Brazilian Property Companies

Equity Research
Latin America
Commercial Properties
SectorNote
30 November 2014
Brazilian Property Companies

Reassessing our preferences on the property space
Updating our estimates and recommendations for property stocks Marcello Milman, CFA
Brazil Banco BTG Pactual S.A.
In this note, we reassess our views on the Brazilian property sector, as we incorporate
marcello.milman@btgpactual.com
new macro (namely higher interest rates, inflation and a lower GDP) and industry +55 11 3383 2875
assumptions into our earnings and FCF models (including an update of our preferred
real IRR valuation framework). Mainly on valuation, following recent moves, we are Gustavo Cambauva
Brazil Banco BTG Pactual S.A.
upgrading Aliansce and So Carlos to Buy, while downgrading Multiplan, Iguatemi and
gustavo.cambauva@btgpactual.com
CCP to Neutral. We are also keeping our Buy rating for BC Fund and Neutral for +55 11 3383 2451
BRMalls. In effect, we are shifting our preference from malls to the office stocks.
Joao Salgado
Shopping malls keep growing but lower productivity takes a toll on expectations Brazil Banco BTG Pactual S.A.
Even though the mall segment remains the real estate sectors best performer, we joao.salgado@btgpactual.com
+55 11 3383 2489
believe that lower productivity from new assets, and a potentially more daunting macro
scenario for discretionary retail in 2015, could keep like-for-like rental growth below
expectations. We are cutting FFOPS estimates for 2015 by between 10% and 20% for
the mall companies we cover, and we see a modest downside risk to consensus
expectations for the group. At current levels, we see real implied equity IRRs of circa
7-7.5% for Multiplan, BRMalls and Iguatemi and close to 9% for Aliansce.
Challenging environment in the office sector looks priced in SCAR3, BRCR11

While the outlook for the office industry remains very challenging, with high (and likely
rising) vacancies, both in SP and RJ, and the bargaining power clearly in hands of the
tenants (potential for price deflation), we believe that to be largely priced into the
stocks. As we incorporate higher vacancies and rental growth below inflation, we are
cutting FFOPS estimates significantly, but still find value on So Carlos and BC Fund,
which yield real IRRs around 9%. For CCP, whose IRR is close to 8%, rapidly rising
leverage has wiped out earnings/FCFE generation power in the medium-term.
Figure 1: Brazilian property stocks Ratings and valuation

Company Ticker R Last Target Upside P/FFO
Price Price 12m 14E 15E 16E
BRMalls BRML3 N 18.45 21.00 14% 18.5 17.9 15.5
Multiplan MULT3 N 51.61 58.00 12% 19.1 17.3 15.9
Iguatemi IGTA3 N 25.70 29.00 13% 17.6 16.5 14.1
Aliansce ALSC3 B 17.85 21.00 18% 20.6 16.4 12.9
So Carlos SCAR3 B 30.50 41.00 34% 13.3 15.2 11.5
CCP CCPR3 N 13.74 15.00 9% 12.2 30.6 40.2
BC Fund BRCR11 B 106.30 143.00 35% 8.9 9.2 8.2
Source: BTG Pactual Note: Prices as of Nov-28th
ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE 28

Banco BTG Pactual S.A. does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of
interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
30 November 2014 page 2
Summary tables
Figure 2: Changes in Ratings and price targets; Valuation ratios

Company Ticker Rating Target Price Upside P/FFO
New Old New Old Price 12m 13E 14E 15E
BRMalls BRML3 Neutral Neutral 21.00 21.00 18.45 14% 18.5 17.9 15.5
Multiplan MULT3 Neutral Buy 58.00 55.00 51.61 12% 19.1 17.3 15.9
Iguatemi IGTA3 Neutral Buy 29.00 27.00 25.70 13% 17.6 16.5 14.1
Aliansce ALSC3 Buy Neutral 21.00 20.00 17.85 18% 20.6 16.4 12.9
So Carlos SCAR3 Buy Neutral 41.00 45.00 30.50 34% 13.3 15.2 11.5
CCP CCPR3 Neutral Buy 15.00 31.00 13.74 9% 12.2 30.6 40.2
BC Fund BRCR11 Buy Buy 143.00 160.00 106.30 35% 8.9 9.2 8.2
Source: BTG Pactual
Figure 3: Changes in selected macro forecasts

2014 2015 2016
New Old Chg % New Old Chg % New Old Chg %
GDP Growth (%) 0.2% 2.0% -180bps 1.1% 2.5% -140bps 2.0% 3.0% -100bps
IPCA 6.6% 6.2% 41bps 6.3% 5.7% 60bps 5.4% 5.4% 0bps
IGPM 3.1% 6.0% -293bps 5.5% 5.5% 0bps 5.5% 5.5% 0bps
R$/US$ 2.50 2.30 9% 2.55 2.36 8% 2.60 2.43 7%
R$/US$ (average) 2.37 2.26 5% 2.53 2.33 8% 2.58 2.40 7%
CDI (end of period) 11.0% 10.5% 53bps 11.8% 10.8% 106bps 12.0% 10.8% 125bps
Source: BTG Pactual
Figure 4: Changes in FFOPS estimates (R$/share)

2014 2015 2016
BRMalls 1.00 1.03 -3% 1.03 1.17 -12% 1.18 1.36 -14%
Multiplan 2.42 2.59 -6% 2.67 3.03 -12% 2.87 3.70 -22%
Iguatemi 1.46 1.52 -4% 1.56 1.90 -18% 1.80 2.24 -20%
Aliansce 0.87 1.11 -22% 1.09 1.40 -22% 1.37 1.58 -13%
So Carlos 2.29 2.61 -12% 2.01 3.43 -41% 2.64 3.84 -31%
CCP 1.12 1.59 -29% 0.45 2.21 -80% 0.34 2.57 -87%
BC Fund 11.90 12.15 -2% 11.56 11.91 -3% 11.95 12.31 -3%
Source: BTG Pactual
Figure 5: BTG Pactuals FFOPS estimates vs. consensus

BTG Pactual's Ests. Consensus BTG Pactual vs. Cons.
