Institutional Presentation 1T 2017

Transcription

1 Institutional Presentation 1T 2017

2 Agenda Delivering profitable growth since the IPO How Iguatemi will grow from 2017 onwards Pipeline of Projects Recent Greenfields, Expansions and PSV Swaps Portfolio Overview Financial and Operational Indicators Appendix Market Dynamic Brazilian Laws Touching the Sector Key Performance Indicators Social and Environmental Programs Stock Market Malls at a Glance

3 Iguatemi at a glance Highlights Selected Assets Portfolio comprised of 17 (1) shopping malls, 1 outlet and 4 commercial towers, totaling 746k sqm of GLA (455k sqm of Own GLA) Operations focused on the South and Southeast regions of Brazil and A and B income classes JK Iguatemi Iguatemi São Paulo Only mall operator with a recognized brand among the 50 most valuable brands in Brazil, for the 7th consecutive year Pipeline of 2 outlet greenfields to be delivered in the next 2 years Iguatemi Campinas Iguatemi Porto Alegre Solid growth rates: sales reached R$12.7 billion in 2016, a 7.3% increase versus 2015 Iguatemi Brasília Iguatemi Alphaville (1) Considers Shopping Esplanada and Iguatemi Esplanada as one single mall. 3

4 Agenda Delivering profitable growth since the IPO How Iguatemi will grow from 2017 onwards Pipeline of Projects Recent Greenfields, Expansions and PSV Swaps Portfolio Overview Financial and Operational Indicators Appendix Market Dynamic Brazilian Laws Touching the Sector Key Performance Indicators Social and Environmental Programs Stock Market Malls at a Glance

5 Iguatemi created a platform to implement resilient and sustained profitable growth Pre-IPO: Creating the Iguatemi brand IPO: Accelerating growth through acquisitions Follow-on: Building the platform for quality growth (a new vintage of malls) New Growth Cycle Purchase of Iguatemi São Paulo, Brazil s 1 st shopping mall Expansion to São Paulo countryside and Brazilian south region First multi-use project in Brazil: Market Place IPO: Feb/2007, raising R$550 mn Acquisition of malls and several stakes in the existing portfolio 1 st follow-on: Nov/2009, raising R$410 mn 2 nd follow-on: Apr/2013, raising R$425 mn New vintage of malls: State Capitals: Iguatemi Brasília, Iguatemi Alphaville and JK Iguatemi Interior: Iguatemi Ribeirão Preto, Iguatemi Esplanada, Iguatemi São José do Rio Preto Expansion cycle Short- and mediumterm focus: costs reduction, deleveraging, acquisitions and outlets Long-term focus: greenfields and expansions Entrance into the Premium Outlet Segment, a new growth vector ,0% 77,1% 79,1% 78,0% 69,4% 69,7% 70,1% 71,3% 72,5% EBITDA Owned GLA EBITDA Margin (1) Adjusted for the sale of Boulevard Rio Iguatemi mall. 5

6 Quality growth resulted in increased profitability per GLA Own GLA (thousand sqm) % CAGR Increased Own GLA 3.8x (R$/sqm) Net Income / sqm Gross revenues (R$ mm) % CAGR Increased Revenues 6.4x EBITDA (R$ mm) % CAGR Increased EBITDA 7.6x Net Income / share (R$/shr) FFO (R$ mm) % CAGR Increased FFO 5.5x Net Income (R$ mm) % CAGR Increased Net Income 5.5x

7 Guidances consistently met since Guidance Real Guidance Real Guidance Real Guidance Real Guidance Real Guidance Real Guidance Real Guidance Real Net revenues growth 9 12% 14,5% 15-17% 21,2% 25 30% 25,0% 25-30% 24,6% (1) 15 20% 13,0% (3) N/A 27,1% 12-15% 8,1% (5) 5-10% 5,0% EBITDA mrgin ~70% 69,7% 70-72% 70,1% 70-72% 71,3% ~70% 72,5% (2) 70-72% 75,0% 72-75% 77,1% 76-79% 79,1% 73-77% 78,0% EBITDA (R$ mm) N/A 151 N/A 203 N/A 235 N/A (3) (4) (4) 521 Dividends (R$/share) Exchange of PSV (R$ mm) N/A 0,32 N/A 0,37 N/A 0,38 N/A 0,4 N/A 0,32 0,32 0,34 N/A 0,34 N/A 0,34 N/A N/A N/A N/A N/A N/A , , ,5 N/A 19,2 N/A - CAPEX (R$ mm) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A (6) 155 Long Term Guidance (EBITDA R$ mn) (1) Iguatemi s Net Rev. would have grown 27.7% in 2012 if Boulevard Rio Iguatemi had not been sold. Alternatively, Iguatemi s Net Rev. grew 28.7% in 2012 if we exclude Boulevard Iguatemi s Net Rev. in 2011 and (2) Adjusted EBITDA margin (and growth in adjusted EBITDA) leave out of account other operational revenues of R$ 108.2mn, relating to the sale of Boulevard Rio Iguatemi. (3) Iguatemi met the implicit EBITDA figure indicated by the guidance given for Net Rev. growth and EBITDA margin (implicit guidance of R$ mn vs. actual EBITDA of R$ 347.8mn). (4) Implicit EBITDA associated with the guidance of Net Revenues growth and EBITDA Margin. (5) Net Rev. growth of 8.1% due to Iguatemi Porto Alegre expansion postponement to Apr/16 (original date: Sep/15). (6) Cash basis. 7

8 2017 Guidance 2017 Guidance Net Revenues Growth 2 7% EBITDA Margin 73 77% Capex (R$ million) (1) (1) Accrual basis. 8

9 How did Iguatemi grow? Performing selective acquisitions Implementing Quality Greenfields Delivering Top Execution Strengthening existing assets 9

10 Iguatemi delivered high quality greenfields Performing selective acquisitions Implementing Quality Greenfields Delivering Top Execution Strengthening existing assets 10

