Analyst Meeting Presentation Dec/13

1 1

2013

2 2 2

This presentation contains statements that are forward-looking within the meaning of Section 27A of the

Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking

statements are only predictions and are not guarantees of future performance. Investors are cautioned

that any such forward-looking statements are and will be, as the case may be, subject to many risks,

uncertainties and factors relating to the operations and business environments of General Shopping

and its subsidiaries that may cause the actual results of the companies to be materially different from

any future results expressed or implied in such forward-looking statements.

This material is published solely for informational purposes and is not to be construed as a solicitation or

an offer to buy or sell any securities or related financial instruments and should not be treated as giving

investment advice. It is not targeted to the specific investment objectives, financial situation or

particular needs of any recipient. No representation or warranty, either express or implied, is provided in

relation to the accuracy, completeness or reliability of the information contained herein. This material

should not be regarded by recipients as a substitute for the exercise of their own judgment.

Any opinions expressed in this material are expressed as of this date and subject to change without

notice and General Shopping is not under the obligation to update or keep current the information

contained herein. General Shopping and the respective affiliates, directors, partners and employees

accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part

of this material. You should consult with your own legal, regulatory, tax, business, investment, financial

and accounting advisers to the extent that you deem it necessary, and make your own investment,

hedging and trading decision (including decisions regarding the suitability of this transaction) based

upon your own judgment and advice from such advisers as you deem necessary and not upon any

views expressed in this material.

Disclaimer

3 3 3

Agenda

Sector Overview

Company Overview

Financial Performance

4 4

Sector Overview

5 5 5

10.5%

9.6% 9.8%

8.7%

7.5% 7.5%

6.1%5.8%

5.3% 5.2%

Oct/04 Oct/05 Oct/06 Oct/07 Oct/08 Oct/09 Oct/10 Oct/11 Oct/12 Oct/13

Unemployment Rate in October

Economic Indicators

Source: PME-IBGE Table prepared by General Shopping Brasil

6 6 6

25.626.7

29.030.5

33.3 33.4

36.9 37.2

40.241.7

Oct/04 Oct/05 Oct/06 Oct/07 Oct/08 Oct/09 Oct/10 Oct/11 Oct/12 Oct/13

Real Income of the Employed Population¹

R$ billion

Economic Indicators

Source: PME-IBGE; Table prepared by General Shopping Brasil (1)Based on the employed population and their average income

7 7 7

560

590

620

650

680

710

740

770

0%

2%

4%

6%

8%

10%

12%

14%

(t-12) R$ billion

Credit Performance

Credit Volume – Individuals

Volume and Monthly Change

Source: Central Bank Table prepared by General Shopping Brasil

8 8 8

6

7

8

9

Default Rate

Individuals - %

Credit Performance

Source: Central Bank Table prepared by General Shopping Brasil

9 9 9

100

105

110

115

120

125

130

Economic Indicators

Consumer Confidence Index

Index - Quarterly Moving Average

Source: Fundação Getulio Vargas - FGV Table prepared by General Shopping Brasil

10 10 10

8.6 8.7

4.2

9.2

5.3

Retail Performance

Sales Volume - Monthly change (%)

As compared with same year-ago period

Source: PMC-IBGE Table prepared by General Shopping Brasil

11 11 11

Retail Growth

Retail Industry: Monthly Change (VS Same Year-Ago Period) of Sales Volume (Oct/11-Oct13)

Source: Brazilian Institute of Geography and Statistics (IBGE) Table prepared by General Shopping Brasil