2014E 2015E 2016E 2014E 2015E 2016E 2014E 2015E 2016E
BR Malls 1.00 1.03 1.18 1.06 1.20 1.46 -6% -14% -19%
Multiplan 2.42 2.67 2.87 2.60 2.75 3.30 -7% -3% -13%
Iguatemi 1.46 1.56 1.80 1.39 1.63 1.87 5% -4% -3%
Aliansce 0.87 1.09 1.37 1.00 1.09 NA -13% 0% NA
Sao Carlos 2.29 2.01 2.64 2.30 2.30 NA -1% -13% NA
Source: BTG Pactual and Bloomberg
Valuation Section
Stock performances
Figure 6: Brazilian property stocks 1 week performances Figure 7: Brazilian property stocks 1 month performances
3% 8%
6%
2%
4%
1% 2%
0%
0%
-2%
-1% -4%
-6%
-2%
-8%
-3% -10%
ALSC3
IGTA3
MULT3
ALSC3
IGTA3
MULT3
BRML3
BRPR3
SCAR3
BRML3
BRPR3
SCAR3
Source: BTG Pactual and Economatica Source: BTG Pactual and Economatica
Figure 8: Brazilian property stocks 3 month performances Figure 9: Brazilian property stocks 6 month performances
0% 20%
15%
-5%
10%
-10%
5%
-15% 0%
-5%
-20%
-10%
-25%
-15%
-30% -20%
ALSC3
BRPR3
IGTA3
MULT3
SCAR3
ALSC3
BRPR3
IGTA3
MULT3
SCAR3
BRML3
BRML3
Figure 10: Brazilian property stocks 1 year performances Figure 11: Brazilian property stocks 2 year performances
15% 20%
10% 15%
5% 10%
5%
0%
0%
-5%
-5%
-10% -10%
-15% -15%
-20% -20%
ALSC3
IGTA3
MULT3
ALSC3
IGTA3
MULT3
BRML3
BRPR3
SCAR3
BRML3
BRPR3
SCAR3
Multiples tables and charts
Figure 12: Brazilian property companies Selected financial and valuation ratios (R$mn unless otherwise noted)
Capitalization Malls BRML3 MULT3 IGTA3 ALSC3 Other SCAR3 CCPR3 BRCR11
Price Last R$ 18.45 R$ 51.61 R$ 25.70 R$ 17.85 R$ 30.50 R$ 13.74 R$ 106.30
Market Cap Last 25,529 8,479 9,696 4,516 2,839 8,177 1,738 1,137 2,044
Target Price 12m R$ 21.00 R$ 58.00 R$ 29.00 R$ 21.00 R$ 41.00 R$ 15.00 R$ 143.00
Upside (% ) 12m 14% 14% 12% 13% 18% 29% 34% 9% 35%
Financial and Operating Data Malls BRML3 MULT3 IGTA3 ALSC3 Other SCAR3 CCPR3 BRCR11
Net Revenues 2014E 3,529 1,392 1,101 547 490 1,743 269 387 263
Net Revenues 2015E 3,725 1,486 1,073 626 541 1,708 313 379 263
Net Revenues 2016E 4,096 1,625 1,176 697 597 1,927 362 478 277
Net Revenues 2017E 4,637 1,798 1,413 770 656 2,103 404 538 290
CAGR 14-17E 10% 9% 9% 12% 10% 6% 15% 12% 3%
EBITDA 2014E 2,643 1,093 772 408 370 1,416 223 265 205
EBITDA 2015E 2,856 1,171 788 480 416 1,411 259 296 201
EBITDA 2016E 3,162 1,287 872 541 462 1,609 310 378 212
EBITDA 2017E 3,604 1,433 1,064 598 509 1,766 353 425 221
CAGR 14-17E 11% 9% 11% 14% 11% 8% 17% 17% 3%
Adj. FFO 2014E 1,313 460 458 257 138 669 130 93 229
Adj. FFO 2015E 1,432 476 508 275 173 598 115 37 222
Adj. FFO 2016E 1,625 544 545 318 219 685 150 28 230
Adj. FFO 2017E 1,910 660 631 366 253 819 191 62 238
CAGR (FFOPS) 14-17E 12% 13% 11% 12% 22% 0% 14% -13% 1%
Net Earnings 2014E 1,174 461 344 210 158 767 149 110 149
Net Earnings 2015E 934 318 338 181 97 688 78 22 384
Net Earnings 2016E 1,111 380 370 221 140 782 111 5 403
Net Earnings 2017E 1,371 492 441 266 172 909 152 34 422
CAGR (EPS) 14-17E 7% 2% 8% 8% 3% 58% 1% n.m. 41%
Avg Owned GLA 2014E 2,511 995 651 414 452 2,171 373 273 295
Avg Owned GLA 2015E 2,590 1,028 655 443 464 1,998 455 295 289
Avg Owned GLA 2016E 2,707 1,068 682 480 478 2,040 467 337 289
Avg Owned GLA 2017E 2,878 1,101 778 507 493 2,045 467 339 289
CAGR 14-17E 5% 3% 6% 7% 3% -2% 8% 7% -1%
Valuation Metrics Malls BRML3 MULT3 IGTA3 ALSC3 Other SCAR3 CCPR3 BRCR11
FV/EBITDA 2014E 13.3x 12.7x 13.7x 14.6x 12.4x 11.1x 10.9x 14.8x 9.3x
P/FFO 2014E 19.0x 18.5x 19.1x 17.6x 20.6x 12.4x 13.3x 12.2x 8.9x
P/FFO 2015E 17.0x 17.9x 17.3x 16.5x 16.4x 17.4x 15.2x 30.6x 9.2x
P/FFO 2016E 14.6x 15.5x 15.9x 14.1x 12.9x 17.8x 11.5x 40.2x 8.2x
P/FFO 2017E 12.2x 12.5x 13.5x 11.9x 10.9x 10.9x 8.9x 18.4x 7.3x
FFO Yield 2014E 5.3% 5.4% 5.2% 5.7% 4.8% 8.1% 7.5% 8.2% 11.2%
FFO Yield 2015E 5.9% 5.6% 5.8% 6.1% 6.1% 5.8% 6.6% 3.3% 10.9%
FFO Yield 2016E 6.8% 6.5% 6.3% 7.1% 7.7% 5.6% 8.7% 2.5% 12.2%
FFO Yield 2017E 8.2% 8.0% 7.4% 8.4% 9.2% 9.1% 11.3% 5.4% 13.7%
Dividend Yield 2014E 1.5% 1.4% 1.9% 1.2% 1.4% 12.6% 2.1% 1.8% 11.4%
Dividend Yield 2015E 1.5% 1.7% 1.8% 1.6% 0.9% 4.8% 1.1% 0.5% 11.4%
Dividend Yield 2016E 4.1% 3.5% 3.4% 4.4% 4.9% 5.8% 3.2% 0.1% 11.4%
Dividend Yield 2017E 5.8% 7.1% 4.5% 5.6% 6.1% 7.1% 7.7% 0.7% 11.4%
Real IRR 7.3% 7.0% 7.5% 8.7% 9.4% 8.4% 9.2%
Source: Companies, Bloomberg and BTG Pactual
Figure 13: BR Malls Historical 24m fwd P/FFO Figure 14: Multiplan Historical 24m fwd P/FFO
25 25
20 20
15 15
10 10
5 5
- -
2011 2012 2013 2014 2010 2011 2012 2013 2014
Source: BTG Pactual and Bloomberg Source: BTG Pactual and Bloomberg
Figure 15: Iguatemi Historical 24m fwd P/FFO Figure 16: Aliansce Historical 24m fwd P/FFO
25 25
20 20
15 15
10 10
5 5
- -
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
Figure 17: Sao Carlos Historical 24m fwd P/FFO Figure 18: BC Fund Historical 24m fwd P/FFO
25 25
20 20
15 15
10 10
5 5
- -
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
Figure 19: Brazilian property stocks P/FFO 2015E

20x
16x
12x
8x
4x
0x
BRML3 MULT3 IGTA3 ALSC3 SCAR3 CCPR3
Figure 20: Brazilian property stocks Real equity IRR

12%
10%
8%
6%
4%
2%
0%
BRML3 MULT3 IGTA3 ALSC3 SCAR3 CCPR3
Company Pages
BRMalls (Neutral; R$21.00/share TP)
We are cutting our FFOPS forecasts for BRMalls by respectively 12% and 14% for
2015E and 2016E, and we are now 14% and 19% below Bloomberg consensus. Our
price target remains unchanged at R$21/share, yielding an upside potential of 14%,
consistent with a Neutral rating. Based on our estimates, the stock trades at
respectively 17.9x and 15.5x P/FFO for 2015E and 2016E, a premium to sector
average of around 5%, and it yields a real IRR of 7.3% to equity holders.