11 Maturing malls outside capitals represent 15.3% of the GLA, but still only 5.4% of Total Revenues Portfolio State Inauguratio n % IGTA Total GLA (sqm) Total GLA (%) Revenues 2016 (1) (R$ '000) Revenues 2016 (1) (%) JK Iguatemi SP % 34, % 97, % Subtotal Maturing Malls (2012) % 34, % 97, % Iguatemi Ribeirão Preto SP % 43, % 23, % I Fashion Outlet NH RS % 20, % 11, % Iguatemi Rio Preto SP % 43, % 27, % Subtotal Maturing Malls ( ) % % 63, % Mature Malls % 559, % 1,011, % Total % 701, % 1,172, % Total GLA (%) Maturing Malls (2012) 5.0% Maturing Malls ( ) 15.3% 2016 Gross Revenues (1) (%) Maturing Malls (2012) 8.3% Maturing Malls ( ) 5.4% Mature Malls 79.7% Mature Malls 86.3% (1) Includes Minimum Rental + Overage + Temporary Rent and Parking. 11

12 Maturing greenfields outside capitals still present significant upside Assets inaugurated in the last 5 years Opening Date Total GLA 2016 Revenues (1) (R$ '000) 2016 Revenues (1) (R$/sqm/yr) São Paulo Capital Gross Revenues/sqm 2,800 3,461 JK Iguatemi ,957 97,869 2,800 Subtotal São Paulo Capital - 34,957 97,869 2,800 Iguatemi Ribeirão Preto ,648 23, Maturing Malls Mature Malls Iguatemi Rio Preto (1) ,649 27, Interior Gross Revenues/sqm Subtotal Interior - 87,297 51, ,333 ifashion Outlet Novo Hamburgo ,115 11, Subtotal - Others ,115 11, Total 142, ,107 1,132 Maturing Malls Mature Malls (1) Includes Minimum Rental + Overage + Temporary Rent and Parking. 12

13 Properties not aligned with our strategy of best assets, best locations were divested 2011 Revenues (R$/sqm/year) Divestiture Boulevard Iguatemi Rio Sold in 2012 for 18.3x NOI (5.6% cap rate) Property not aligned with Iguatemi s strategy of having the Best Assets in the Best Locations -52% 687 Total GLA (sqm) R$ / sqm / year 26, Existing Assets Divestiture 13

14 2007 Assets delivered strong organic growth per sqm Performing selective acquisitions Implementing Quality Greenfields Delivering Top Execution Strengthening existing assets 14

15 Assets belonging to the portfolio since the IPO are delivering strong organic growth Assets that existed prior to the IPO Revs (1) /sqm 2010 Revs (1) /sq m 2016 Revs (1) /sq m CAGR Total Revs (1) CAGR Revenues (1) CAGR Iguatemi São Paulo 3,213 4, % 8.8% Market Place 1,379 2, % 7.2% Subtotal São Paulo Capital 2,492 3, % 8.4% Praia de Belas 1,189 1, % 10.7% Iguatemi Porto Alegre 1,759 1, % 9.2% Iguatemi Florianópolis 1,161 1, % 6.4% Interior 16.1% Subtotal - Other Capitals 1,437 1, % 9.1% Iguatemi Campinas 1,214 1, % 11.9% Iguatemi São Carlos % 15.6% Galleria % 14.4% Esplanada (2) 1,165 1, % 16.9% Iguatemi Caxias - 1, Subtotal - Interior 763 1, % 16.1% Torres Market Place % 1.4% Boulevard Campinas % 8.9% Subtotal - Others % 2.2% Other Capitals São Paulo Capital 9.1% 8.4% (1) Includes Minimum Rental + Overage + Temporary Rent and Parking. (2) Considers the Esplanada Complex, composed of Shopping Esplanada and Iguatemi Esplanada. 15

16 Iguatemi acquired 4 new assets and 18 stakes in asset it already owned Performing selective acquisitions Implementing Quality Greenfields Delivering Top Execution Strengthening existing assets 16

17 Acquisitions since the IPO and potential future opportunities Acquisition of Stakes in % GLA Date Previously Owned Assets Acquired ( 000 sqm) Pátio Higienópolis % 2.8 JK Iguatemi % 4.9 Galleria Shopping % 16.6 Iguatemi São Carlos % 1.0 Iguatemi São Paulo % 3.0 Iguatemi Campinas % 2.7 Esplanada Shopping % 1.3 Iguatemi Rio % 2.1 Esplanada Shopping % 0.9 Torre Market Place II % 13.4 Torre Market Place I % 15.7 Market Place % 17.7 Esplanada Shopping % 0.7 Iguatemi Florianópolis % 2.0 Iguatemi São Paulo % 4.5 Esplanada Shopping % 0.7 Iguatemi Rio % 0.8 Iguatemi Porto Alegre % 1.5 Iguatemi Rio % 8,5 Proprietry Area (1) % 3.7 Total Acquisition of New Assets Date % GLA Acquired ( 000 sqm) Pátio Higienópolis % 1.0 I Fashion Outlet NH % 8.2 Esplanada Shopping % 7.1 Galleria Shopping % 11.9 Total 28.2 TOTAL GLA ( 000 sqm) Iguatemi São Paulo th sqm JK Iguatemi th sqm Pátio Higienópolis th sqm Market Place Iguatemi Alphaville th sqm 31 th sqm Iguatemi Campinas th sqm Galleria Iguatemi Esplanada th sqm th sqm Iguatemi São Carlos th sqm Iguatemi Ribeirão Preto Iguatemi Rio Preto th sqm 44 th sqm Iguatemi Porto Alegre th sqm Praia de Belas th sqm Iguatemi Florianópolis Iguatemi Caxias th sqm 30 th sqm Iguatemi Brasília th sqm I Fashion Outlet NH th sqm Boulevard Iguatemi th sqm Iguatemi's GLA GLA not owned by Iguatemi Total GLA not Owned by Iguatemi: 283,000 sqm (1) Area in the Esplanada Mall owned by Iguatemi through a subsidiary. 17

18 Agenda Delivering profitable growth since the IPO How Iguatemi will grow from 2017 onwards Pipeline of Projects Recent Greenfields, Expansions and PSV Swaps Portfolio Overview Financial and Operational Indicators Appendix Market Dynamic Brazilian Laws Touching the Sector Key Performance Indicators Social and Environmental Programs Stock Market Malls at a Glance

19 Iguatemi will continue to focus on high income and fast growing income segments Income Distribution By Income Class (R$ billion) CAGR E A Class 11% 13% B Class 14% 11% C Class 21% 9% 4,767 D/E Class 7% 7% 2007 A Class 18% 3,289 3,332 3,100 D/E Class 41% 36% B Class 18% C Class 23% D/E Class 21% 2030E A Class 33% C Class 23% 56% A Class B Class C Class D/E Class B Class 23% (1) Income per Brackets: A: >US$ 4,706; B: >US$2,353 and < US$4,706; C: > US$1,176 and < US$2,353; D: > US$588 and < US$1,176; E: < US$588 (2) Source: FGV and Ernst & Young projections. 19

