consolidated figures, in thousands of Reais, according to Brazilian Corporate Law and International Accounting Norms (IFRS), as per the CPCs (Accounting Pronouncements) ratified by the Brazilian Securities Commission (CVM), except in relation to the proportional consolidation of Iguatemi s 50.0% interest in Shopping Center JK Iguatemi, which is reflected in management figures in this report to best reflect the Company s results. The management information, based on the consolidated financial statements, was prepared to reflect and consolidate the 50.0% interest held by Iguatemi in JK Iguatemi. Please see the Appendices for reconciliation of the management information with the consolidated financial statements. Non-accounting information has not been revised by external auditors. Conference call on 3Q13 Results Conference call in Portuguese November 8, a.m. (Brasília time) 7 a.m. New York (US EST) Tel.: +55 (11) Password: Iguatemi Replay: +55(11) Password: Iguatemi Conference call in English November 8, a.m. (Brasília time) 8 a.m. New York (US EST) Tel.: +1(412) Password: Iguatemi Replay: +1(412) Password: Available 7 days IR Team Cristina Betts: CFO and DRI Gunther Schrappe: Strategy and IR Director Cecília Viriato: IR Bruno Carobrez: IR Tel.: (11) /6872 ri@iguatemi.com.br 3Q13 HIGHLIGHTS (Independent Management Reporting format figures) 3Q13 sales up 9.5% from 3Q12, at R$ 2.2 billion 9M13 sales up 13.0% YoY: R$ 6.6 billion Same-area sales up 8.2% YoY in 3Q13 higher YoY growth than in same-store sales (up 8.1% in 3Q13) Same-area rentals up 8.5% YoY in 3Q13 higher YoY growth than in same-store rentals (up 8.4%) 3Q13 Ebitda R$ 77.7 million up 36.5% YoY, with 3Q Ebitda margin 68.7% 3Q Net profit R$ 45.0 million - up 67.6% from 3Q12 with net margin 39.8% Issue of R$ 150 million in Notes for Real Estate Receivables, with a tenor of 8 years, for financing the Iguatemi São José do Rio Preto Mall at cost of IPCA index + 4% p.a. converted by a swap on the same day to 92.5% of CDI rate Platinum Outlet opened, at Novo Hamburgo, Rio Grande do Sul Iguatemi Ribeirão Preto Mall opened, at Ribeirão Preto, in the interior of São Paulo State Iguatemi acquired 30.0% of the Galleria Mall and of an adjacent plot of land at a purchase price multiple of 11,8x of expected 2013 NOI Subsequent events Iguatemi took over the management of Shopping Pátio Higienópolis, in São Paulo, on November 1 st, 2013 New Guidance for 2014, in line with long-term guidance: EBITDA of R$ million with an EBITDA margin of 72% 75% 1

2 MESSAGE FROM MANAGEMENT Several significant events for Iguatemi in 3Q13 will have positive effects on future results. We inaugurated two new projects, acquired an important equity interest, and in a subsequent event we were chosen to be the new manager of Shopping Pátio Higienópolis, in São Paulo. In chronological order: On September 24, we opened the Platinum Outlet Mall, at Novo Hamburgo, in Brazil s southern state of Rio Grande do Sul. This is the first premium outlet in that state, and the third to open in Brazil. Platinum Outlet was inaugurated with 20 thousand sqm of GLA and 1,300 parking places, and has potential for expansion of approximately a further 10 thousand sqm. It has 125 stores, with a mix of the best Brazilian and international brands, and a quality restaurant area. In its first days after opening, Platinum Outlet attracted an enormous flow of vehicles, and the figures were a positive surprise. This segment will be one of the levers for growth of Iguatemi in the coming years, maintaining the direct link with the company s final consumer market. 2

3 Platinum Outlet, at Novo Hamburgo, Rio Grande do Sul On September 30, we opened the Iguatemi Ribeirão Preto Mall, a landmark event for the city of Ribeirão Preto, bringing numerous brands to the region for the first time, with a complete mix and an innovative architecture. With 44 thousand sqm of GLA, on a 100 thousand sqm site, with high potential for expansion and verticalization, it is in the vector of growth of the city s high income group, Vila do Golfe, and will be part of a high-income complex comprising the mall, 17 office towers, 25 residential towers, and hotels. The mix of stores encompasses several stores that were brought to Ribeirão Preto for the first time including: H.Stern, Topshop, Coach, DVF, Hugo Boss, Etna, Cecilia Dale, Paquetá Esportes, Cobasi, Bodytech, and Studio W. The mall will also be an important center for leisure and gastronomy, with restaurants such as Maremonti, Varanda Grill and Coco Bambu, 17 fast-food operations and a Cinépolis cinema, with VIP screening rooms. The Torre Iguatemi Empresarial, located on the site, will open in November 2013, and is already 100% leased. It will increase the density of the surrounding area, creating synergy with the mall. 3

4 Iguatemi Ribeirão Preto, in its first few days of operation. On September 27, 2013 we signed a purchase agreement to acquire 30.0% of Shopping Center Galleria and of an adjacent plot of land. The acquisition price was of 11.8x the forecasted 2013 NOI (this mall s revenue has grown at 29.4% p.a. since 2006, and is still in the maturation phase of its 7 thousand sqm expansion that opened in 2012). The acquisition further reinforces Iguatemi s strategy of increasing its participation in malls in which it already owns interests, increasing revenues and diluting expenses. The adjacent plot of land will allow both the densification of the surroundings of the mall and provide room for future expansions (an important component of the Company s growth in the coming quarters). In a subsequent event, on October 23, 2013 Iguatemi signed a contract to take over the management of Shopping Pátio Higienópolis mall. Iguatemi started to manage the mall on November 1 st, Our malls in operation once again showed the resilience of the shopping mall sector, and especially of Iguatemi due to its positioning and strategy. Total sales in the quarter were R$ 2.2 billion, 9.5% up from 3Q12. Both Platinum Outlet and Iguatemi Ribeirão Preto opened in the final days of September, thus not contributing significantly to the quarter s sales figures. In 3Q13, same-store sales (SSS) were up 8.1% YoY, and same-area sales (SAS) up 8.2%. Again we see same-area sales growing faster than same-store sales, a consequence of our continuous improvement in the mix of our malls in 4