Figure 21: BRMalls Summary of earnings estimates changes (R$mn, unless otherwise noted)
2014 2015 2016
2
Owned GLA (m , avg) 994.9 1,004.7 -1% 1,027.6 1,042.2 -1% 1,067.6 1,081.9 -1%
Net Revenues 1,391.6 1,417.9 -2% 1,486.7 1,533.2 -3% 1,626.5 1,698.3 -4%
Adjusted Ebitda 1,093.2 1,114.0 -2% 1,172.1 1,207.8 -3% 1,288.1 1,342.3 -4%
Adj. Ebitda Margin 78.6% 78.6% 78.8% 78.8% 79.2% 79.0%
Financial result (546.4) (512.9) 7% (658.6) (524.6) 26% (680.0) (514.4) 32%
Taxes (111.5) (103.0) 8% (121.7) (119.7) 2% (150.5) (165.9) -9%
FFO 459.9 474.6 -3% 476.1 537.9 -11% 543.8 628.3 -13%
FFO Margin 33.0% 33.5% 32.0% 35.1% 33.4% 37.0%
FFOPS 1.00 1.03 -3% 1.03 1.17 -12% 1.18 1.36 -14%
Net Earnings 461.2 431.2 7% 318.4 496.8 -36% 380.1 592.8 -36%
Net Margin 33.1% 30.4% 21.4% 32.4% 23.4% 34.9%
EPS 1.00 0.95 6% 0.70 1.09 -36% 0.83 1.30 -36%
Net Debt 4,760.1 4,612.0 3% 4,811.7 4,495.0 7% 4,736.7 4,424.1 7%
Source: BTG Pactual
Figure 22: BRMalls Evolution of FFO consensus estimates (R$/share) Figure 23: BRMalls Historical 24m fwd P/FFO
2.5
25
2.0 20
2015 2016
1.5 15
1.0 10
2012 2013 2014
0.5 5
-
0.0
2011 2012 2013 2014
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14
Figure 24: BRMalls Detailed Income Statement (R$mn unless otherwise noted)
Income statement 2013 1Q14 2Q14 3Q14 4Q14E 2014E 2015E 2016E 2017E
Gross Revenues 1,411,710 348,648 359,214 363,049 432,746 1,503,657 1,604,525 1,755,562 1,941,687
Mall leases 999,395 247,323 255,277 258,740 308,195 1,069,535 1,137,954 1,248,435 1,388,297
Parking 229,878 59,366 61,648 61,381 76,069 258,464 283,675 317,068 352,588
Key Money 66,755 15,817 15,798 15,086 15,258 61,959 61,031 57,738 57,250
Services & Others 115,682 26,142 26,491 27,842 33,224 113,699 121,864 132,321 143,551
Taxes & Deductions (107,993) (26,227) (26,756) (26,929) (32,099) (112,011) (119,015) (130,366) (144,134)
Net Revenues 1,303,717 322,421 332,458 336,120 400,647 1,391,646 1,485,510 1,625,196 1,797,553
Operating Costs (108,518) (30,539) (26,531) (28,838) (30,819) (116,727) (126,271) (139,940) (155,617)
Cash Costs - Shoppings (108,518) (30,539) (26,531) (28,838) (30,819) (116,727) (126,271) (139,940) (155,617)
Cash Costs - Development 0 0 0 0 0 0 0 0 0
Depreciation&Amortization 0 0 0 0 0 0 0 0 0
Gross Results 1,195,199 291,882 305,927 307,282 369,827 1,274,918 1,359,239 1,485,257 1,641,936
Operating Expenses (172,258) (49,221) (43,022) (48,888) (50,694) (191,825) (198,012) (208,146) (218,193)
EBIT 1,022,941 242,661 262,905 258,394 319,133 1,083,093 1,161,227 1,277,110 1,423,743
EBITDA 1,032,910 245,321 265,515 260,814 321,553 1,093,203 1,170,907 1,286,790 1,433,423
Net Financial Result (580,649) (118,460) (97,130) (176,123) (154,642) (546,355) (658,613) (680,047) (674,891)
Financial Revenues 943,418 228,250 161,988 169,867 41,400 601,505 109,966 130,726 184,626
Financial Expenses (1,524,067) (346,710) (259,118) (345,990) (196,042) (1,147,860) (768,578) (810,772) (859,517)
Non-operating Result 392,145 (37,983) 172,856 (40,235) 0 94,638 0 0 0
Earnings Before Taxes (EBT) 834,437 86,218 338,631 42,036 164,491 631,376 502,615 597,064 748,852
Income Taxes/Social Contribution (95,783) (19,897) (25,572) (35,421) (30,649) (111,539) (121,664) (150,524) (185,953)
Minorities' Participation (57,205) (12,570) (14,320) (14,675) (17,071) (58,636) (62,503) (66,465) (71,110)
Net Earnings 681,449 53,751 298,739 (8,060) 116,771 461,201 318,448 380,074 491,790
Funds from Operations (FFO) 483,527 73,007 108,049 124,934 153,903 459,893 476,087 543,843 660,046
EBITDA Margin 79.2% 76.1% 79.9% 77.6% 80.3% 78.6% 78.8% 79.2% 79.7%
FFO Margin 37.1% 22.6% 32.5% 37.2% 38.4% 33.0% 32.0% 33.5% 36.7%
EPS 1.493 0.117 0.650 (0.018) 0.254 1.004 0.693 0.827 1.070
FFOPS 1.053 0.158 0.234 0.270 0.333 0.995 1.030 1.177 1.428
Source: BTG Pactual
Figure 25: BRMalls debt structure breakdown per index Figure 26: BRMalls debt structure
USD
US dollar, (swapped
23.4% into CDI),
23.4%
Mostly fixed,
TR, 45.9% 46.6%
CDI, 11.5%
Floating
IGP, 0.4% (Inflation),
18.5%
IPCA, 18.0% Fixed, 0.7% Floating
(CDI), 11.5%
Source: BTG Pactual, Company notes Source: BTG Pactual, Company notes
Multiplan (Neutral; R$58.00/share TP)
We are reducing our FFOPS forecasts for Multiplan by 12% and 22% respectively for
2015E and 2016E, and we are now 13% below Bloomberg consensus for 2016E. We
are also fine-tuning our price target up to R$58/share (from R$55), yielding an upside
potential of 12%, consistent with a Neutral rating (down from Buy). Based on our
estimates, the stock trades at respectively 17.3x and 15.9x P/FFO for 2015E and
2016E (adjusted for our estimate of land bank value), a premium to sector average of
around 9%, while it yields a real IRR of 7.0% to equity holders.