20 mainly in the South and Southeast regions State # of Malls Own GLA (sqm) SP (1) ,738 RS (1) 4 53,836 DF 1 20,673 SC 1 6,357 Federal District: Largest Income per Capital in the country DF São Paulo: 2 nd Largest Income per Capital in the country Iguatemi Brasília Iguatemi São Paulo Iguatemi Campinas JK Iguatemi Galleria Market Place Boulevard Iguatemi Rio Grande do Sul: 3 rd Largest Income per Capital in the country SP Pátio Higienópolis Iguatemi Alphaville Iguatemi São Carlos Iguatemi Ribeirão preto Iguatemi Porto Alegre Iguatemi Esplanada Iguatemi Rio Preto Praia de Belas SC Iguatemi Caxias Outlet Novo Hamburgo RS Santa Catarina: 4 th Largest Income per Capital in the country Iguatemi Florianópolis Source: IBGE PNDA Continua - Renda domiciliar per capita (1) Owned GLA in SP State includes, besides the 12 malls shown in the map, 3 commercial towers and proprietary land (full description in the following page). In RS it also includes one commercial tower. 20

21 and with a solid footprint in São Paulo Strategic Presence in the State of São Paulo São Paulo s GDP is significant within Brazil (1) São José do Rio Preto 441 KM City of São Paulo 12% São José do Rio Preto Iguatemi São José do Rio Preto Washington Luiz Highway KM 441 São Carlos Iguatemi São Carlos KM 240 Iguatemi Ribeirão Preto KM 400 Campinas Ribeirão Preto Anhanguera Highway Shopping Galleria KM 100 Iguatemi Campinas Jundiaí City of São Paulo City of São Paulo Rest of Brazil 66% Highest GDP in the country (R$ bn) (1) Rest of São Paulo State 22% KM Raposo Tavares Highway Sorocaba Iguatemi Esplanada KM 111 Esplanada Shopping Castelo Branco Highway Barueri KM 37 Iguatemi Alphaville Pátio Higienópolis Iguatemi SP KM 0 JK Iguatemi Market Place Operating Malls Greenfields Main Influence Area Highways São Paulo Rio de Janeiro Brasília Belo Horizonte Salvador (1) Source: IBGE 2011 (most updated data available). 21

22 Iguatemi will continue strengthening the Iguatemi brand Focus on consumer experience We differentiate ourselves by delivering new services, innovative events and constant tenant mix improvements Only mall operator with a recognized brand among the 50 most valuable brands in Brazil, for the 8th consecutive year Iguatemi became a synonym of mall in Brazil Brand Recognition: High Value (1) 40 th 38 th 42 nd 38 th Value (US$ mn) Position st th 18th 22 nd 23th th Caixa Econômica 17 Renner 18 Porto Seguro 19 Netshoes 20 Drogasil 21 Seara 22 Amil 23 Droga Raia 24 Iguatemi 25 Schin 26 Pão de Açucar 27 Vale 28 Smiles 19 th highest rent in the world (2) Most Expensive Retail Locations in the World Rank 2014 Location US$/sq ft/yr 1 Upper 5th Avenue (New York) 3,500 2 Causeway Bay (Hong Kong) 2,735 3 Avenue of Champs-Elysées (Paris) 1,556 4 New Bond Street (London) 1,216 5 Pitt Street Mall (Sydney) 1,016 6 Via Montenapoleone (Milan) Ginza (Tokyo) Myeongdong (Seoul) Bahnhofstrasse (Zurich) Stoleshnikov (Moscow) Kohlmarkt (Vienna) Kaufingerstraße (Munich) Wangfujing (Beijing) Portal de l'angel (Barcelona) Shopping Centre (Bogota) Orchard Road (Singapore) Karl Johans Gate (Oslo) Kalverstraat (Amsterdam) Iguatemi Shopping (São Paulo) Bagdat Caddesi & Istiklal Street (Istanbul) 312 (1) Source: Istoé Dinheiro Most Valuable Brands in Brazil (2017). (2) Source: Cushman & Wakefield Main Streets Across the World ( ). 22

23 and capturing the upside from its large landbank Mall Mall (GLA sqm) Real Estate (PA sqm) % Iguatemi Iguatemi São Paulo 5, % Iguatemi Campinas - adjacent site (2) - 501, % Iguatemi Campinas - Boulevard - 19, % Iguatemi Porto Alegre - 32, % Iguatemi Porto Alegre - adjacent site (1) 22,000 29, % Iguatemi Esplanada 28,500 27, % Praia de Belas 5, % Galleria 28,200 28, % Market Place % Iguatemi São Carlos 20,000 15, % Iguatemi Brasília 10, % Iguatemi Alphaville 12, % Iguatemi Ribeirão Preto 20,500 35, % Platinum Outlet 12,000 6, % Iguatemi Rio Preto 21, % Iguatemi Rio Preto - adjacent site (3) - 23, % Subtotal, malls in operation 185, , % I Fashion Outlet Santa Catarina (1) 15,034 8, % I Fashion Outlet Nova Lima (1) 15,000 8, % Subtotal, malls under development 30,034 16, % Total 215, , % (1) Sites exchanged. (2) Exchange option + preference. (3) Exchange option. Note: Figures are indicative. Projects may be altered, changing the coefficients of use, and usage of the construction potential. 23

24 Agenda Delivering profitable growth since the IPO How Iguatemi will grow from 2017 onwards Pipeline of Projects Recent Greenfields, Expansions and PSV Swaps Portfolio Overview Financial and Operational Indicators Appendix Market Dynamic Brazilian Laws Touching the Sector Key Performance Indicators Social and Environmental Programs Stock Market Malls at a Glance

25 Pipeline of projects Greenfields I Fashion Outlet Santa Catarina I Fashion Outlet Nova Lima Opening GLA (sqm) 30,000 30,300 % Iguatemi 54% 54% 25