5 operation. The malls with highest same-store sales growth in 3Q13 were JK Iguatemi, Iguatemi Alphaville, Iguatemi Brasília and Shopping Center Esplanada. Same-store rentals (SSR) were up 8.4% and same-area rentals (SAR) were up 8.5%, YoY in 3Q, reflecting leasing spreads well above the period s inflation (IGP-M index: 4.4%; and IPCA index 5.9%, in the last 12 months), mainly due to termination of the initial discounts given in the first year of operation of JK Iguatemi. Net default continues to be low, at 1.4%. The NOI of our portfolio was up 10,1% from 3Q12, benefiting from increase in rentals, increased revenues from parking, and maturing of JK Iguatemi, Iguatemi Brasilia and the Galleria mall. Over recent quarters we have continued to strengthen the mix of our existing malls, as part of the Company s strategy of having the best assets, in the best locations. An important store opening, in the Iguatemi São Paulo Mall, was Livraria Cultura. This mega-bookstore, designed by architect Marcio Kogan, occupies more than 3 thousand sqm. The Livraria Cultura mega-bookstore at Iguatemi São Paulo We also opened GAP s first store in Brazil, in the JK Iguatemi Mall. Once again we saw queues forming in the corridors of the mall, showing the strong demand for new developments in the Brazilian market. Opening of GAP s first store in Brazil, in the JK Iguatemi Mall 5

6 In our projects in development, construction and sales are on schedule. In addition to the two malls that have just opened (Platinum Outlet and Iguatemi Ribeirão), in the fourth quarter of this year we will have two additional openings: Iguatemi Esplanada, in Sorocaba/Votorantim, and the expansion of the Praia de Belas Mall, in Porto Alegre. At Iguatemi Esplanada, in Sorocaba/Votorantim, 94% of the works are completed and leasing is practically complete with 93% of GLA contracted. The mall, opening in November 13 th, 2013, will be one of Brazil s largest shopping complexes. It will have a full mix of stores that will be highlights for the region, including Cinépolis, Academia Formula, Lacoste, Tommy Hilfiger, Osklen, Outback, Zara, Starbucks, Fast Shop, MAC, Swarovski, Brooksfield, Brooksfield Donna, Canal, Shoulder, Samsung, Pet Center Marginal and El Tranvia. Also in November we will open the third-floor expansion at the Praia de Belas Mall, in Porto Alegre with leases 100% placed. This mall also opened a new parking deck this year, and a new cinema in will be a very important year for Iguatemi, with the opening of one new mall and two major expansions: (i) Iguatemi Rio Preto, currently 54% completed and 82% of the leases contracted; and (ii) expansion of the Iguatemi Campinas Mall, for which leasing began in October, with strong prospects. In recent quarters, we have succeeded in maintaining a structure of costs and expenses able to support this cycle of growth in the Company. We have seen our revenues grow more than costs and expenses, in a demonstration of efficiency. As a result we expect to see Ebitda margin expanding in the coming quarters, due to the higher dilution of administrative and pre-operational expenses. Financing: We completed an issue of R$ 150 million in Notes for Real Estate Receivables, with tenor of 8 years, to finance development of the Iguatemi São José do Rio Preto Mall. The cost of the Notes is IPCA index + 4% p.a.; and on the same date we signed a swap contract converting this into 92.5% of the CDI rate. Our debt continues to have a long profile and low cost with average tenor now 4.08 years, and cost reduced to 99.2% of the CDI, at September 30, We reiterate our Guidance for 2013 growth in net revenue: between 15% and 20%, with EBITDA margin of 70-72%. We expect our indicators to continue growing, through the strengthening of the portfolio of projects in operation, inauguration of new areas now in development, and maturation of the greenfield projects that have already opened. As we do each year, we are publishing a new guidance for 2014, in line with the Company s long term guidance: EBITDA of R$ mn, with and EBITDA margin of 72 75%. We believe that we will continue to post solid grow in our indicators, due to the continuous strengthening of our existing assets, due to the inauguration of the announced greenfields and expansions (Iguatemi Esplanada and the expansions at the Praia de Belas, Iguatemi Campinas and Iguatemi Porto Alegre Malls) and due to the maturation of the greenfields that have been recently inaugurated (Iguatemi Ribeirão, Platinum Outlet, JK Iguatemi, Iguatemi Alphaville and Iguatemi Brasília). Our strategy continues to be based on implementation of the best assets in the best locations. We maintain our geographical focus on Brazil s South and Southeast regions and on the A and B income groups, because we believe there is 6

7 a significant growth in discretionary income in this combination, and that we can serve this demand better due to the Iguatemi brand, with a more attractive risk-return ratio. We reiterate our guidance for exchanges of PSV, for construction of office towers on our enterprise sites. As a result of these exchanges we expect to deliver contributions to profit of between R$ 20 and 30 million per year (up to 2014). We believe we are well positioned for the coming years, through a quality portfolio. We will continue to invest in our existing assets, updating the mix, creating a differentiated consumption experience, and seeking new opportunities for good investments. Carlos Jereissati Filho CEO, Iguatemi Empresa de Shopping Centers S.A. 7

8 MAIN INDICATORS Iguatemi s consolidated financial indicators (below), are presented in our Independent Management Reporting format. The only significant difference from the formal financial statements under BRGAAP is that they include proportional consolidation of JK Iguatemi, line by line, in the consolidated statements while the formal accounting consolidates JK Iguatemi as a single investment by the equity method. A reconciliation between the formats is in the Appendix. Financial indicators¹ 3Q13 3Q12 Change 9M13 9M12 Change Gross revenue (R$ 000) 125, , % 363, , % Net revenue (R$ 000) 113, , % 323, , % Ebitda (R$ 000) 77, , % 230, , % Ebitda margin 68.7% 158.3% p.p. 71.4% 105.6% p.p. FFO (R$ 000) 58, , % 165, , % FFO margin 51.5% 134.4% p.p. 51.0% 83.6% p.p. Net profit 44, , % 127, , % Adjusted Ebitda 2 77,678 56, % 230, , % Adjusted Ebitda margin ² 68.7% 54.6% 14.1 p.p. 71.4% 68.6% 2.8 p.p. Adjusted net profit² 44,963 26, % 127, , % ¹ Reports the 50.0% interest in JK Iguatemi consolidated, proportionately, line by line, in the Profit and loss account. ² Figures adjusted only for the sale of Boulevard Rio Iguatemi in 3Q12, in accordance with Accounting Pronouncement CPC 31. Performance indicators 3Q13 3Q12 Change 9M13 9M12 Change Total GLA (sqm) 555, , % 555, , % Owned GLA (sqm) 340, , % 340, , % Mean Owned GLA (sqm) 302, , % 289, , % GLA, all Malls 522, , % 522, , % Owned GLA in Malls 308, , % 308, , % Number of malls % % Total sales (R$ 000) 2,168,132 1,980, % 6,282,859 5,560, % Sales/m²/month same stores - R$ N.A. N.A. 8.1% N.A. N.A. 7.5% Sales/m²/month same area - R$ N.A. N.A. 8.2% N.A. N.A. 7.8% Same-store rentals/m²/month R$ N.A. N.A. 8.4% N.A. N.A. 9.8% Same-area rentals/m²/month R$ N.A. N.A. 8.5% N.A. N.A. 9.9% Occupancy cost (% of sales) 10.8% 10.7% 0.1 p.p. 11.1% 10.7% 0.4 p.p. Occupancy rate 96.7% 96.1% 0.6 p.p. 96.6% 95.7% 0.9 p.p. Default 1.4% 1.2% 0.2 p.p. 1.5% 1.8% -0.3 p.p. 8