Figure 27: Multiplan Summary of earnings estimates changes (R$mn, unless otherwise noted)
2014 2015 2016
2
Owned GLA (m , avg) 650.6 654.7 -1% 655.1 684.5 -4% 682.0 762.6 -11%
Net Revenues 1,100.8 1,121.3 -2% 1,073.2 1,240.8 -14% 1,176.3 1,407.3 -16%
Adjusted Ebitda 772.0 770.7 0% 788.5 880.8 -10% 872.0 1,034.0 -16%
Taxes (110.1) (94.5) 17% (93.3) (114.9) -19% (101.7) (135.9) -25%
FFO 457.8 491.2 -7% 507.9 575.1 -12% 544.9 702.7 -22%
FFO Margin 41.6% 43.8% 47.3% 46.4% 46.3% 49.9%
FFOPS 2.42 2.59 -6% 2.67 3.03 -12% 2.87 3.70 -22%
Net Earnings 344.3 359.5 -4% 338.1 429.5 -21% 369.7 535.8 -31%
Net Margin 31.3% 32.1% 31.5% 34.6% 31.4% 38.1%
EPS 1.82 1.89 -4% 1.78 2.26 -21% 1.95 2.82 -31%
Net Debt 1,800.2 1,779.6 1% 1,738.7 2,050.9 -15% 2,344.7 2,286.4 3%
Source: BTG Pactual
Figure 28: Multiplan Evolution of FFO consensus estimates (R$/share) Figure 29: Multiplan Historical 24m fwd P/FFO
4.0
2015 25
2016
3.5
3.0 20
2014
2.5
15
2013
2.0
2012
1.5 10
1.0 5
0.5
0.0 -
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 2010 2011 2012 2013 2014
Figure 30: Multiplan Detailed Income Statement (R$mn unless otherwise noted)
Gross Revenues 1,074,225 283,951 298,268 307,273 321,931 1,211,423 1,179,950 1,293,083 1,552,521
Mall leases 682,935 173,698 182,741 187,085 207,992 751,516 795,607 859,631 1,012,939
Parking 131,605 35,416 38,633 37,872 42,363 154,284 165,267 178,551 210,366
Key Money 52,861 10,256 9,495 9,771 8,811 38,333 32,628 42,572 58,563
Services & Others 108,402 33,094 28,749 31,036 32,370 125,249 116,842 126,307 143,931
Development revenues 97,130 25,853 28,543 30,414 15,207 100,017 0 0 0
Other leases 1,292 5,634 10,107 11,095 15,188 42,024 69,605 86,021 126,723
Net Revenues 977,881 257,248 272,474 278,156 292,923 1,100,801 1,073,218 1,176,333 1,412,934
Operating Costs (332,041) (83,725) (85,359) (90,530) (83,641) (343,255) (291,732) (307,322) (348,799)
Cash Costs - Lease (142,201) (28,974) (27,381) (30,659) (32,361) (119,375) (121,985) (132,136) (159,233)
Cash Costs - Development (64,912) (15,459) (17,919) (17,875) (9,124) (60,377) 0 0 0
Depreciation&Amortization (124,928) (39,292) (40,059) (41,996) (42,155) (163,502) (169,748) (175,186) (189,566)
Gross Results 645,840 173,523 187,115 187,626 209,282 757,546 781,486 869,011 1,064,135
EBIT 485,965 146,260 146,585 145,012 170,264 608,121 618,727 696,792 874,395
Equity Account 88 11,009 406 (716) 0 10,699 0 0 0
EBITDA 638,881 186,197 187,050 186,292 212,419 771,958 788,475 871,978 1,063,961
Financial Expenses (162,665) (49,495) (48,781) (50,555) (52,590) (201,421) (233,814) (276,929) (334,259)
Non-operating Result 0 0 0 0 0 0 0 0 0
Minorities' Participation (39) (20) (23) 25 0 (18) 0 0 0
Net Earnings 284,922 82,286 93,374 68,196 100,491 344,347 338,110 369,674 441,375
EBITDA Margin 65.3% 72.4% 68.6% 67.0% 72.5% 70.1% 73.5% 74.1% 75.3%
EBITDA from Mall Operations 68.4% 71.2% 72.4% 72.3% 74.3% 72.6% 73.5% 74.1% 75.3%
FFO Margin 46.0% 43.6% 50.3% 39.4% 49.2% 45.7% 47.3% 46.3% 44.7%
EPS 1.521 0.439 0.497 0.359 0.529 1.824 1.780 1.946 2.323
FFOPS 2.165 0.538 0.654 0.514 0.719 2.424 2.673 2.867 3.320
Source: BTG Pactual
Figure 31: Multiplans debt structure breakdown per index Figure 32: Multiplans debt structure
Floating
(Inflation),
1.4%
CDI, 46.2% TR, 44.4% Mostly fixed,

52.4%
Floating
(CDI), 46.2%
IPCA, 1.4%
TJLP, 8.0%
Iguatemi (Neutral; R$29.00/share TP)
We are slashing our FFOPS forecasts for Iguatemi by 18% and 20% respectively for
2015E and 2016E, and we are now modestly below consensus for both years. We
are upping our DFC-based price target to R$29/share (from R$27), yielding an upside
potential of 13%, consistent with a Neutral rating (down from Buy). Based on our
2016E, slightly below the sector average, yielding a real IRR of 7.5% to equity
holders.