26 Status I Fashion Outlet Santa Catarina - SC Ground/soil preparation phase. 26

27 Agenda Delivering profitable growth since the IPO How Iguatemi will grow from 2017 onwards Pipeline of Projects Recent Greenfields, Expansions and PSV Swaps Portfolio Overview Financial and Operational Indicators Appendix Market Dynamic Brazilian Laws Touching the Sector Key Performance Indicators Social and Environmental Programs Stock Market Malls at a Glance

28 Owned GLA of 455 thousand sqm, reaching 500 thousand sqm by 2019 Owned GLA ('000 m²) ~210 thousand sqm of own GLA (47%) inaugurated in the last 6 years I Fashion Outlet Santa Catarina I Fashion Outlet Nova Lima (Pre IPO) Additional GLA ( ) Sale of Boulevard Rio (2012) Current GLA Total Announced GLA until

29 Iguatemi Porto Alegre Tower RS (Jun 2016) Total GLA: 10,692 m 2. 29

30 Expansion of Iguatemi Porto Alegre RS (Apr 2016) Expansion inaugurated on April 27th, 2016, with 90% of the GLA leased. Expansion GLA: 20,376 m 2. 30

31 Expansion of Iguatemi São Paulo SP Main Plaza (May 2015) & expansion (Sep 2015) Expansion inaugurated in September 2015, with 75% of its GLA leased. Expansion GLA: 1,188 m 2. 31

32 Expansion of Iguatemi Campinas SP (Apr 2015) Expansion inaugurated on April 30th, 2015, with 90% of its GLA leased. Expansion GLA: 19,979 m 2. 32

33 Expansion of Iguatemi São Carlos SP (Jun 2014) Expansion GLA: 3,274 m 2. 33

34 Iguatemi São José Do Rio Preto SP (Apr 2014) Total GLA: 43,649 m 2. 34

35 Expansion Iguatemi Esplanada SP (Nov 2013) Expansion GLA: 39,550 m 2. 35

36 Expansion of Praia De Belas RS (Nov 2013) Expansion GLA: 17,624 m 2. 36

37 Iguatemi Ribeirão Preto SP (Sep 2013) Total GLA: 43,648 m 2. 37

38 I Fashion Outlet Novo Hamburgo RS (Sep 2013) Total GLA: 20,115 m 2. 38

39 PSV Swaps on Iguatemi Ribeirão Preto 2Q11 PSV Swap (R$ 10.7 mn) 2 Commercial Towers (25.8 thousand sqm) Shopping Iguatemi Ribeirão Preto (43.6 thousand sqm of GLA) 39

40 PSV Swaps on Iguatemi Esplanada 2Q12 PSV Swap (R$ 24.3 mn) Commercial Tower I and II (32 thousand sqm) 4Q14 PSV Swap (R$ 9.3 mn) 3 Towers (28.2 thousand sqm) Shopping Iguatemi Esplanada (95.4 thousand sqm of Commercial Area thousand sqm of GLA) 3Q14 PSV Swap (R$ 6.2 mn) Hotel Hyatt Place (11.6 thousand sqm) 3Q15 PSV Swap (R$ 6.8 mn) Residential Tower (15 thousand sqm) 40

41 PSV Swaps on Iguatemi São José do Rio Preto 4Q13 PSV Swap (R$ 8.5 mn) Hyatt Hotel 1Q13 PSV Swap (R$ 14.1mn) 2 Commercial Towers (22 thousand sqm) 1Q14 PSV Swap (R$ 7.0 mn) 3 Residential Towers (17.4 thousand sqm) Shopping Iguatemi São José do Rio Preto (43.6 thousand sqm of GLA) 41

42 PSV Swaps on Galleria PSV Swap (R$ 12.4 MM) Hotel Novotel Galleria (33.1 thousand sqm of GLA) 42

43 Agenda Delivering profitable growth since the IPO How Iguatemi will grow from 2017 onwards Pipeline of Projects Recent Greenfields, Expansions and PSV Swaps Portfolio Overview Financial and Operational Indicators Appendix Market Dynamic Brazilian Laws Touching the Sector Key Performance Indicators Social and Environmental Programs Stock Market Malls at a Glance

44 Portfolio overview Assets Opening Date City % Iguatemi Total GLA Iguatemi GLA 2016 Revenues (sqm) (sqm) per sqm (R$) Iguatemi São Paulo 1966 São Paulo 58.41% 47,322 27,641 4,521 JK Iguatemi 2012 São Paulo 64.00% 34,957 22,372 2,800 Pátio Higienópolis 1999 São Paulo 11.20% 34,100 3,819 3,128 Market Place 1995 São Paulo % 26,940 26,940 2,020 Iguatemi Alphaville 2011 Barueri 78.00% 31,312 24,423 1,527 Iguatemi Campinas 1980 Campinas 70.00% 73,492 51,444 1,790 Galleria 1992 Campinas % 33,146 33, Iguatemi Esplanada (2) 1991 Sorocaba 55.37% 64,360 35,636 1,277 Iguatemi São Carlos 1997 São Carlos 50.00% 22,323 11, Iguatemi Ribeirão Preto 2013 Ribeirão Preto 88.00% 43,648 38, Iguatemi Rio Preto 2014 São José do Rio Preto 88.00% 43,649 38, Proprietary Area (3) - Sorocaba % 3,678 3,678 - Southeast Sub-total 69.09% 458, ,083 - Iguatemi Porto Alegre 1983 Porto Alegre 36.00% 59,302 21,349 1,981 Praia de Belas 1991 Porto Alegre 37.80% 47,205 17,843 1,331 Iguatemi Florianópolis 2007 Florianópolis 30.00% 21,189 6,357 1,601 Iguatemi Caxias 1996 Caxias do Sul 8.40% 30,324 2,547 1,069 South Sub-total 30.44% 158,020 48,096 - Iguatemi Brasília 2010 Brasília 64.00% 32,302 20,673 1,673 Federal District Sub-total 64.00% 32,302 20,673 - I Fashion Outlet Novo Hamburgo 2013 Novo Hamburgo 41.00% 20,115 8, Boulevard Iguatemi (4) - Campinas 77.00% 32,422 24, Premium Outlet & Power Center Sub-total 63.22% 52,537 33,212 - Malls Sub-total 59.71% 701, ,065 - Market Place Tower I 1991 São Paulo % 15,685 15,685 - Market Place Tower II 1992 São Paulo % 13,395 13,395 - Iguatemi São Paulo Tower 2012 São Paulo 58.41% 4,469 2,610 - Iguatemi Porto Alegre Tower 2016 Porto Alegre 36.00% 10,692 3,849 - Towers Sub-total 80.33% 44,241 35,539 - Total 60.94% 746, ,604 - (1) Includes Minimum Rental + Overage + Temporary Rent and Parking. (2) Iguatemi owns 37.99% of the Esplanada mall (27,663 sqm) and 65.71% of the expansion (36,697 sqm). (3) Area in the Esplanada Mall owned by Iguatemi through a subsidiary. (4) Boulevard is contiguous to the Iguatemi Campinas Mall. 44