9 THE IGUATEMI PORTFOLIO Iguatemi stake³ Total GLA (sqm) Iguatemi GLA No. of stores Parking places Iguatemi São Paulo 57.75% 46,608 26, ,430 JK Iguatemi 50.00% 35,293 17, ,681 Market Place % 26,927 26, ,998 Iguatemi Alphaville 78.00% 30,822 24, Iguatemi Brasília 64.00% 31,822 20, ,673 Iguatemi Campinas 70.00% 54,075 37, ,980 Boulevard Iguatemi¹ 77.00% 32,066 24, Galleria² 80.00% 33,236 26, ,996 Iguatemi Ribeirão Preto 88.00% 44,100 38, ,886 Esplanada 38.00% 24,340 9, ,950 Iguatemi São Carlos 50.00% 19,035 9, Iguatemi Porto Alegre 36.00% 39,306 14, ,400 Praia de Belas² 37.80% 30,081 11, ,370 Iguatemi Caxias 8.40% 30,324 2, ,003 Platinum Outlet 41.00% 20,087 8, ,300 Iguatemi Florianópolis 30.00% 20,487 6, Owned area % 3,678 3, Subtotal, Malls 59.11% 522, ,732 2,790 29,197 Market Place Torre I % 15,685 15,685 Market Place Torre II % 13,395 13,395 Torre Iguatemi São Paulo 57.75% 4,469 2,581 Subtotal, Towers 94.37% 33,549 31,661 Total 61.24% 555, ,392 ¹ Boulevard, located next to the Iguatemi Campinas Mall. ² On October 1, 2013 Iguatemi signed a contract for purchase, still in progress, of 30.0% of Shopping Center Galleria. ³ Weighted percentage interest in owned GLA. 4 Area in the Esplanada Mall owned by Iguatemi through a subsidiary. 9

10 OPERATIONAL PERFORMANCE Mall Gross revenue NOI 3Q13 3Q12 Change 3Q13 NOI % 3Q12 NOI % Change Iguatemi São Paulo 40,634 36, % 41, % 33, % 25.6% Market Place 11,242 10, % 10, % 10, % -1.8% Torres Market Place 7,031 6, % 6, % 6, % 4.0% Iguatemi Campinas 21,318 19, % 18, % 17, % 5.5% Iguatemi São Carlos 1,878 1, % 1, % 1, % 23.6% Boulevard Rio - 1,913 N.A. - N.A. 1, % N.A. Praia de Belas 10,697 9, % 8, % 9, % -7.2% Galleria 6,727 4, % 5, % 3, % 53.0% Iguatemi Porto Alegre 18,512 17, % 17, % 16, % 6.2% Iguatemi Florianópolis 6,758 6, % 5, % 7, % -18.3% Iguatemi Caxias 5,490 5, % 4, % 5, % -10.8% Esplanada 10,300 9, % 9, % 9, % -0.3% Iguatemi Brasília 11,725 11, % 10, % 9, % 10.4% Iguatemi Alphaville 8,646 8, % 7, % 6, % 7.5% JK Iguatemi 23,825 23, % 19, % 14, % 36.7% Total 184, , % 165, % 150, % 10.1% Gross revenue NOI Mall 9M13 9M12 Change 9M13 NOI % 9M12 NOI % Change Iguatemi São Paulo 117, , % 110, % 98, % 12.0% Market Place 32,971 31, % 30, % 28, % 6.5% Torres Market Place 20,720 19, % 20, % 19, % 4.2% Iguatemi Campinas 61,809 55, % 53, % 47, % 11.1% Iguatemi São Carlos 5,537 4, % 4, % 3, % 13.3% Boulevard Rio - 12,926 N.A. - N.A. 8, % N.A. Praia de Belas 29,864 26, % 24, % 22, % 8.6% Galleria 19,640 13, % 14, % 9, % 61.5% Iguatemi Porto Alegre 55,605 51, % 52, % 49, % 6.3% Iguatemi Florianópolis 20,727 20, % 18, % 19, % -5.6% Iguatemi Caxias 16,242 16, % 14, % 15, % -4.6% Esplanada 29,909 27, % 25, % 24, % 4.2% Iguatemi Brasília 34,116 32, % 29, % 27, % 5.8% Iguatemi Alphaville 25,431 24, % 21, % 20, % 5.1% JK Iguatemi 69,296 23, % 51, % 14, % 267.0% Total 539, , % 470, % 408, % 15.0% 10