Figure 33: Iguatemi Summary of earnings estimates changes (R$mn, unless otherwise noted)
2014 2015 2016
2
Owned GLA (m , avg) 413.9 386.7 7% 443.3 442.9 0% 479.6 471.9 2%
Net Revenues 547.4 584.4 -6% 625.8 690.1 -9% 697.3 761.3 -8%
Adjusted Ebitda 408.0 425.9 -4% 479.9 515.3 -7% 540.7 573.2 -6%
Taxes (23.4) (56.8) -59% (43.7) (82.4) -47% (59.5) (77.6) -23%
FFO 257.5 267.5 -4% 274.5 334.3 -18% 318.0 394.8 -19%
FFO Margin 47.0% 45.8% 43.9% 48.4% 45.6% 51.9%
FFOPS 1.46 1.52 -4% 1.56 1.90 -18% 1.80 2.24 -20%
Net Earnings 210.3 230.9 -9% 181.3 280.0 -35% 221.3 323.5 -32%
Net Margin 38.4% 39.5% 29.0% 40.6% 31.7% 42.5%
EPS 1.20 1.31 -9% 1.03 1.59 -35% 1.26 1.84 -32%
Net Debt 1,412.0 851.2 66% 1,406.7 833.8 69% 1,344.6 871.9 54%
Source: BTG Pactual
Figure 34: Iguatemi Evolution of FFO consensus estimates (R$/share) Figure 35: Iguatemi Historical 24m fwd P/FFO
2.0
2016 25
1.8 2015
1.6 20
1.4
1.2 15
2013 2014
1.0 2012
0.8 10
0.6
0.4 5
0.2
-
0.0
2010 2011 2012 2013 2014
Figure 36: Iguatemi Detailed Income Statement (R$mn unless otherwise noted)
Gross Revenues 494,105 137,391 150,274 156,613 168,391 612,669 702,479 782,939 864,819
Mall leases 323,107 90,369 99,750 102,948 110,573 403,640 469,723 524,953 587,210
Parking 58,434 16,421 18,342 17,749 20,169 72,681 84,044 95,494 105,286
Key Money 55,834 14,967 16,270 18,966 19,981 70,184 73,779 76,317 77,509
Services & Others 28,331 8,241 8,591 9,647 10,314 36,793 43,547 50,736 57,426
Other leases 28,399 7,393 7,321 7,303 7,354 29,371 31,385 35,440 37,389
Net Revenues 438,148 123,497 134,889 138,998 150,011 547,395 625,781 697,255 770,115
Operating Costs (102,813) (31,141) (36,404) (38,815) (40,255) (146,615) (160,101) (169,925) (185,347)
Gross Results 335,335 92,356 98,485 100,183 109,756 400,780 465,680 527,330 584,768
EBIT 257,046 72,861 78,351 83,115 87,039 321,366 386,641 444,038 497,517
EBITDA 311,135 91,434 100,175 106,295 110,054 407,958 479,897 540,710 597,880
Non-operating Result 40,671 7,092 0 6,154 7,000 20,246 0 0 0
Income Taxes/Social Contribution (46,510) (11,226) (7,035) 9,298 (14,420) (23,383) (43,656) (59,523) (69,919)
Minorities' Participation 347 56 (501) (487) 0 (932) 0 0 0
Net Earnings 188,648 48,192 49,633 66,595 45,924 210,344 181,272 221,330 265,669
EBITDA Margin 71.0% 74.0% 74.3% 76.5% 73.4% 74.5% 76.7% 77.5% 77.6%
EBITDA from Mall Operations 67.1% 72.7% 72.0% 73.5% 71.1% 72.3% 74.5% 75.3% 75.4%
FFO Margin 46.1% 47.5% 50.9% 47.5% 42.8% 47.0% 43.9% 45.6% 47.5%
EPS 1.103 0.274 0.282 0.378 0.260 1.195 1.028 1.255 1.507
FFOPS 1.181 0.334 0.390 0.374 0.364 1.463 1.557 1.804 2.076
Source: BTG Pactual
Figure 37: Iguatemis debt structure breakdown per index Figure 38: Iguatemis debt structure
Floating
TR, 14.4% (Inflation),
8.4%
Fixed, 0.2% Mostly fixed,
CDI, 58.5% 33.1%
TJLP, 18.5%
Floating
(CDI), 58.5%
IPCA, 8.38%
Aliansce (Buy; R$21.00/share TP)
We are trimming our FFOPS forecasts for Aliansce by 22% and 13% respectively for
2015E and 2016E, and we are now in line with consensus. We are nudging our price
target up to R$21/share (from R$20), which yields an upside potential of 18%,
consistent with a Buy rating (upgrading it from Neutral). Based on our estimates, the
stock trades at respectively 16.4x and 12.9x P/FFO for 2015E and 2016E, a discount
of 12% to its peers average, and it yields a real IRR of 8.7% to equity holders.