Total - RetailBooks, newspapers, magazines and

stationeryOffice supplies and equipment, personal

computer and telecomOther personal and domestic products

Oct-11 4.2 4.4 28.8 0.5

Nov-11 6.7 5.5 24.7 2.6

Dec-11 6.7 -2.3 34.8 3.4

Jan-12 7.8 9.8 32.9 13.1

Feb-12 10.6 -0.2 33.5 5.0

Mar-12 12.5 4.9 27.3 9.5

Apr-12 6.0 -4.0 33.2 2.6

May-12 8.3 2.0 17.2 8.2

Jun-12 9.4 9.5 -18.5 6.6

Jul-12 7.2 6.3 11.3 6.4

Aug-12 10.0 4.8 11.1 10.6

Sep-12 8.5 4.1 -0.4 7.5

Oct-12 9.2 11.1 16.1 13.6

Nov-12 8.5 11.2 -0.8 18.5

Dec-12 5.1 5.4 -23.0 9.0

Jan-13 5.9 6.1 8.7 14.0

Feb-13 -0.3 6.3 5.2 5.5

Mar-13 4.5 2.4 -2.0 15.4

Apr-13 1.6 12.8 5.2 7.1

May-13 4.4 0.7 -0.4 8.4

Jun-13 1.7 -3.5 6.9 6.8

Jul-13 6.0 1.5 8.3 11.7

Aug-13 6.2 -2.1 7.9 8.6

Sep-13 4.3 0.1 16.0 14.9

Oct-13 5.3 -0.6 10.5 11.9

-25

-15

-5

5

15

25

35

45

12 12 12

Total - Retail Supermarkets and hypermarkets Fabrics, clothing and footwearFurniture and white/durable

goods

Pharmaceutical, medical,

orthopedic and cosmetics

Oct-11 4.2 2.3 -2.2 13.1 7.5

Nov-11 6.7 6.2 0.4 12.3 8.4

Dec-11 6.7 4.6 0.8 15.3 7.0

Jan-12 7.8 8.5 1.5 13.2 8.6

Feb-12 10.6 13.3 -3.2 13.5 9.5

Mar-12 12.5 12.4 4.3 20.9 14.2

Apr-12 6.0 3.6 -1.4 12.5 9.3

May-12 8.3 8.8 4.0 9.3 12.3

Jun-12 9.4 11.1 0.6 15.6 11.3

Jul-12 7.2 5.0 5.7 12.6 11.4

Aug-12 10.0 8.5 8.4 15.3 12.8

Sep-12 8.5 9.9 5.4 6.2 8.2

Oct-12 9.2 6.6 4.5 13.8 13.0

Nov-12 8.5 8.3 6.5 8.5 9.6

Dec-12 5.1 6.8 3.8 8.4 4.1

Jan-13 5.9 3.3 5.2 5.8 10.6

Feb-13 -0.3 -2.1 0.5 -1.0 6.8

Mar-13 4.5 4.1 5.8 -0.8 4.8

Apr-13 1.6 -5.4 10.3 9.1 14.9

May-13 4.4 2.6 1.0 6.3 8.2

Jun-13 1.7 -0.7 -3.2 2.9 6.7

Jul-13 6.0 2.7 6.0 11.0 11.6

Aug-13 6.2 5.6 3.7 7.9 9.8

Sep-13 4.3 1.0 0.4 7.4 11.9

Oct-13 5.3 3.3 3.5 5.0 11.4

-10

-5

0

5

10

15

20

25

Retail Growth

Retail Industry: Monthly Change (VS Same Year-Ago Period) of Sales Volume (Oct/11-Oct13)

Source: Brazilian Institute of Geography and Statistics (IBGE) Table prepared by General Shopping Brasil

13 13

Company Overview

14 14 14

Market-driven company with retail approach

B and C consumption classes as target market

Innovative complementary services

Majority ownership: 75.3% average interest

Differentials

15 15 15

ICSC - “Is a group of retail stores, planned,

developed and managed like an only one

operation.”

ABRASCE – “ A planed group of retail stores with an

integrated operation and centralized

management,…, and at least part of its rental revenues must be part of retail´s sales revenues.”

Shopping Center´s definitions

16 16 16

General Shopping Brasil

Poli Shopping Guarulhos 50.0% 4,527 2,264 15,400

Internacional Shopping 100.0% 76,845 76,845 -

Auto Shopping 100.0% 11,477 11,477 -

Shopping Light 85.0% 14,140 12,019 -

Santana Parque Shopping 50.0% 26,538 13,269 -

Suzano Shopping 100.0% 19,583 19,583 -

Cascavel JL Shopping 85.5% 8,877 7,590 2,953

Top Center Shopping 100.0% 6,369 6,369 -

Parque Shopping Prudente 100.0% 15,148 15,148 -

Poli Shopping Osasco 100.0% 3,218 3,218 -

Shopping do Vale 84.4% 16,487 13,913 -

Unimart Shopping Campinas 100.0% 14,961 14,961 -

Outlet Premium São Paulo 50.0% 17,716 8,858 -

Parque Shopping Barueri 48.0% 37,420 17,962 -

Outlet Premium Brasília 50.0% 16,094 8,047 -

Shopping Bonsucesso 63.5% 24,437 15,517 -

Outlet Premium Salvador 50.0% 14,964 7,482 -

Parque Shopping Sulacap 51.0% 29,059 14,820 -

75.3% 357,860 269,342 18,353

Outlet Premium Rio de Janeiro* 98.0% 32,000 31,360

Parque Shopping Maia 60.0% 30,492 18,295

Parque Shopping Atibaia 100.0% 24,043 24,043

Convention Center 100.0% 25,730 25,730

88.6% 112,265 99,428

Own GLA

Expansion (m2)