11 The NOI of our malls in operation continues to be healthy and to post significant growth. Total NOI in 3Q13 was R$ million, up 10.1% from 3Q12. NOI margin in 3Q13 was 89.8%, compared to 86.4% in 3Q12. The 10.1% year-on-year increase in NOI in 3Q13 is due, mainly, to the increase from rentals as a result of leasing spreads higher than inflation. Some of the key components in 3Q13 are: Iguatemi São Paulo: Up 25.6% from 2012, mainly on higher volume of sales locations resales (R$ 4.8mn, resulting in net NOI margin above 100%), and increase in minimum rentals due to new transactions and leasing spreads. Market Place: Up 5.5% YoY, mainly due to resale of selling locations in Excluding this effect, the growth in NOI would have been 7.2% YoY. Iguatemi Campinas Mall: Up 5.5% YoY. Excluding the resales of sales locations in 2012, growth would have been 7.2%. Iguatemi São Carlos: Up 23.6%, mainly due to more efficient management, resulting in higher NOI margin. Praia de Belas Mall: Down 7.2% YoY, mainly reflecting a higher volume of resale of selling locations in 2012 (R$ 1.8 million more than in 3Q13). Without this effect, NOI growth would have been 15.2% YoY. Galleria Mall: Up 53.0%, mainly reflecting the opening of the expansion in September Shopping Iguatemi Florianópolis: Down 18.3% YoY, reflecting R$ 1.1mn in resales of locations in Iguatemi Esplanada: Down 0.3%, mainly due to a non-recurring revenue. Excluding this non recurring revenue, NOI growth would have been 8.5% YoY. Iguatemi Brasília: Up 10.4%, mainly due to higher leasing spreads and percentage rentals, and vehicle traffic. JK Iguatemi: NOI of JK Iguatemi was up 36.7% YoY, on opening of new operations during the year, and phasing out of the initial rental discounts given for store operators first year of operation. In the first nine months of 2013, the NOI of Iguatemi s malls in operation was 15.0% higher than in 9M12, with NOI margin of 87.2%, up 0.8 percentage points from the NOI margin of 86.4% in Sales and rentals Total sales in 1Q13 were R$ 2.2 billion, 9,5% more than in 3Q12. In 9M13, total sales were R$ 6.3 billion, up 13.0%. Once again total sales grew more than same-store sales and same-area sales, in spite of the loss of the sales of Boulevard Rio Iguatemi, which was sold in 3Q12. The malls contributing most to growth in total sales were JK Iguatemi, Iguatemi Brasília, Iguatemi Alphaville, Iguatemi Esplanada, Shopping Galleria and Shopping Praia de Belas. Same-area sales were up 8.2%, and same-store sales were up 8.1%, in the quarter. Once again we see same-area sales growing faster than same-store sales, a consequence of the continuous improvement of the mix of our malls in operation. The malls with the highest same-store sales growth in the quarter were JK Iguatemi, Iguatemi Alphaville, Iguatemi Brasília and Shopping Center Esplanada. Same-area rentals were up 8.5% YoY in 3Q13, a higher growth than in same-store rentals (8.4%). The growth in rentals reflects inflation and also the leasing spreads negotiated in leasing contracts. 11

12 Occupancy rate and occupancy cost Store operators occupancy cost was 10.8% in 3Q13, 0.1 of a percentage point higher than in 3Q12. Occupancy cost Occupancy rate 10,1% 11,6% 10,6% 10,7% 10,6% 11,6% 10,7% 10,8% 96,9% 96,6% 96,1% 96,1% 96,1% 95,4% 95,8% 96,7% 4Q11 4T11 1Q12 1T12 2Q12 2T12 3Q12 3T12 4Q12 4T12 1Q13 1T13 2T13 2Q13 3T13 3Q13 4Q11 4T11 1Q12 1T12 2Q12 2T12 3T12 3Q12 4T12 4Q12 1T13 1Q132T13 2Q133T13 3Q13 Occupancy rate, at 96.7%, was 0.6 of a percentage point up from 3Q12. The reduction in vacancy reflected the openings of various special operations in areas that have been set aside specifically for them, mainly in Iguatemi São Paulo (Livraria Cultura, Le Jazz, Dolce & Gabbana, among others), JK Iguatemi (GAP s first store in Brazil, with 800 sqm), and Iguatemi Brasília (Camicado and Reserva). In the coming quarters we will be opening several of these special operations in our malls as part of our continuous improvement of the store mix aiming to keep them permanently up-to-date and interesting. Default Default in 3Q13 was 1.4%, 0.2 of a percentage point higher than in 3Q12. Default in 9M13 was 1.5%, an improvement of 0.3 of a percentage point from 9M12. ECONOMIC AND FINANCIAL PERFORMANCE The consolidated profit and loss accounts given in the tables below show both the Independent Management Report format and the Brazilian accounting format. The main difference is the treatment of the JK Iguatemi Mall: in the Independent Management format, the JK Mall is consolidated in such a way as to show all of its lines in the profit and loss account while under the new Brazilian accounting rules it is reported as a single investment by the equity method. For more details of reconciliation between the two, please see the Appendix. 12

13 Consolidated Profit and loss account Managerial Reporting R$ 000 3Q13 3Q12 % 9M13 9M12 % Gross revenue 125, , % 363, , % Taxes and discounts (12,903) (15,306) -15.7% (39,791) (38,776) 2.6% Net revenue 113, , % 323, , % Costs and expenses (42,141) (49,816) -15.4% (116,364) (117,986) -1.4% Other operational revenues (expenses) 6, , % 23, , % Equity gain (loss) in subsidiaries - - N.A. - - N.A. Ebitda 77, , % 230, , % Ebitda margin 68.7% 158.3% p.p. 71.4% 105.6% p.p. Depreciation and amortization (13,259) (11,208) 18.3% (37,209) (29,073) 28.0% Ebit 64, , % 193, , % Ebit margin 57.0% 147.6% p.p. 59.9% 95.7% p.p. Financial revenue (expenses) (7,741) (13,699) -43.5% (31,718) (33,614) -5.6% Income tax and Social Contribution tax (11,714) (11,269) 3.9% (34,196) (30,530) 12.0% Net profit 44, , % 127, , % Net margin 39.8% 123.6% p.p. 39.5% 73.7% p.p. FFO 58, , % 165, , % FFO margin 51.5% 134.4% p.p. 51.0% 83.6% p.p. Adjusted Ebitda 77,678 56, % 230, , % Adjusted Ebitda margin 68.7% 54.6% 14.1 p.p. 71.4% 68.6% 2.8 p.p. Adjusted Net profit 44,963 28,812 67,7% 127, , % Consolidated Profit and loss account - R$ 000 ² 3Q13 3Q12 % 9M13 9M12 % Gross revenue 113, , % 326, , % Taxes and discounts (12,122) (11,701) 3.6% (35,830) (33,868) 5.8% Net revenue 101,180 92, % 290, , % Costs and expenses (39,591) (45,608) -13.2% (109,354) (103,398) 5.8% Other operational revenues (expenses) 6, , % 23, , % Equity gain (loss) in subsidiaries 6,978 4, % 17,860 (2,511) % Ebitda 74, , % 222, , % Ebitda margin 73.8% 174.8% p.p. 76.5% 110.3% p.p. Depreciation and amortization (11,445) (9,750) 17.4% (32,032) (27,580) 16.1% Ebit 63, , % 190, , % Ebit margin 62.5% 164.3% p.p. 65.5% 100.4% p.p. Financial revenue (expenses) (8,060) (13,445) -40.1% (32,613) (33,542) -2.8% Income tax and Social Contribution tax (10,247) (10,024) 2.2% (30,128) (28,905) 4.2% Net profit 44, , % 127, , % Net margin 44.4% 139.1% p.p. 43.9% 77.8% p.p. FFO 56, , % 159, , % FFO margin 55.8% 149.6% p.p. 55.0% 87.8% p.p. Adjusted Ebitda 74,715 54, % 222, , % Adjusted Ebitda margin 73.8% 67.0% 6.8 p.p. 76.5% 71.3% 5.3 p.p. Adjusted Net profit 44,963 28,812 67,7% 127, , % ¹ Reports the 50.0% interest in JK Iguatemi consolidated, proportionately, line by line, in the Profit and loss account. ² Reports the investment in JK Iguatemi consolidated by the equity method. 13