Figure 39: Aliansce Summary of earnings estimates changes (R$mn, unless otherwise noted)
2014 2015 2016
2
Owned GLA (m , avg) 439.9 475.7 -8% 463.5 499.8 -7% 477.6 515.8 -7%
Net Revenues 489.5 517.6 -5% 535.0 590.5 -9% 587.5 642.6 -9%
Adjusted Ebitda 370.3 396.7 -7% 411.3 454.7 -10% 453.7 497.2 -9%
Taxes (31.5) (40.7) -23% (44.1) (53.9) -18% (51.0) (62.1) -18%
FFO 137.7 176.1 -22% 173.5 222.6 -22% 218.8 250.4 -13%
FFO Margin 28.1% 34.0% 32.4% 37.7% 37.2% 39.0%
FFOPS 0.87 1.11 -22% 1.09 1.40 -22% 1.38 1.58 -13%
Net Earnings 157.7 113.6 39% 96.8 162.5 -40% 140.6 189.7 -26%
Net Margin 32.2% 22.0% 18.1% 27.5% 23.9% 29.5%
EPS 1.00 0.71 40% 0.58 1.02 -43% 0.84 1.19 -30%
Net Debt 1,658.0 1,775.6 -7% 1,668.9 1,735.9 -4% 1,610.5 1,775.9 -9%
Source: BTG Pactual
Figure 40: Aliansce Evolution of FFO consensus estimates (R$/share) Figure 41: Aliansce Historical 24m fwd P/FFO
1.6
25
1.4 2014
2015 20
1.2
1.0 15
0.8
2012 2013 10
0.6
0.4 5
0.2
-
0.0
2010 2011 2012 2013 2014
Figure 42: Aliansce Detailed Income Statement (R$mn unless otherwise noted)
Gross Revenues 472,012 122,588 129,071 129,628 152,334 533,621 587,970 649,136 713,058
Mall leases 352,858 92,718 96,382 96,763 113,497 399,360 435,736 480,486 530,045
Parking 54,921 13,219 15,989 15,374 19,336 63,918 74,140 85,419 94,258
Key Money 22,728 5,554 5,711 5,599 5,050 21,914 19,286 19,467 19,911
Services & Others 41,505 10,819 10,989 11,892 14,451 48,151 58,809 63,765 68,844
Net Revenues 432,066 112,205 118,668 118,485 140,147 489,505 540,933 597,206 656,014
Operating Costs (113,692) (32,049) (31,919) (30,447) (33,549) (127,964) (132,049) (139,509) (148,461)
Gross Results 318,374 80,156 86,749 88,038 106,598 361,541 408,883 457,696 507,553
EBIT 250,119 59,716 71,677 70,113 89,644 291,150 339,681 384,217 428,370
EBITDA 314,970 78,301 90,966 92,056 108,947 370,270 416,452 462,395 508,833
Non-operating Result 6,587 0 16,587 83,560 0 100,147 0 0 0
Minorities' Participation (2,410) (328) (1,362) (1,015) (1,190) (3,895) (4,433) (4,725) (5,055)
Net Earnings 59,013 3,252 24,801 99,276 30,309 157,638 96,605 140,381 172,217
EBITDA Margin 72.9% 69.8% 76.7% 77.7% 77.7% 75.6% 77.0% 77.4% 77.6%
FFO Margin 30.0% 20.3% 24.7% 32.7% 35.6% 28.8% 32.3% 36.8% 38.9%
EPS 0.373 0.020 0.156 0.624 0.191 0.991 0.607 0.883 1.083
FFOPS 0.781 0.139 0.178 0.237 0.312 0.865 1.090 1.374 1.589
Source: BTG Pactual
Figure 43: Aliansces debt structure breakdown per index Figure 44: Aliansces debt structure
Floating
CDI, 9.4%
(Inflation),
IGP, 4.7% 16.7%
IPCA, 12.0% Floating

(CDI), 9.4%
Mostly fixed,
TJLP, 5.1% 73.9%
TR, 68.8%
Sao Carlos (Buy; R$41.00/share TP)
We are slashing our FFOPS forecasts for So Carlos by respectively 41% and 31%
for 2015E and 2016E, and we are cutting our price target to R$41/share (from
R$45/share), which, following a steep underperformance, yields an upside potential
of 34%, consistent with a Buy rating (upgrading it from Neutral). Based on our
2016E, and yields a real IRR of 9.4% to equity holders.
Figure 45: Sao Carlos Summary of earnings estimates changes (R$mn, unless otherwise noted)
2014 2015 2016
2
Owned GLA (m , avg) 372.9 414.0 -10% 454.7 480.1 -5% 466.9 480.1 -3%
Net Revenues 268.8 315.0 -15% 313.4 399.3 -22% 362.4 422.6 -14%
Adjusted Ebitda 222.9 268.6 -17% 258.9 345.8 -25% 310.1 366.8 -15%
Financial result (64.8) (84.8) -24% (116.7) (104.1) 12% (117.6) (95.8) 23%
Taxes (27.3) (34.4) -20% (27.3) (45.1) -40% (41.5) (51.2) -19%
FFO 130.3 149.2 -13% 114.6 196.2 -42% 150.4 219.5 -31%
FFO Margin 26.6% 28.8% 21.4% 33.2% 25.6% 34.2%
FFOPS 2.29 2.61 -12% 2.01 3.43 -41% 2.64 3.84 -31%
Net Earnings 149.5 117.6 27% 77.6 155.6 -50% 111.4 177.0 -37%
Net Margin 30.5% 22.7% 14.5% 26.4% 19.0% 27.5%
EPS 2.62 2.06 28% 1.36 2.72 -50% 1.95 3.09 -37%
Net Debt 691.4 888.7 -22% 1,152.4 1,108.8 4% 1,048.9 1,109.5 -5%
Source: BTG Pactual
Figure 46: Sao CarlosEvolution of FFO consensus estimates (R$/share) Figure 47: Sao Carlos Historical 24m fwd P/FFO
3.0
25
2014
2.5 2015
20
2.0 2013
2012 15
1.5 2011
10
1.0
5
0.5
-
0.0
2010 2011 2012 2013 2014
2010 2011 2012 2013 2014
Figure 48: Sao Carlos Detailed Income Statement (R$mn unless otherwise noted)
Gross Revenues 296,958 72,289 70,380 69,474 74,274 286,417 333,994 386,267 430,931
Leases 295,813 72,085 70,168 69,274 74,061 285,587 333,032 385,155 429,690
Offices 279,293 67,854 65,929 64,986 69,562 268,331 311,071 355,863 396,935
Warehouses and CDs 8,962 2,340 2,340 2,340 2,340 9,360 9,552 9,924 10,450
Retail / Multiuse 7,557 1,891 1,899 1,948 2,158 7,896 12,409 19,368 22,305
Services and Others 1,145 204 212 200 214 830 961 1,112 1,240
Net Revenues 277,121 67,888 66,134 65,122 69,692 268,836 313,386 362,434 404,342
Cost of Goods Sold (32,262) (7,935) (9,093) (10,267) (10,461) (37,756) (54,559) (52,464) (49,977)
Gross Results 244,859 59,953 57,041 54,855 59,230 231,079 258,827 309,970 354,366
EBITDA 210,292 52,532 49,969 47,348 48,483 198,332 221,933 271,128 313,631
Financial Result (82,512) (14,885) (13,674) (18,388) (17,900) (64,847) (116,718) (117,587) (111,548)
Non-operating Result 147,573 0 0 0 43,824 43,824 0 0 0
Minorities' Participation (211) (98) (186) (92) (92) (468) (367) (560) (764)
Net Income/Loss 249,009 30,924 28,739 21,704 68,127 149,494 77,586 111,438 152,022
EBITDA Margin 85.4% 86.5% 84.9% 82.0% 78.4% 82.9% 82.6% 85.6% 87.3%