Shopping Center Interest Total GLA

(m²)

Own GLA

(m²)

Greenfield InterestTotal GLA

(m²)

Own GLA

(m²)

(*) Company may sell up to 48% of the project to BR Partners Fund.

17 17 17

Top Center Shopping

Internacional Shopping Guarulhos

Poli Shopping Guarulhos

Santana Parque Shopping

Poli Shopping Osasco

Suzano Shopping

Shopping Light

Shopping do Vale

Parque Shopping Prudente Auto Shopping

Outlet Premium São Paulo Convention Center

Greenfield

Shopping in operation

25,730

Total GLA (m2)

16,487

Total GLA (m2)

Cascavel JL Shopping Unimart Shopping

Campinas

8,877

Total GLA (m2)

8

15,148

Total GLA (m2)

Total GLA (m2)

11,477

76,845 Total GLA (m2)

6,369

Total GLA (m2)

4,527

Total GLA (m2)

3,218

Total GLA (m2)

26,538

Total GLA (m2)

19,583

Total GLA (m2)

Outlet Premium Brasília

16,094

Total GLA (m2)

(1) Estimated Source: IBGE 2011

Parque Shopping Maia

30,492

(1) Total GLA (m2)

Parque Shopping Barueri

(1)

Region GDP Retail Mkt

South + Southeast 71.6% 72.3%

Parque Shopping Atibaia Shopping Bonsucesso

24,437

Total GLA (m2)

Geographic Distribution

Outlet Premium Rio de Janeiro

32,000(1)

Total GLA (m2)

(1) 24,043

Total GLA (m2)

14,961 Total GLA (m2)

37,420

Total GLA (m2)

Parque Shopping Sulacap

29,059

Total GLA (m2)

14,140

Total GLA (m2)

17,716

Total GLA (m2)

Outlet Premium Salvador

14,964

Total GLA (m2)

18 18 18

R$ 84 billion

R$ 350 billion

R$ 216 billion

R$ 1,249 billion

R$ 452 billion

4%

15%

9%

53%

19%

5%

15%

9%

57%

14%

4%

13%

10%

55%

18%

5%

13%

10%

56%

16%

R$ 224 billion

R$ 555 billion

R$ 396 billion

R$ 2,296 billion

R$ 672 billion

Total GDP: R$ 4,143 billion

Total Retail Sales: R$ 2,351 billion

Total Number of Shopping Centers: 492

Total GLA: 12,631,879 m²

21

66

50

269

86

560,407 m²

1,908,944 m²

1,183,653 m²

7,189,768 m²

1,789,106 m²

Geographic Distribution

GDP(1) Number of Shopping Centers(2)

Retail Sales(1) GLA(2)

(1) Source: IBGE 2011 (2) Source: ABRASCE – December 2013

19 19 19

658

16,214,978

Total GLA (m2)

Number of Shopping Centers

Estimated to 2016

Source: Alshop Directory, ABRASCE Directory and Companies Prepared by General Shopping Brasil

20 20 20

88,962

98,82219,696

17,919

37,420

50,131

176,029 488,979

Dec/06 Dec/07 Dec/08 Dec/09 Dec/11 Dec/12 2013/2014 TOTAL GLA

Total GLA Evolution (m2)

Portfolio

Pre IPO

21 21 21

Diversified Growth Strategy

Consolidation

Shopping center acquisitions

Greenfields

Concept and development of new

shopping centers

Expansions

Interest stake increase in assets

GLA expansion of the original portfolio

Implementation of mixed-use projects

Synergies + Profitability

Turnaround

Remodeling and retrofit of tenant mix

Innovation in complementary services

(1) Considering current shopping centers, expansions and announced greenfields.