14 GROSS REVENUE Iguatemi s gross revenue in 3Q13 was R$ mn, 5.3% higher than in 3Q12. In 9M13 gross revenue was R$ mn, 9.9% higher than in 3Q12. Gross revenue - Independent Management Reporting information¹ (R$ 000) 3Q13 3Q12 % 9M13 9M12 % Rentals 84,905 80, % 247, , % Management fees 7,002 6, % 19,839 19, % Parking 20,441 18, % 59,538 52, % Other 13,608 14, % 36,445 34, % Total 125, , % 363, , % ¹ Reports the 50.0% interest in JK Iguatemi consolidated, proportionately, line by line, in the Profit and loss account. Revenue from rentals (comprising the minimum rental, percentage rentals, and temporary rentals) was 5.8% higher in 3Q13 than in 3Q12, and provided 67.4% of total gross revenue. Rentals Revenue - Independent Management Reporting information¹ (R$ 000) 3Q13 3Q12 % 9M13 9M12 % Minimum rentals 71,654 66, % 209, , % Percentage rentals 5,171 6, % 16,442 17, % Temporary rentals 8,080 7, % 21,374 19, % Total 84,905 80, % 247, , % ¹ Reports the 50.0% interest in JK Iguatemi consolidated, proportionately, line by line, in the Profit and loss account. The main factors in rental revenue being 5.8% higher YoY in the quarter include: Minimum rental 7.1% higher than in 3Q13. Excluding the revenues of Boulevard Rio Iguatemi in 3Q12, the minimum rental would have been 8.6% higher YoY - reflecting: (i) leasing spreads negotiated higher than inflation in renewals and in new leasing contracts, especially at Iguatemi São Paulo, Iguatemi Campinas, Market Place and Galleria. Percentage rentals 17.8% lower in 3Q13 (15.6% lower when excluding the revenues from Boulevard Rio Iguatemi of 3Q12), mainly due to high leasing spreads which effectively transferred part of the revenues from the percentage rental to the minimum rental, especially in the larger malls such as Iguatemi São Paulo, Iguatemi Campinas, Market Place and Galleria. Revenues from temporary rentals were 14.7% higher YoY in 3Q13, mainly due to higher revenues from kiosk operations at JK Iguatemi, Iguatemi São Paulo and Iguatemi Campinas. 14

15 Revenue from parking was 9.4% higher YoY in 3Q13, mainly due to higher vehicle flows at JK Iguatemi, Iguatemi São Paulo, Market Place, Iguatemi Alphaville and Iguatemi Brasília. Management fees were 13.3% higher than in 3Q12, due mainly to (i) the expansion at Galleria; and (ii) increase in revenues at the existing malls, especially Iguatemi Brasília and JK Iguatemi. Other revenues were 6.3% lower YoY, mainly reflecting lower brokerage fees. DEDUCTIONS AND TAXES Deductions and taxes in 3Q13 totaled R$ 12.9 mn, 15.7% lower than in 3Q12. The difference mainly reflects the first-12-month discounts given to store operators at JK Iguatemi and in the expansion of Galleria. These discounts are standard in all Iguatemi s new projects (greenfield projects and expansions), and are typically given to store operators that inaugurate simultaneously with the mall, for their first 12 months of operation. NET REVENUE Net revenue in 3Q13 was R$ mn, 8.4% more than in 3Q12. In 9M13, net revenue was R$ mn, 10.8% higher than in 3Q12. 15

16 COSTS OF RENTALS AND SERVICES, AND ADMINISTRATIVE EXPENSES Independent Management Reporting Information¹ (R$ 000) Cost 3Q13 Expense 3Q13 Total 3Q13 Cost 3Q12 Expense 3Q12 Total 3Q12 Personnel 6,649 8,256 14,905 6,318 8,430 14, % Share-based remuneration - 2,140 2,140-6,499 6, % Outsourced services 2,303 4,388 6,691 2,432 3,791 6, % Parking 5,416-5,416 6,925-6, % Promotion fund 1,762-1,762 1,764-1, % Other 4,569 6,658 11,227 8,361 5,296 13, % Sub-total 20,699 21,442 42,141 25,800 24,016 49, % Depreciation and amortization 10,022 3,238 13,259 8,901 2,307 11, % Total 30,721 24,680 55,400 34,701 26,323 61, % ¹ Reports the 50.0% interest in JK Iguatemi consolidated, proportionately, line by line, in the Profit and loss account. % Independent Management Reporting Information² (R$ 000) Cost 9M13 Expense 9M13 Total 9M13 Cost 9M12 Expense 9M12 Total 9M12 Personnel 19,298 20,930 40,228 17,726 21,903 39, % Share-based remuneration - 6,420 6,420-6,966 6, % Outsourced services 6,501 12,618 19,119 5,190 12,184 17, % Parking 18,111-18,111 18,884-18, % Promotion fund 5,267-5,267 5,247-5, % Other 13,632 13,587 27,219 16,115 13,771 29, % Sub-total 62,810 53, ,364 63,162 54, , % Depreciation and amortization 27,816 9,393 37,209 22,579 6,494 29, % Total 90,626 62, ,573 85,741 61, , % 2 Reports the 50.0% interest in JK Iguatemi consolidated, proportionately, line by line, in the Profit and loss account. % In 3Q13 costs and expenses (before depreciation) were R$ 42.1 mn, 15.4% lower than in 3Q12 (and 9.2% lower if depreciation and amortization are included). These are the main factors in the lower costs and expenses in 3Q13: Expenses on personnel were 1.1% higher in 3Q13, YoY, mainly reflecting the annual negotiated wage increase. There was an additional factor in 3Q12: The variable remuneration for 1Q and 2Q of 2012 was 100% accounted during 3Q12. 16