FFO Margin 46.1% 54.7% 52.8% 42.6% 43.7% 48.5% 36.6% 41.5% 47.3%
EPS 4.347 0.543 0.504 0.381 1.195 2.623 1.361 1.955 2.667
FFOPS 2.231 0.651 0.613 0.487 0.535 2.286 2.010 2.639 3.355
Source: Company and BTG Pactual
Figure 49: Sao Carlos Revenue breakdown per segment (R$mn unless otherwise noted)
Leases 2013 1Q14 2Q14 3Q14 4Q14E 2014E 2015E 2016E 2017E
Offices 279,293 67,854 65,929 64,986 69,562 268,331 311,071 355,863 396,935
Leasable Area (m2) 316,357 302,869 302,869 338,090 335,814 319,911 390,801 390,801 390,801
Vacancy Rate (% ) 1.9% 4.0% 8.0% 10.9% 10.9% 8.6% 18.1% 10.9% 6.4%
Monthly Rent/m2 75.0 76.7 77.2 76.7 77.2 76.5 81.0 85.1 90.4
-- Change QoQ/YoY 14.1% -5.6% 0.7% -0.6% 0.7% 2.0% 6.0% 5.1% 6.2%
Retail / Multiuse 7,557 1,891 1,899 1,948 2,158 7,896 12,409 19,368 22,305
Leasable Area (m2) 18,975 13,380 15,302 15,532 17,332 15,386 26,332 38,482 38,932
Vacancy Rate (% ) 21.4% 15.2% 18.4% 23.6% 24.0% 20.6% 25.0% 25.0% 20.0%
Monthly Rent/m2 42.2 61.5 53.1 53.3 57.5 53.9 52.4 55.9 59.7
-- Change QoQ/YoY 52.4% 12.4% -13.7% 0.4% 7.8% 27.6% -2.8% 6.8% 6.7%
Leasable Area (m2) 37,590 37,590 37,590 37,590 37,590 37,590 37,590 37,590 37,590
Vacancy Rate (% ) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.5% 3.0% 3.0%
Monthly Rent/m2 19.9 20.8 20.8 20.8 20.8 20.8 21.5 22.7 23.9
-- Change QoQ/YoY 21.9% 0.0% 0.0% 0.0% 0.0% 4.4% 3.6% 5.5% 5.3%
CCP (Neutral; R$15.00/share TP)
We are significantly reducing our estimates for CCP (for whom theres no reliable
consensus), mainly due to a faster-than-expected run-up in leverage and Ebitda
shortfall from some of its projects. As a result, we are cutting our price target to
R$15/share (from R$31/share). Our new target price yields an upside potential of 9%,
consistent with a Neutral rating. Based on our estimates, the stock trades at
respectively 30.6x and 40.2x P/FFO for 2015E and 2016E, and yields a real IRR of
8.4% to equity holders.
Figure 50: CCP Summary of earnings estimates changes (R$mn, unless otherwise noted)
2014 2015 2016
2
Owned GLA (m , avg) 273.1 442.8 -38% 295.2 496.1 -41% 337.2 499.9 -33%
Net Revenues 386.5 464.1 -17% 379.2 496.3 -24% 477.6 501.2 -5%
Adjusted Ebitda 212.1 303.5 -30% 227.9 377.1 -40% 302.1 395.9 -24%
Financial result (66.8) (92.3) -28% (170.9) (104.4) 64% (236.4) (97.5) 142%
Taxes (25.9) (45.0) -42% (27.6) (50.1) -45% (34.7) (54.2) -36%
FFO 93.1 131.4 -29% 37.2 182.5 -80% 28.2 212.7 -87%
FFO Margin 19.0% 25.4% 7.0% 30.9% 4.8% 33.1%
FFOPS 1.12 1.59 -29% 0.45 2.21 -80% 0.34 2.57 -87%
Net Earnings 110.1 107.0 3% 22.4 156.5 -86% 4.9 172.9 -97%
Net Margin 22.5% 20.7% 4.2% 26.5% 0.8% 26.9%
EPS 1.33 1.30 3% 0.27 1.89 -86% 0.06 2.09 -97%
Net Debt 2,013.9 1,315.5 53% 2,296.8 1,263.1 82% 2,319.6 1,243.8 86%
Source: BTG Pactual
Figure 51: CCP Detailed Income Statement (R$mn unless otherwise noted)
Gross Revenues 334,583 97,687 86,737 120,824 97,855 403,103 394,179 495,991 558,310
Leases 194,439 60,855 61,058 63,968 71,561 257,442 299,577 375,787 424,123
Offices 119,831 29,947 29,888 31,995 32,605 124,435 140,274 168,583 188,887
Retail 65,427 28,587 28,566 29,740 36,723 123,616 150,158 197,643 225,159
Development Sales 74,545 21,466 6,010 37,368 3,299 68,143 0 0 0
Services and Others 65,599 15,366 19,669 19,488 22,995 77,518 94,602 120,204 134,187
Management/Parking 50,137 11,412 15,690 15,480 19,115 61,697 78,159 102,875 115,924
Other developments 15,462 3,954 3,979 4,008 3,880 15,821 16,442 17,329 18,263
Net Revenues 322,293 94,351 82,743 115,487 93,941 386,522 379,167 477,640 537,653
Leases (16,816) (10,225) (12,887) (11,629) (12,905) (47,646) (60,022) (73,782) (84,772)
Cash Costs (8,484) (8,121) (10,782) (9,502) (10,734) (39,139) (45,266) (50,416) (57,292)
Development Sales (51,559) (7,542) (8,477) (24,604) (1,979) (42,602) 0 0 0
Services and Others (28,931) (8,216) (9,785) (10,020) (12,425) (40,446) (50,803) (66,869) (75,351)
Management (28,931) (8,216) (9,785) (10,020) (12,425) (40,446) (50,803) (66,869) (75,351)
Gross Results 224,987 68,368 51,594 69,234 66,632 255,828 268,342 336,988 377,530
Operating Result (EBIT) 182,886 52,897 40,961 56,762 52,947 203,567 213,108 278,712 316,650
Equity Account 45,718 9,586 9,908 18,037 15,277 52,808 67,908 76,309 80,506
EBITDA 191,218 55,001 43,066 58,889 55,118 212,074 227,863 302,078 344,130
Financial Result (14,718) (9,186) (12,877) (19,932) (24,761) (66,756) (170,914) (236,380) (233,904)
Net Income/Loss 148,902 38,663 19,885 29,619 21,924 110,091 22,446 4,864 34,107
EBITDA Margin 59.3% 58.3% 52.0% 51.0% 58.7% 54.9% 60.1% 63.2% 64.0%
FFO Margin 41.7% 28.5% 29.6% 16.4% 24.2% 24.1% 9.8% 5.9% 11.5%
EPS 1.800 0.467 0.240 0.358 0.265 1.330 0.271 0.059 0.412
FFOPS 1.623 0.324 0.296 0.229 0.275 1.125 0.450 0.341 0.744
Figure 52: CCPs debt structure breakdown per index Figure 53: CCPs debt structure
CDI Floating
45.4% (CDI)
45%
TR
49%
Mostly fixed
55%
TJLP
6%
BC Fund (Buy; R$143.00/share TP)
We are tweaking our FFOPS estimates for BC Fund by 3% for 2015E and 2016E,
and we are lowering our price target to R$143/share (from R$160 per share), which
yields an upside potential of 35%. This, coupled with high payout ratios, supports our
Buy rating on the name. Based on our estimates, the stock trades at respectively 9.2x
and 8.2x P/FFO for 2015E and 2016E, a large discount to its peers average, and
yields a real IRR of 9.2% to equity holders.