45 Agenda Delivering profitable growth since the IPO How Iguatemi will grow from 2017 onwards Pipeline of Projects Recent Greenfields, Expansions and PSV Swaps Portfolio Overview Financial and Operational Indicators Appendix Market Dynamic Brazilian Laws Touching the Sector Key Performance Indicators Social and Environmental Programs Stock Market Malls at a Glance

46 Main Performance Indicators (quarter) Performance indicators 1Q17 1Q16 Chg. % Total GLA (sqm) ,3% Owned GLA (sqm) ,5% Average Owned GLA (sqm) ,9% Total GLA, malls (sqm) ,0% Owned GLA, malls (sqm) ,8% Number of malls (1) ,0% Total sales (R$ 000) ,2% Same-stores sales (SSS) 1,7% 1,8% -0,1 p.p. Same-area sales (SAS) 1,6% 4,0% -2,4 p.p. Same-store rentals (SSR) 7,3% 6,5% 0,8 p.p. Same-area rentals (SAR) 6,9% 7,4% -0,5 p.p. Occupancy cost (% of sales) 12,7% 12,7% 0,0 p.p. Occupancy rate 93,0% 94,0% -1,0 p.p. Net delinquency rate 3,7% 3,7% 0,0 p.p. (1) Considers Shopping Esplanada and Iguatemi Esplanada as one asset. 46

47 Main Performance Indicators (year) Performance indicators Chg. % Total GLA (sqm) 746, , % Owned GLA (sqm) 454, , % Average Owned GLA (sqm) 451, , % Total GLA, malls (sqm) 701, , % Owned GLA, malls (sqm) 419, , % Number of malls (1) Total sales (R$ 000) 12,719,258 11,850, % Same-stores sales (SSS) 1.1% 5.5% -4.4 p.p. Same-area sales (SAS) 2.0% 5.8% -3.8 p.p. Same-store rentals (SSR) 6.4% 6.8% -0.4 p.p. Same-area rentals (SAR) 6.9% 6.8% 0.1 p.p. Occupancy cost (% of sales) 12.0% 11.6% 0.4 p.p. Occupancy rate 93.5% 94.6% -1.1 p.p. Net delinquency rate 2.8% 2.0% 0.8 p.p. (1) Considers Shopping Esplanada and Iguatemi Esplanada as one asset. 47

48 Operational indicators (1/3) SSS 8,0% 6,8% 8,1% 8,1% 7,4% 8,2% 6,9% 8,1% 7,2% 6,0% 4,6% 4,2% 3,0% 1,8% 1,0% 0,0% 1,7% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 SSR 14,1% 10,9% 8,8% 8,4% 9,2% 9,1% 8,6% 8,7% 8,1% 6,8% 5,5% 6,9% 4,0% 6,4% 7,4% 6,5% 7,3% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 48

49 Operational indicators (2/3) SAS 9,9% 8,4% 7,3% 8,2% 7,6% 8,3% 7,1% 8,2% 7,3% 6,2% 4,7% 5,2% 4,0% 3,2% 2,4% 0,2% 1,6% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 SAR 14,5% 11,4% 10,8% 9,3% 9,3% 8,5% 8,8% 8,9% 8,1% 6,8% 5,4% 7,1% 7,4% 6,1% 6,4% 6,2% 6,9% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 49

50 Operational indicators (3/3) Occupancy Rate 96,7% 95,4% 95,8% 95,5% 95,0% 95,2% 95,1% 95,3% 96,0% 95,0% 94,1% 94,0% 94,0% 93,8% 93,3% 93,4% 93,0% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Occupancy Cost 11,6% 12,4% 11,6% 11,9% 12,8% 11,6% 12,1% 12,7% 11,7% 12,5% 11,5% 12,7% 10,7% 10,8% 10,8% 11,0% 11,0% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 50

51 Financial Indicators (quarter) Consolidated P&L (R$ 000) 1Q17 1Q16 Chg. % Gross Revenue ,7% Taxes and Discounts ,4% Net Revenue ,3% Costs and Expenses ,6% Other Operational Revenues ,9% Equity Gain (Loss) in Subsidiaries ,2% EBITDA ,5% EBITDA Margin 75,2% 80,4% -5,2 p.p. Depreciation and Amortization ,9% EBIT ,9% EBIT Margin 59,3% 63,0% -3,7 p.p. Financial Revenue (Expenses) ,2% Income Tax & Social Contribution Tax ,1% Net Profit ,8% Net Margin 30,2% 24,1% 6,1 p.p. FFO ,8% FFO Margin 46,1% 41,5% 4,6 p.p. 51

52 Financial Indicators (year) Consolidated P&L (R$ 000) Chg. % Gross Revenue 769, , % Taxes and Discounts -101,023-78, % Net Revenue 668, , % Costs and Expenses -166, , % Other Operational Revenues 18,989 56, % Equity Gain (loss) in subsidiaries % EBITDA 521, , % EBITDA Margin 78.0% 79.2% -1.1 p.p. Depreciation and Amortization -108, , % EBIT 412, , % EBIT Margin 61.8% 63.0% -1.2 p.p. Financial Revenue (Expenses) -209, , % Income Tax & Social Contribution Tax -39,013-47, % Net Profit 164, , % Net Margin 24.6% 30.4% -5.9 p.p. FFO 272, , % FFO Margin 40.8% 46.6% -5.8 p.p. 52

53 Gross Revenues and Rental Revenues Gross Revenues (R$ million) Rental Revenues (R$ million) % Chg. % 8% 19% 6% 8% 18% 6% Others 4.9% Parking 4.8% Mgmt. Fee 0.1% % 6% 8.1% % 5% Chg. % Temp.Rentals -0.4% Overage -2.7% 67% 68% Rental 8.1% 88% 89% Mínimum Rental 9.4% 1Q16 1Q17 1Q16 1Q17 53