17 Share-based remuneration was 67.1% lower in 3Q13 than 3Q12, mainly reflecting regressive amortization of stock options. Outsourced services were 7.5%, higher in 3Q13, mainly on marketing expenses for the openings of greenfield projects in the first half of The cost of parking was 21.8% lower, mainly reflecting the reduction of costs achieved by investments in automatic parking paystations. The Others line was 17.8% lower, mainly on lower pre-operational expenses on projects in development. The depreciation and amortization lines were 18.3% higher, reflecting: (i) inauguration of the new area in Iguatemi São Paulo; (ii) expansion of Galleria and the parking deck at Praia de Belas; and (iii) greater amortization of software, reflecting the investments in improvement of the management system (SAP). FINANCIAL REVENUE (EXPENSES) Iguatemi had net financial expenses of R$ 7.7mn in 3Q13, compared to net financial expenses of R$ 13.7mn in 3Q12. Financial revenue was 65.1% higher than in 3Q12, due to the higher cash position, reflecting: (i) raising of financing from the Company s fourth debenture issue in February 2013, totaling R$ 450 mn; (ii) the stock offering completed in June, adding approximately R$ mn to the Company s cash position; and (iii) the R$ 150mn issue of Real Estate Receivables in July Financial expenses were 20.4% higher than in 3Q12, reflecting the increase of the Company s gross debt from R$ billion at the end of 3Q12 to R$ billion at the end of 3Q13. Average cost of the debt is 99.2% of the CDI rate, p.a., and its average tenor is 4.08 years. Net financial revenue (expenses) 3Q13 3Q12 % 9M13 9M12 % Financial revenues 32,260 19, % 81,131 71, % Financial expenses -40,001-33, % -112, , % Net financial revenue (expenses) -7,741-13, % -31,718-33, % OTHER OPERATIONAL REVENUES (EXPENSES) Other operational expenses, net, totaled R$ 6.8mn in 3Q13, 93.9% down from 3Q12, mainly reflecting recognition of the funds from the sale of Boulevard Rio Iguatemi, totaling R$ 108.2mn, in August

18 INCOME TAX AND SOCIAL CONTRIBUTION (CURRENT AND DEFERRED) Expenses on income tax and the Social Contribution tax in 3Q13 totaled R$ 11.7 mn, an effective tax rate of 18.2%. NET PROFIT AND FFO Iguatemi s net profit in 3Q13 was R$ 45.0 mn, 67.7% higher than in 3Q12. This figure is adjusted for the result of the sale of Boulevard Rio Iguatemi in August 2012). Net margin was 39.8%. For 9M13 Iguatemi reports net profit of R$ mn, with net margin 39.5%. FFO in 3Q13 was R$ 58.2mn, with margin of 51.5%. In 9M13, FFO totaled R$ 165.1mn, with FFO margin of 51.0%. EBITDA Iguatemi Ebitda in 3Q13 reached R$ 77.7 mn, 36.5% higher than in 3Q12, excluding the result generated by the sale of Boulevard Rio Iguatemi in 3Q12. Ebitda margin was 68.7%. In 9M13 Ebitda reached R$ mn, 15.4% higher than in 9M12, with Ebitda margin of 71.4%. Independent Management Reporting Information (R$ 000) ¹ Ebitda (R$ 000) 3Q13 3Q12 Change 9M13 9M12 Change Net revenue 113, , % 323, , % Net profit 44, , % 127, , % (+) Income tax and Social Contribution tax 11,714 11, % 34,196 30, % (+) Depreciation and amortization 13,259 11, % 37,209 29, % (+) Financial expenses 40,001 33, % 112, , % ( ) Financial revenues -32,260-19, % -81,131-71, % EBITDA 77, , % 230, , % Ebitda margin 68.7% 158.3% p.p. 71.4% 105.6% p.p. (-) Non-recurring items ,205 N.A ,205 N.A. Adjusted Ebitda 77,677 56, % 230, , % Adjusted Ebitda margin 68.7% 54.6% 14.1 p.p. 71.4% 68.6% 2.8 p.p. ¹ Reports the 50.0% interest in JK Iguatemi consolidated, proportionately, line by line, in the Profit and loss account. 18

19 DEBT Iguatemi had gross debt at the end of 3Q13 of R$ billion, 7.7% more than at the end of 2Q13. In this quarter Iguatemi made a R$ 150mn, 8-year issue of Real Estate Receivables, for the development of the Iguatemi São José do Rio Preto mall, at a cost of IPCA + 4% p.a. On the same date, Iguatemi entered into a swap contract for 92.5% of the CDI rate. In 3Q13 the average tenor of Iguatemi s debt was 4.08 years, and the average cost was reduced to 99.2% of the CDI % rate, p.a. The reduction of the cost of debt reflects: (i) the R$ 150mn proceeds of the Receivables Issue with a cost of 92.5% of the CDI rate; and (ii) the increase in the Selic rate, which resulted in our debt indexed to the TJLP (fixed rate) being cheaper when compared to CDI. The cash position at the end of the third quarter was R$ billion, resulting in net debt of R$ 609.2mn. Consolidated, R$ 000 Sep. 30, 2013 % Jun. 30, 2013 % TJLP 423, % 410, % IPCA 220, % 75, % CDI 1,168, % 1,187, % Other 85, % 88, % Short term 180, % 190, % Long term 1,716, % 1,571, % Total debt 1,896,847 1,761,371 Cash and cash equivalents 1,287,666 1,271,735 Net cash (debt) (609,181) (489,636) Debt amortization timetable Empréstimos Financing Debêntures Debentures 19