Concluded Greenfields

Acquisitions

Expansions

Greenfields under Development

Own GLA(1) Own GLA(1)

40.6%

23.8%9.9%

25.7%

22 22 22


Type: Downtown Community Center

City/State: Guarulhos/SP

Stake: 50.0%

Total GLA: 4,527 m²

Own GLA: 2,264 m²

Number of Stores: 52


23 23 23


Type: Regional


Stake: 100.0%


Own GLA: 76,845 m²



24 24 24

Type: Thematic


Stake: 100.0%


Own GLA: 11,477 m²


Auto Shopping

Auto Shopping

25 25 25

Shopping Light


City/State: São Paulo/SP

Stake: 85.0%


Own GLA: 12,019 m²


Shopping Light

26 26 26


Type: Neighborhood


Stake: 50.0%


Own GLA: 13,269 m²



27 27 27

Suzano Shopping

Type: Neighborhood

City/State: Suzano/SP

Stake: 100.0%


Own GLA: 19,583 m²


Suzano Shopping

28 28 28

Cascavel JL Shopping

Type: Neighborhood

City/State: Cascavel/PR

Stake: 85.5%


Own GLA: 7,590 m²


Cascavel JL Shopping

29 29 29

Top Center Shopping São Paulo



Stake: 100.0%


Own GLA: 6,369 m²


Top Center Shopping São Paulo

30 30 30

Parque Shopping Prudente

Parque Shopping Prudente

Type: Neighborhood

City/State: Presidente Prudente/SP

Stake: 100.0%


Own GLA: 15,148 m²


31 31 31



City/State: Osasco/SP

Stake: 100.0%


Own GLA: 3,218 m²



32 32 32

Shopping do Vale

Type: Neighborhood

City/State: Cachoeirinha/RS

Stake: 84.4%


Own GLA: 13,913 m²


Shopping do Vale

33 33 33

Unimart Shopping Campinas

Unimart Shopping Campinas

Type: Open Lifestyle Center

City/State: Campinas/SP

Stake: 100.0%


Own GLA: 14,961 m²


Description: Developed under the concept of Lifestyle. Unimart is an

open mall that combines commerce and convenience stores. The

range of stores is organized on wide corridors in harmony with

surrounding convenience outdoors, providing a pleasant environment

to customers and reduced operating costs for tenants.

34 34 34

Outlet Premium São Paulo

Outlet Premium São Paulo

Type: Outlet Center

City/State: Itupeva/SP

Stake: 50.0%


Own GLA: 8,858 m²


Influence area: Super Regional

Description: First outlet of the country. Entrance for main brands with

outlet operations. Located on the highway which connects São Paulo

capital to the Campinas metropolitan region. Power center comprising

hotel and 2 theme parks.

Initiative: Sales channel for remainder merchandise with occupancy

costs suitable to the off-price operation.

35 35 35



Type: Regional

City/State: Barueri /SP

Stake: 48.0%


Own GLA: 17,962 m²


36 36 36



Type: Outlet Center

City/State: Alexânia/GO

Stake: 50.0%


Own GLA: 8,047 m²



Description: Second Outlet developed in the country. Located on the

highway which connects Brasília (country capital) to Goiânia (Goiás

state capital), the two biggest cities in midwestern states.

37 37 37

Shopping Bonsucesso

Shopping Bonsucesso

Type: Neighborhood


Stake: 63.5%

Total GLA: 24,437 m2

Own GLA: 15,517 m2


38 38 38



Type: Outlet Center

City/State: Camaçari/BA

Stake: 50.0%


Own GLA: 7,482 m2



Description: Third Outlet from General Shopping Brasil, opened in

October 2013. Located next to Salvador, the biggest city in

northeastern states, on the road to the tourism resorts.

39 39 39



Type: Neighborhood

City/State: Rio de Janeiro/RJ

Stake: 51.0%


Own GLA: 14,820 m2


Description: Opened in October, 2013.

40 40 40

Outlet Premium Rio de Janeiro

Outlet Premium Rio de Janeiro - Greenfield

Type: Outlet Center

City/State: Duque de Caxias/RJ

Stake: 98%

Estimated Total GLA: 32,000 m2

Estimated Own GLA : 31,360 m2

Influence area (inhabitants): Super Regional

Description: Fourth outlet from the Company. Located near the city of

Rio de Janeiro, with easy access to the city of Rio de Janeiro, the

mountainous region of Rio de Janeiro state, Galeão and Santos

Dumont airports and close to the future metropolitan road arc.