54 Expenses (SG&A) Reduction (1) (1/2) Costs and Expenses (R$ mn) Expenses breakdown (R$ mn) 1.6% Chg. % % Chg. % 34% 28% Expenses -16.4% 1% 3% % Pre-op. Stock Option % % 66% 72% Costs 10.7% 97% 99% Admin. Expenses % 1Q16 1Q17 1Q16 1Q17 (1) Does not include depreciation and amortization. 54

55 Expenses (SG&A) Reduction (1) (2/2) Expenses (R$ million) (1) Does not include depreciation and amortization. 55

56 Debt profile (1/2) Debt 03/31/ /31/2016 Total Debt 2,014,482 2,240,046 Cash and Cash Equivalents 364, ,916 Net Debt 1,650,348 1,683,130 EBITDA (LTM) 518, ,296 Net Debt / EBITDA 3.19x 3.23x Debt amortization (R$ million) (1) 66 Financing Debentures (1) As of March 31st,

57 Debt Profile (2/2) Debt breakdown by index (1) Debt breakdown by modality (1) Others 5% TJLP 7% BNDES 8% TR 14% Real Estate Credit 20% CRI 41% CDI 74% Debentures 31% (1) As of March 31st,

58 Agenda Delivering profitable growth since the IPO How Iguatemi will grow from 2017 onwards Pipeline of Projects Recent Greenfields, Expansions and PSV Swaps Portfolio Overview Financial and Operational Indicators Appendix Market Dynamic Brazilian Laws Touching the Sector Key Performance Indicators Social and Environmental Programs Stock Market Malls at a Glance

59 The Brazilian market is still underpenetrated Malls Share on Total Retail Sales (1) Mall Penetration (GLA/ 000 inhabitant) (1) 65% 2,186 55% 50% 47% 1,519 Shopping Center Penetration in Brazil (100%) (2) 54% 17% 15% 10% 5% SE S NE MW N 1,033 24% 21% 19% Canada USA South Africa Australia France Brazil Mexico USA Canada Australia South Africa France Mexico Brazil Canada USA South Africa Australia France Brazil Mexico USA Canada Australia South Africa France Mexico Brazil (1) Source: International Council of Shopping Centers - ICSC (Research Country Fact Sheet, latest release date for each country). (2) Source: Abrasce (Nov/2016). 59

60 The shopping center sector presented sound growth over the past years Total GLA Evolution (mn sqm) CAGR (%) CAGR (%) % 7.8% CAGR 8% % 7% CAGR 5% % 13% CAGR CAGR 29% 24% CAGR 14% 584 CAGR 10% % 6% # Malls # Malls (1) Top 9 Players Other Important Players Others (2) Source: Abrasce and Iguatemi, as of July (1) Top 9 players: Iguatemi, Br Malls, Multiplan, Sonae Sierra, General Shopping, Aliansce, JCPM, Westfield, Brookfield, Ancar. (2) Other Important Players: FUNCEF, JHSF, Soifer, Savoy, CCP, Participa, IRB, REP, Tenco, Terral, Grupo Tacla, Shopinvest, Zaffari, Sá Cavalcanti, PatioMix, North Empreendimentos, Grupo Santa Isabel, Prosperitas, Grupo Lider, LGR, Previ. 60

61 reaching, in 2016, a total of 558 shopping centers with 15 mn sqm of GLA Total Malls and GLA distribution North: 26 Malls 4.7% GLA 5.3% of PIB R$14,179 PIB/per capita North Northeast: 85 Malls 15.2% GLA 13.6% of PIB R$ 11,045 PIB/per capita Northeast Midwest: 54 Malls 9.7% GLA 9.8% of PIB R$ 29,844 PIB/per capita Midwest Southeast Southeast: 300 Malls 53.8% GLA 55.2% of PIB R$ 29,718 PIB/per capita South South: 93 Malls 16.7% GLA 16.2% of PIB R$ 25,634 PIB/per capita Source: Abrasce & Cushman & Wakefield Market Positioning Retail Brasil (Ago/2016), IBGE Contas Regionais do Brasil (2012), IBGE Estimativas da População (2012). 61

62 Agenda Delivering profitable growth since the IPO How Iguatemi will grow from 2017 onwards Pipeline of Projects Recent Greenfields, Expansions and PSV Swaps Portfolio Overview Financial and Operational Indicators Appendix Market Dynamic Brazilian Laws Touching the Sector Key Performance Indicators Social and Environmental Programs Stock Market Malls at a Glance

63 Concept of Co-Participation / Key Money Tenancy Law (Law 8245/91) The right to renew the contract belong to the tenant who has a contract of 5 or more years (or several uninterrupted contracts totaling 5 or more years). 5 years is the time the legislator understands that the retailer has to form his clientele. Thus, the law protects this good that belongs to the retailer, that is the power to remain at the rented space forever, as long as it meets the requirements provided by law. To sign a lease with a term of 5 years or more the retailer pays CO-PARTICIPATION / KEY MONEY. This is an industry practice that is neither defended nor prohibited by law. 63

64 Concept of Co-Participation / Key Money (cont.) Cases in which the tenant loses the right to stay at the location: Tenant does not negotiate or can not agree on the value of the rent with the General Management (friendly renewal) OR tenant does not exercise its right provided by law to renew the contract, failing to file a lawsuit called renewal action (judicial renewal), both cases within a minimum of 6 months before the end of the contract; The tenant fails to fulfill the contractual obligations and, as a result, the landlord enters with action of eviction for contractual infraction, being decreed the eviction. Tenant fails to pay the rent and contractual charges and the landlord enters with eviction action in court twice within the period of 24 months (the tenant has the right to purge the arrears once within a 24-month period; on the second eviction action the eviction is directly ordered). 64

65 Concept of Co-Participation / Key Money (cont.) Advantages for the Shopping Mall company: Financial counterparty for the right of the retailer to stay forever in the leased space. In the case of strong malls, it inhibits delinquency and sudden vacancy. Disadvantages for the Shopping Mall company: In the case of strong malls, it hinders potential adjustments in the tenant mix. 65