20 CASH FLOW Iguatemi s cash position increased by R$ 16.0mn during 3Q13¹, with a final balance, under the Independent Management Reporting format, of R$ billion. The main factors in this increase include the following: Net cash generated by operational activities, R$ 79.7mn; Net cash in investment activities: R$ 230.9mn negative, invested in the Company s projects under development. Net cash in financing activities: R$ 167.2mn positive, on contracting of financing totaling R$ mn. 79, ,7 167, ,7 (230,9) Initial Balance Operational² Investments Financing² Final Balance ¹ Internal Management Reporting of cash flow, showing the 50.0% interest in JK Iguatemi consolidated, proportionately, line by line, in the Profit and loss account. ² Operational Cash flow, adjusted for: (i) R$ 53.9 mn for payment of interest; and (ii) R$ 42.0 mn classified in the Independent Management accounting as Cash from financing activities. 3 Cash from financings adjusted as noted above. INVESTMENT VALUE OF PROPERTIES In December 2012, we updated the fair value of our properties in operation, and properties under development. This value on that date was R$ 6.1 billion. We carried out a new valuation on December 13, 2012, to update the fair value of our properties Malls in operation 2012 Greenfields and expansions Total Valor 100% shopping 5,849 7,340 8,678 9,420 1,111 10,531 Iguatemi interest 3,288 4,181 5,258 5, ,118 Total GLA ( 000 sqm) Owned GLA ( 000 sqm) NAV / share 34.6 IGTA3 stock price¹ 24.3 ¹ At Sep. 30,

21 The fair value of the properties for investment was estimated using discounted cash flow. All the calculations are based on the analysis of the physical qualifications of the properties in question and information gleaned from the market, which are used in determination of fair value of projects. It is important to mention that these calculations do not include potential expansions, exchanges of land sites and/or projects not yet announced. The following assumptions were used for valuation: Real discount rates: from 8.0% to 11% p.a. Real perpetuity growth rates: from 2.0% to 2.5% p.a NOI, malls in operation 522, , Cap Rate 7.2% 6.6% % NOI multiple 13.9x 15.3x ¹ Base date: September 30, Market Cap Net Debt EV NAV INVESTMENTS ¹ FOR GREENFIELD PROJECTS Mall Realized to 4Q11 Realized to 4Q12 Realized to 2Q13 3Q e After 2013 Total, Greenfields Ribeirão Preto Esplanada Jundiaí S. J. Rio Preto Outlet² Total ¹ Capex proportionate to Iguatemi s interest (net of key money). ² There is no capex to finalize the Outlet, since the interest in the project was bought before completion of construction (for delivery with works completed). A total of R$ 71.7mn was invested in Iguatemi s greenfield projects in 2013¹, as shown above. We expect to invest a further R$ 86.0mn (net of key money) in the greenfield projects in the rest of 2013, and R$ 195.1mn after

22 PROJECTS IN PROGRESS: GREENFIELDS The figures below refer to 100% of each project. Iguatemi Esplanada² Iguatemi São José do Rio Preto Iguatemi Jundiaí³ Scheduled to open: Nov Apr GLA (sqm) 39,550 43,649 30,000 Investment 4 R$ MM R$ MM R$ MM First year forecast NOI R$ 38.0 MM R$ 38.2 MM R$19.2 MM NOI / m² / month R$ 80.1 R$ 72.9 R$ 53.3 Iguatemi interest 66% 88% 79% Estimated IRR¹ 14.6% 15.1% 21.5% ¹ Real, delevered. ³ Iguatemi Esplanada has an expansion planned for 2018, to add 13,700 sqm of GLA. 3 Pending approval (timing may be brought forward or delayed depending on the date of approval). 4 The investments are net of key money. 22

23 PROJECTS IN PROGRESS: STATUS Iguatemi Esplanada August 2012 September 2012 February 2013 March 2013 June 2013 September 2013 Final phase of works, electrical installations and air conditioning (94% of works concluded), 93% of GLA contracted. 23

24 Iguatemi São José do Rio Preto August 2012 September 2012 March 2013 June 2013 June 2013 September 2013 This project is coming into the final phase of finishing, with start on floors, facings and facilities. Paving and landscaping in the external area is in progress (54% of works concluded). 82% of GLA contracted. 24

25 PROJECTS IN PROGRESS EXPANSIONS OF EXISTING MALLS Expansions: summary Praia de Belas São Carlos Iguatemi Campinas Iguatemi Porto Alegre Opening April 2013 (deck) Nov (3 rd story) Aug. 14 Oct. 14 April 2015 (Mall) April 2015 (Tower) Total GLA (m²) 17,624 3,270 19,979 20,376 (Mall) 10,692 (Tower) Iguatemi interest 37.6% 50.0% 70.0% 36.0% 25

26 Praia de Belas August / 2012 September / 2012 February / 2013 March / 2013 June / 2013 September / 2013 Project at phase of conclusion / finishings.81% of works of the third story, for inclusion of new stores, concluded.100% of GLA contracted. 26

27 São Carlos September / 2013 September / % of works completed; 64.0% of GLA contracted. Iguatemi Campinas March / 2013 June / 2013 September / 2013 September / 2013 Earthmoving and foundations at final phase. Sales of leases started in October. 27

28 Iguatemi Porto Alegre March / 2013 June / 2013 September/ 2013 September / 2013 Earthmoving and foundations in progress. Sales of leases started in October. STRATEGY AND GUIDANCE Iguatemi continues to focus on Brazil s South and Southeast, and Brasilia, the areas of the country with the highest purchasing power and potential per capita consumption and continues to focus predominantly on the A and B income groups, which are less susceptible to periods of macroeconomic financial stress, and more demanding in terms of the quality of products and services offered. Since 2008 Iguatemi has consistently met or exceeded its guidance for profit and growth published to the market. We reiterate the guidance for 2013: We expect net revenue to grow between 15% and 20% in 2013, with an Ebitda margin between 70% and 72%. 28