41 41 41

Parque Shopping Maia

Parque Shopping Maia- Greenfield

Type: Neighborhood


Stake: 60.0%


Own GLA: 18,295 m2

Description: expected to be opened in 2014

42 42 42

Parque Shopping Atibaia

Parque Shopping Atibaia - Greenfield

Type: Neighborhood

City/State: Atibaia/SP

Stake: 100.0%


Own GLA: 24,043 m2

Description: expected to be opened in 2014

43 43 43

ISG

Auto

Poli

Light

Santana *

Cascavel

Prudente

Parque

Poli Shopping

Osasco

Top Center

Do Vale

Unimart

Campinas

Suzano

Outlet Premium

São Paulo

Parque Shopping

Barueri

Outlet Premium

Brasília

Shopping

Bonsucesso

Outlet Premium

Salvador

Parque Shopping

Sulacap

Atlas

Energy

Wass

I Park

and

GSPark

GSB Adm

ASG Adm

Stake Held

100%

100%

100%

100%

100%

► Responsible for planning the

energy supply and leasing of

the equipment for its

transmission and distribution

► Engaged in water supply

planning and its treatment

and distribution

► Controls and manages

parking lots

► Manages operations of

shopping centers

► Manages the operations of

Auto Shopping

Management Parking Water Energy

Services currently provided to the mall Potential services / currently being implemented * Partial

Increasing Complementary Services Activities

44 44 44

R$ 9.12*

301.8%*

50,787*

35.3%*

0

50

100

150

200

250

300

350

400

450

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650

700

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GSHP3 Ibovespa

Stock Performance

(Basis 100 – DEC 30, 2008)

(*) In Dec 5, 2013

Until SEP 30, 2013: GSHP3 = 273.6%

Ibovespa = 39.4%

Stock Performance

45 45 45

64,685

22,902 13,294 4,231 6,394 17,971

91,672

65,527 66,365 42,790

59,840

102,614

64,746

278,611

150,268

92,470

156,813

122,759

58,566 45,608

86,804 86,136

56,068

574 712 568 809 1,105 1,886

6,263 5,254

3,911 3,236 3,077

5,945

4,545

12,625 13,164

8,196

13,391

13,561

6,569

5,864

6,660

11,284

6,810

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13

Trading Volume Number of Trades

GSHP3 Volume (R$ thousand)

Liquidity

46 46 46

Shareholders

(*) Position as of December 5, 2013

59.4%

40.6%

Free float Controlling shareholder

Nr. Shares Type of investor (*)

Controlling

shareholder 30,000,000 -

40.5% - Brazilian

56.3% - Foreign

3.2% - Individual

Total 50,480,600 -

Free float 20,480,600

Listed since July 2007

47 47

Desempenho Financeiro

48 48 48

Gross Revenue, NOI and Adjusted EBITDA

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

Gross Revenue 40.9 44.1 49.7 61.5 54.5 57.7 58.0

NOI 33.5 35.6 41.2 48.5 43.5 46.0 46.3

Adjusted EBITDA 26.8 28.4 32.0 38.7 34.4 36.9 36.3

NOI Margin 88.0% 86.3% 89.0% 85.5% 87.2% 87.3% 87.8%

Ebitda Margin 70.4% 68.7% 69.2% 68.3% 69.0% 70.0% 68.8%

49 49 49

Rental Gross Revenue

RENTAL REVENUE 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13

Minimum Rent 24.0 25.0 27.7 37.1 30.7 31.3 31.0

Percentage on Sales 2.9 3.7 4.3 7.3 4.0 5.1 4.7

Other (a) 5.1 5.4 6.0 2.2 6.6 6.9 8.1

Occupancy Rate 96.6% 96.4% 96.2% 96.7% 96.6% 96.7% 96.4%

(a) Includes: Mall / Advertising, Key Money and Straight-lining Revenue

50 50 50

1.0 1.0 1.6 1.8 1.2 0.8 0.8

1.0 1.0 1.0 1.2

1.4 1.5 1.5 0.7 0.7 0.9

1.2 1.6 1.3 1.1

6.2 7.3

8.2

10.8 9.1 10.8 10.8

41.7

47.0 48.3

58.7

52.0

56.457.8

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

R$ million

Energy Water Management Parking Services (R$/m²)