66 Concept of Right of Preference Brazilian Civil Code (Article 504): The co-owner of a property has the preference to buy a stake put up for sale, provided that he pays the same price, under the same conditions, offered to the seller co-owner. Advantages for the Shopping Mall company: For companies interested in increasing participation in a certain property, the competition is more limited. Disadvantages for the Shopping Mall company: It hinders the possibility of entering a new assets. 66

67 Agenda Delivering profitable growth since the IPO How Iguatemi will grow from 2017 onwards Pipeline of Projects Recent Greenfields, Expansions and PSV Swaps Portfolio Overview Financial and Operational Indicators Appendix Market Dynamic Brazilian Laws Touching the Sector Key Performance Indicators Social and Environmental Programs Stock Market Malls at a Glance

68 Key Performance Indicators (KPIs) On-going Business Projects under implementation Future growth EBITDA PROJECTS TOTAL CAPEX NEW BUSINESS AGENDA EBITDA MARGIN LEASING SPREAD NUMBER OF VACANT AREAS 68

69 Agenda Delivering profitable growth since the IPO How Iguatemi will grow from 2017 onwards Pipeline of Projects Recent Greenfields, Expansions and PSV Swaps Portfolio Overview Financial and Operational Indicators Appendix Market Dynamic Brazilian Laws Touching the Sector Key Performance Indicators Social and Environmental Programs Stock Market Malls at a Glance

70 Environmental Programs Actions to reduce energy consumption Migration to the Free Market At present, all our malls, with the exception of Iguatemi Brasilia, are supplied by the Free Market More efficient technologies Continuous replacement of lamps and equipment by new, more efficient technologies (chillers, LED,...) Automation Systems automation to improve the efficiency of malls (illumination, air conditioning...) 70

71 Environmental Programs Actions to save water and increase self-sufficiency Artesian wells Water and sewerage treatment stations Installation of water saving equipment (aerators, toilet bowls, water-saving valves,...) 71

72 Environmental Programs Other initiatives Logistics Processes Composting System Social Actions We develop our logistics processes (for example, recycling or selective collection) always taking the environment into account. Each process is based on a vision, on the basis of which objectives, targets and action plans are constructed. Currently, four malls have an evolved composting system: Iguatemi Rio Preto, Iguatemi Porto Alegre, Iguatemi Campinas and Iguatemi Esplanada. In each mall a different model was adopted and analyzes are being made to define the best model to be adopted in the other assets of the portfolio. We practice social actions, supporting cooperatives, which benefit needy communities with the work of separations of wastes and re-use of raw materials. 72

73 Agenda Delivering profitable growth since the IPO How Iguatemi will grow from 2017 onwards Pipeline of Projects Recent Greenfields, Expansions and PSV Swaps Portfolio Overview Financial and Operational Indicators Appendix Market Dynamic Brazilian Laws Touching the Sector Key Performance Indicators Social and Environmental Programs Stock Market Malls at a Glance

74 Feb-07 Oct-07 Jul-08 Apr-09 Jan-10 Sep-10 Jun-11 Mar-12 Nov-12 Aug-13 May-14 Jan-15 Oct-15 Jul-16 Apr-17 Performance IGTA X IBOV LTM Stockholding Structure (1) Number of Shares ( 000) % Jereissati Participações 89,642, % Treasury 361, % Others 86,607, % Total 176,611, % IGTA (2) Iguatemi x Ibovespa Closing Price (31/31/2017) R$ Higher price in 1Q17 R$ Lower price in 1Q17 R$ Appreciation in 1Q % Appreciation in % 100 Number of shares 176,611,578 Market Cap. (03/31/2017) R$ 5,616,248, IGUATEMI IBOVESPA Average daily liquidity in 1Q17 R$ 38,776,525 (1) Base date 12/31/2016. (2) Source: Bloomberg, as of March 31st,

75 Properties for investment (2) (1) Value of 100% of malls (R$ mn) 5,849 7,340 8,678 10,531 11,401 12,613 14,955 16,406 Iguatemi stake (R$ mn) 3,288 4,181 5,258 6,118 6,862 7,647 8,287 9,027 Total GLA ( 000 sqm) Owned GLA ( 000 sqm) Number of shares 79,255 79,255 79, , , , , ,612 Stock price NAV per share (R$ milhões) 9,027 7, % 5,616 Market Cap EV NAV (1) Base date for the NAV: December 31st, Assumptions for the NAV calculation: (i) Real discount rate of 7.2% to 10.0% p.a.; and (ii) Real perpetuity growth rate: 2.0% p.a.. Only includes operating malls and expansions to be inaugurated until 4Q16. Does not consider greenfields/expansions to be inaugurated from 4Q16 onwards. (2) Stock Split in Base date for Market Cap and EV: 03/31/

76 Agenda Delivering profitable growth since the IPO How Iguatemi will grow from 2017 onwards Pipeline of Projects Recent Greenfields, Expansions and PSV Swaps Portfolio Overview Financial and Operational Indicators Appendix Market Dynamic Brazilian Laws Touching the Sector Key Performance Indicators Social and Environmental Programs Stock Market Malls at a Glance

77 Iguatemi São Paulo Financial and Operational Highlights Total GLA Own GLA Annual Revenues (1) Revenues/sqm (1) 47,322 sqm 27,641 sqm R$ 214 Mn R$ 4,521/sqm Ownership Structure Main Retail Brands Outros 37% IGTA 58% Funcesp 5% (1) As of December 31, Includes Minimum Rental + Overage + Temporary Rent and Parking. 77

78 JK Iguatemi Financial and Operational Highlights Total GLA Own GLA Annual Revenues (1) Revenues/sqm (1) 34,957 sqm 22,372 sqm R$ 98 Mn R$ 2,800/sqm Ownership Structure Main Retail Brands TIAA-Cref 36% IGTA 64% (1) As of December 31, Includes Minimum Rental + Overage + Temporary Rent and Parking. 78

79 Pátio Higienópolis Financial and Operational Highlights Total GLA Own GLA (2) Annual Revenues (1) Revenues/sqm (1) 34,100 sqm 3,819 sqm R$ 107 Mn R$ 3,128/sqm Ownership Structure Main Retail Brands Outros 13,7% IGTA 11,2% FI SPH 25,0% Brookfield 50,1% (1) As of December 31, Includes Minimum Rental + Overage + Temporary Rent and Parking. 79