29 As we do each year, we are publishing a new guidance for 2014, in line with the Company s long term guidance: EBITDA of R$ mn, with and EBITDA margin of 72 75% CAGR % % % R 2012R Guidance para 2014 Our long-term guidance implies that: (i) we will grow more strongly in 2014 than 2013; and (ii) we will grow at a rate between 23% and 29% per year over the three-year period the same nominal growth that Iguatemi has shown since 2006, the year before its IPO. Guidance for exchange of PSV: We continue to commit to delivering between R$ 20 and R$ 30mn of revenue from PSV exchanges per year up to Iguatemi has enormous potential for growth in exchanges of PSV in its projects. We believe that this type of operation is in line with the Company s strategy of improving the synergy of its enterprises, and has the additional effect of increasing the IRR of the greenfield projects. Guidance on dividends: Iguatemi undertakes to distribute, at least, R$ per share up to 2014 in the form of dividends or Interest on Equity. We note that this guidance is unchanged, reflecting only the two for one stock split of October 17, Growth of total GLA: We have more than doubled the Company s Gross Leasable Area (GLA) since our IPO, in early Today we have 340 thousand sqm of owned GLA, of which 47 thousand sqm was inaugurated in the closing weeks of 3Q13. With the three greenfield projects announced, and three expansions in progress, we will have approximately 462 thousand sqm of owned GLA. Own GLA('000 Sq.m) ,000 sqm of GLA was opened at the end of 3Q (pre IPO) Additional GLA Boulevard Rio Sale Current GLA Announced GLA 29

30 CAPITAL MARKETS Iguatemi s shares are listed on the Novo Mercado of the BM&FBovespa, under ticker IGTA3. This table shows our principal stockholders and the free float: Stockholders * Nº of shares (thousand) % of total Jereissati Participações 90,801, % La Fonte Telecom 1,441, % Petros 18,021, % In Treasury 753, % Other 65,594, % Total 176,611, % Iguatemi s stock price was R$ at the close of 3Q13 an appreciation of 10.6% in the quarter. Currently 18 market analysts are covering Iguatemi (Source: Bloomberg, September 30, 2013). IGTA 3Q13¹ Final R$ Highest price R$ Lowest price R$ Price change in 3Q % Price change in the year 10.76% Number of shares 176,611,578 Market Cap. R$ 4,293,427, IGTA3 IBOV IGTA3 vs. Ibovespa (LTM) Average daily liquidity 9,546, set-12 nov-12 jan-13 fev-13 abr-13 jun-13 jul-13 set-13 ¹ Source: Economática, base date: Sep. 30,

31 HUMAN RESOURCES We have an experienced management team, and we seek consistently to align the interests of our management and employees with those of our stockholders, through two mechanisms of variable remuneration: The Iguatemi Bonus Plan: This program is linked to meeting short-term budget and operational targets. The amount distributed to each employee is linked to the Company s Key Performance Indicators (KPIs), and to individual KPIs. All our employees are eligible. Stock options purchase plan: The stock option plan is administered by our Board of Directors, which may, at its exclusive choice, grant purchase options to managers, employees or service providers. The stock options issued under the plan are limited to a total of 3% of the Company s share capital. Our policies in relation to employees are based on retention of qualified employees, creation of management tools to improve their efficiency, creation of additional opportunities for internal promotion, efficient training programs, assessment of performance and appropriate remuneration. As part of our strong plans to expand GLA, we revisited our Mission, Vision and Values in 2010, and also created our own method of evaluating and managing our people. We believe that this tool, together with the bonus plan pegged to KPIs, will help Iguatemi to meet its growth target without diminishing the identity and values that make Iguatemi one of the 50 most valuable brands in Brazil. On September 30, 2013 Iguatemi had 331 employees. ENVIRONMENTAL PROGRAMS One of our targets is to develop economic activities that meet the needs of society, while maintaining a constant concern with the environment. Rational use of natural resources is one of the ways of exercising this responsibility. For the last 10 years our malls have been implementing actions to increase water savings and reduce energy consumption, generating significant efficiency gains while reducing environmental impact. Our social actions in support of cooperatives benefit needy communities, supporting the work of separation of waste, and/or re-use of raw materials. All our logistical processes take the environment into account. Examples are recycling and selective collection. Each process is based on a vision, from which we decide objectives, targets and plans of action. 31

32 EXTERNAL AUDITING SERVICES: COMPLIANCE WITH CVM INSTRUCTION 381/2003 As from the first quarter of 2012 Iguatemi and its subsidiaries began to use the auditing services of KPMG Auditores Independentes. The Company s policy in relation to contracting with our independent auditors of any services that are not related to external auditing is based on the principles that preserve the external auditor s independence. These principles, in accordance with internationally accepted principles, are: (a) the auditor must not audit his own work; (b) the auditor must not exercise a management function in his client; and (c) the auditor should not promote his client s interests. s Note: Data not included in formal financial statements, such as GLA, average sales, average rentals, occupancy costs, average prices, average market prices, Ebitda, NOI and pro-forma cash flow have not been reviewed by the external auditors. The Company is committed to arbitration in the Market Arbitration Chamber, by the Commitment Clause in its by-laws. About Iguatemi Empresa de Shopping Centers S.A. Iguatemi Empresa de Shopping Centers S.A. ( Iguatemi ) is one of the largest full-service companies in the Brazilian shopping mall sector. Its activities cover the whole range of the business, from conception, through planning, to development and management of regional shopping malls, and also mixed-use real estate complexes including developments such as office towers. Iguatemi has equity interests in 14 shopping malls, 1 outlet and 3 office towers, with total GLA of 556 thousand sqm in which its total owned GLA is 340 thousand sqm Iguatemi operates in the management of 14 of its malls, and the Pátio Higienópolis Mall in São Paulo. It also currently has three greenfield shopping mall projects, 3 expansions of existing malls, and 1 office tower, in development. Its shares are traded on the Novo Mercado of the São Paulo Stock Exchange (BM&FBovespa), under the ticker IGTA3. INVESTOR RELATIONS CONTACTS Cristina Betts Vice-President for Finance, and Investor Relations Director Gunther Schrappe Chief Strategic Planning Director, Investment Relations Officer Cecília Viriato Investor Relations Coordinator < Bruno Carobrez Investor Relations Analyst Tel.: (11) ri@iguatemi.com.br Any statements on the outlook for the business, estimates for operational or financial results, or the growth outlook for Iguatemi, that may be expressed in this report are projections, and as such are based exclusively on the expectations of Iguatemi s management in relation to the future of the business, and its continuing access to capital to finance the Company s business plan. Such statements are subject, substantially, to changes in market conditions, government rules, competitive pressures, the performance of the sector and the performance of the Brazilian economy, among other factors, and are, therefore, subject to change without prior notice. 32