Services Gross Revenue

SERVICES REVENUE 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13

Parking 6.2 7.3 8.2 10.8 9.1 10.8 10.8

Energy 1.0 1.0 1.6 1.8 1.2 0.8 0.8

Water 1.0 1.0 1.0 1.2 1.4 1.5 1.5

Management 0.7 0.7 0.9 1.2 1.6 1.3 1.1

Total 8.9 10.0 11.7 15.0 13.3 14.4 14.2

51 51 51

Performance

Description 3Q12 3Q13 Chg % 9M12 9M13 Chg %

Average GLA (m2) 241,789 246,153 1.8% 222,589 252,100 13.3%

Rent (R$/m2) 157.14 177.93 13.2% 467.48 509.33 8.9%

Services (R$/m2) 48.30 57.83 19.7% 137.37 166.06 20.9%

Total (R$/m2) 205.44 235.76 14.8% 604.85 675.39 11.7%

GSB (Total)

52 52 52

EBITDA, FFO and Adjusted Net Result

Data 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13

Adjusted EBITDA 26.8 28.4 32.0 38.7 34.4 36.9 36.3

Adjusted FFO 10.8 (73.4) (6.3) (3.5) (1.2) (71.2) (12.7)

Adjusted Net Result 6.8 (77.4) (9.9) (8.1) (7.3) (77.0) (18.0)

Financial Result (12.5) (93.4) (32.6) (37.7) (30.3) (100.1) (42.4)

Income Taxes/Social Contribution (3.5) (8.4) (5.7) (4.6) (5.3) (10.1) (6.6)

53 53 53

Amortization Schedule

373.0

105.440.4 45.8 51.7 58.4 55.2 33.3 27.0 25.0

53.5

19.7

64.829.1 20.2 15.7 8.3

8.3 8.1 8.14.3

60.0

1.5 1.5 1.4 1.5

1.5 1.5 1.45.1

8.2

2014 2015 2016 2017 2018 2019 2020 2021 After 2021

Cash CCI Banks New Funding Perpetual Bonds

881.7

Cash X Debt (R$ million)

2013

75.4 75.4

297.6

1,572.2

373.0

1,647.6

Cash Pro Forma Debt

Cash X Debt

54.2%

21.3%

11.3% 10.3%

1.2% 1.0% 0.7%

USD IPCA TR CDI TJLP FIXED SELIC

Indebtedness Breakdown

* Cash Position and Indebtedness, considering the amounts of new funding of R$ 75.4 million.

2013 2014 2015 2016 2017 2018 2019 2020 2021After

2021Total %

CCI 105.4 40.4 45.8 51.7 58.4 55.2 33.3 27.0 25.0 53.5 495.7 30.1%

Banks 19.7 64.8 29.1 20.2 15.7 8.3 8.3 8.1 8.1 4.3 186.6 11.3%

New Funding - 60.0 1.5 1.5 1.4 1.5 1.5 1.5 1.4 5.1 75.4 4.6%

Perpetual Bonds 8.2 - - - - - - - - 881.7 889.9 54.0%

Total 133.3 165.2 76.4 73.4 75.5 65.0 43.1 36.6 34.5 944.6 1,647.6 100.0%

Amortization Schedule

54 54 54

49.2%

23.5%

12.6% 11.4%

1.4% 1.1% 0.8%

USD IPCA TR CDI TJLP FIXED SELIC

Indebtedness Breakdown

* Considering 50% of the Subordinated Perpetual Bonds’ balance as Equity, amounting to R$ 163.8 million. Include loans related to the Subsequent Events, amounting R$ 75.4 million

Cash X Debt (R$ million)

According to Rating Agencies' Criteria*

75.4 75.4

297.6

1,408.4

373.0

1,483.8

Cash Debt

Cash X Debt

55 55 55

Investment Properties- R$ million

926.4

1,488.9

694.3

Investments Properties

Book Value Adjustments to Fair Value (Operational Assets) Constructions in Progress

2,415.4 (1)

3,109.7 (2)

(1) Total value of investment properties (malls in operation) according to the Valuation Report of CB Richard Ellis on basis date 12/31/2012. The average rate of discount to the cash flow was 8.99%.

(2) Total value of investment properties and loan value, considering constriuction in progress.

56 56 56

APIMEC – Attendance Seal 7 years

57 57 57

GSB INVESTOR RELATIONS

Alessandro Poli Veronezi

IR Officer

Marcio Snioka IR Superintendent

55 11 3159-5100

[email protected]

www.generalshopping.com.br

Contacts

Analyst Meeting Presentation Dec/13

Economy & Finance

Transcript of Analyst Meeting Presentation Dec/13