80 Market Place Financial and Operational Highlights Total GLA Own GLA Annual Revenues (1) Revenues/sqm (1) 26,940 sqm 26,940 sqm R$ 54 Mn R$ 2,020/sqm Ownership Structure Main Retail Brands IGTA 100% (1) As of December 31, Includes Minimum Rental + Overage + Temporary Rent and Parking. 80

81 Iguatemi Alphaville Financial and Operational Highlights Total GLA Own GLA Annual Revenues (1) Revenues/sqm (1) 31,312 sqm 24,423 sqm R$ 48 Mn R$ 1,527/sqm Ownership Structure Main Retail Brands Takaoka 22% IGTA 78% (1) As of December 31, Includes Minimum Rental + Overage + Temporary Rent and Parking. 81

82 Iguatemi Campinas Financial and Operational Highlights Total GLA Own GLA Annual Revenues (1) Revenues/sqm (1) 73,492 sqm 51,444 sqm R$ 132 Mn R$ 1,790/sqm Ownership Structure Main Retail Brands FEAC 30% IGTA 70% (1) As of December 31, Includes Minimum Rental + Overage + Temporary Rent and Parking. 82

83 Galleria Financial and Operational Highlights Total GLA Own GLA Annual Revenues (1) Revenues/sqm (1) 33,146 sqm 33,146 sqm R$ 31 Mn R$ 950/sqm Ownership Structure Main Retail Brands IGTA 100% (1) As of December 31, Includes Minimum Rental + Overage + Temporary Rent and Parking. 83

84 Iguatemi Esplanada Financial and Operational Highlights Total GLA Own GLA Annual Revenues (1) Revenues/sqm (1) 64,360 sqm 35,636 sqm R$ 82 Mn R$ 1,277/sqm Ownership Structure (2) IRB 6% PREVIRB 2% Outros 3% Main Retail Brands Previ BB 34% IGTA 55% (1) As of December 31, Includes Minimum Rental + Overage + Temporary Rent and Parking. (2) Considers Iguatemi Esplanada and Esplanada Shopping as one asset. Figures are rounded and indicative, as each property has a different shareholder structure. 84

85 Iguatemi São Carlos Financial and Operational Highlights Total GLA Own GLA Annual Revenues (1) Revenues/sqm (1) 22,323 sqm 11,162 sqm R$ 14 Mn R$ 648/sqm Ownership Structure Main Retail Brands Sobloco 50% IGTA 50% (1) As of December 31, Includes Minimum Rental + Overage + Temporary Rent and Parking. 85

86 Iguatemi Ribeirão Preto Financial and Operational Highlights Total GLA Own GLA Annual Revenues (1) Revenues/sqm (1) 43,648 sqm 38,410 sqm R$ 24 Mn R$ 539/sqm Ownership Structure Main Retail Brands Retiro do Ipê 4% WTB 2% Bianp Serviços 1% Vila do Ipê 5% IGTA 88% (1) As of December 31, Includes Minimum Rental + Overage + Temporary Rent and Parking. 86

87 Iguatemi São José do Rio Preto Financial and Operational Highlights Total GLA Own GLA Annual Revenues (1) Revenues/sqm (1) 43,649 sqm 38,411 sqm R$ 28 Mn R$ 640/sqm Ownership Structure Main Retail Brands Beny Haddad 12% IGTA 88% (1) As of December 31, Includes Minimum Rental + Overage + Temporary Rent and Parking. 87

88 Iguatemi Porto Alegre Financial and Operational Highlights Total GLA Own GLA Annual Revenues (1) Revenues/sqm (1) 59,302 sqm 21,349 sqm R$ 117 Mn R$ 1,981/sqm Ownership Structure Main Retail Brands LGR 14% Maiojama 14% IGTA 36% ANCAR 36% (1) As of December 31, Includes Minimum Rental + Overage + Temporary Rent and Parking. 88

89 Praia de Belas Financial and Operational Highlights Total GLA Own GLA Annual Revenues (1) Revenues/sqm (1) 47,205 sqm 17,843 sqm R$ 63 Mn R$ 1,331/sqm Ownership Structure Belsul 5% Nora Teixeira 4% Main Retail Brands Nova Vicenza 15% IGTA 38% Participa 18% IRB 20% (1) As of December 31, Includes Minimum Rental + Overage + Temporary Rent and Parking. 89

90 Iguatemi Florianópolis Financial and Operational Highlights Total GLA Own GLA Annual Revenues (1) Revenues/sqm (1) 21,189 sqm 6,357 sqm R$ 34 Mn R$ 1,601/sqm Ownership Structure Main Retail Brands IGTA 30% PRONTA 70% (1) As of December 31, Includes Minimum Rental + Overage + Temporary Rent and Parking. 90

91 Iguatemi Caxias Financial and Operational Highlights Total GLA Own GLA Annual Revenues (1) Revenues/sqm (1) 30,324 sqm 2,547 sqm R$ 32 Mn R$ 1,069/sqm Ownership Structure Main Retail Brands IGTA 8% Outros 30% BR Malls 46% Maiojama 16% (1) As of December 31, Includes Minimum Rental + Overage + Temporary Rent and Parking. 91

92 Iguatemi Brasília Financial and Operational Highlights Total GLA Own GLA Annual Revenues (1) Revenues/sqm (1) 32,302 sqm 20,673 sqm R$ 54 Mn R$ 1,673/sqm Ownership Structure Main Retail Brands Paulo Octavio 36% IGTA 64% (1) As of December 31, Includes Minimum Rental + Overage + Temporary Rent and Parking. 92

93 I Fashion Outlet Novo Hamburgo Financial and Operational Highlights Total GLA Own GLA Annual Revenues (1) Revenues/sqm (1) 20,115 sqm 8,247 sqm R$ 12 Mn R$ 586/sqm Ownership Structure Main Retail Brands São José 10% IGTA 41% Credit Suisse 49% (1) As of December 31, Includes Minimum Rental + Overage + Temporary Rent and Parking. 93

94 IR Contact Cristina Betts CFO and Investor Relations Officer Roberta Noronha IR and Integrated Planning Director Carina Carreira IR Coordinator Arnon Shirazi IR Analyst Phone: +55 (11) Statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Iguatemi Empresa de Shopping Centers S.A. (IESC), eventually expressed in this release, are merely projections and, as such, are based exclusively on the expectations of Iguatemi's management concerning the future of the business and its continued access to capital to fund the Company s business plan. Such statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and are, therefore, subject to change without prior notice. 94