Figure 54: BC Fund Summary of earnings estimates changes (R$mn, unless otherwise noted)
2014 2015 2016
2
Owned GLA (m , avg) 295.5 324.5 -9% 288.9 384.5 -25% 288.9 392.0 -26%
Net Revenues 263.1 287.9 -9% 263.3 368.8 -29% 276.9 401.9 -31%
Adjusted Ebitda 204.7 232.1 -12% 201.4 303.1 -34% 212.0 333.1 -36%
Financial result 18.4 (32.8) -156% 23.1 (134.0) -117% 20.7 (159.8) -113%
FFO 228.7 233.6 -2% 222.2 228.9 -3% 229.7 236.7 -3%
FFO Margin 46.7% 45.1% 41.5% 38.8% 39.1% 36.8%
FFOPS 11.90 12.15 -2% 11.56 11.91 -3% 11.95 12.31 -3%
Net Earnings 149.3 388.3 -62% 384.2 386.5 -1% 403.3 411.9 -2%
Net Margin 30.5% 75.0% 71.8% 65.5% 68.7% 64.1%
EPS 7.77 20.20 -62% 19.99 20.10 -1% 20.98 21.43 -2%
Net Debt (199.4) 464.6 NM (158.6) 868.9 NM (156.8) 949.3 NM
Source: BTG Pactual
Figure 55: BC Fund Detailed Income Statement (R$mn unless otherwise noted)
Gross Revenues 254,658 70,456 65,171 64,676 62,793 263,096 263,278 276,892 289,584
Leases 254,658 70,456 65,171 64,676 62,793 263,096 263,278 276,892 289,584
Offices 254,658 70,456 65,171 64,676 62,793 263,096 263,278 276,892 289,584
Warehouses and CDs 0 0 0 0 0 0 0 0 0
Retail / Multiuse 0 0 0 0 0 0 0 0 0
Taxes & Deductions 0 0 0 0 0 0 0 0 0
Net Revenues 254,658 70,456 65,171 64,676 62,793 263,096 263,278 276,892 289,584
Gross Results 249,900 68,413 62,232 61,785 59,842 252,272 252,859 266,606 278,826
EBITDA 198,184 57,379 58,515 41,184 47,541 204,619 201,396 212,041 221,373
Financial Result (6,804) 1,582 7,683 2,678 6,477 18,420 23,129 20,676 20,706
Non-operating Result 120,003 0 (65,093) (1,334) 0 (66,427) 167,028 178,295 188,481
Income Taxes/Social Contribution 0 0 0 0 0 0 0 0 0
Net Income/Loss 305,556 56,997 (684) 40,783 52,251 149,347 384,247 403,306 422,430
EBITDA Margin 78.1% 81.4% 76.8% 77.0% 75.7% 77.8% 76.5% 76.6% 76.4%
FFO Margin 86.7% 88.9% 86.8% 86.6% 85.2% 86.9% 84.4% 83.0% 82.3%
EPS 15.894 2.965 (0.036) 2.121 2.718 7.769 19.987 20.979 21.973
FFOPS 11.490 3.257 2.942 2.913 2.784 11.897 11.558 11.951 12.402
Figure 56: BC Fund Revenue breakdown per segment (R$mn unless otherwise noted)
Leases 2013 1Q14 2Q14 3Q14 4Q14E 2014E 2015E 2016E 2017E
Offices 254,658 70,456 65,171 64,676 62,793 263,096 263,278 276,892 289,584
Leasable Area (m2) 285,647 302,041 302,041 288,922 288,922 295,482 288,922 288,922 288,922
Vacancy Rate (% ) 1.2% 7.2% 9.4% 10.5% 8.2% 8.8% 6.6% 6.0% 6.0%
Monthly Rent/m2 75.2 81.3 78.4 81.0 79.9 81.4 81.3 85.0 88.9
-- Change QoQ/YoY -14.9% 3.4% -3.5% 3.3% -1.4% 8.2% -0.1% 4.5% 4.6%
BR Malls 30 November 2014 page 21
BR M alls
Income Statement (R$mn) 12/2009 12/2010 12/2011 12/2012 12/2013 12/2014E 12/2015E 12/2016E
Revenue 403 540 860 1,124 1,304 1,392 1,486 1,625
Operating expenses (ex depn) (95) (150) (197) (262) (291) (309) (324) (348)
EBITDA (BTG Pactual) 308 381 629 866 1,023 1,083 1,161 1,277
Depreciation 0 0 0 0 0 0 0 0
Operating income (EBIT, BTG Pactual) 308 381 629 866 1,023 1,083 1,161 1,277
Other income & associates 814 237 211 1,391 382 85 (10) (10)
Net Interest (7) (84) (294) (434) (581) (546) (659) (680)
Abnormal items (pre-tax) 0 0 0 0 0 0 0 0
Profit before tax 1,115 533 546 1,823 824 621 493 587
Tax (13) (35) (53) (59) (96) (112) (122) (151)
Profit after tax 1,102 499 493 1,764 729 510 371 437
Abnormal items (post-tax) 0 0 0 0 0 0 0 0
Minorities / pref dividends (4) (15) (32) (35) (57) (59) (63) (66)
Net Income (local GAAP) 1,099 483 461 1,729 671 451 309 370
Adjusted Net Income 286 248 250 338 289 367 318 380
Tax rate (%) 1 6 10 3 12 18 25 26
Per Share 12/2009 12/2010 12/2011 12/2012 12/2013 12/2014E 12/2015E 12/2016E
EPS (local GAAP) 2.83 1.19 1.04 3.81 1.47 0.98 0.67 0.81
EPS (BTG Pactual) 0.74 0.61 0.56 0.75 0.63 0.80 0.69 0.83
Net DPS 0.13 0.09 0.11 0.48 0.32 0.25 0.31 0.65
BVPS 13.44 13.57 15.10 18.07 19.26 20.05 20.53 20.79
Cash Flow (R$mn) 12/2009 12/2010 12/2011 12/2012 12/2013 12/2014E 12/2015E 12/2016E
Net Income 286 248 250 338 289 367 318 380
Net change in working capital (21) 39 (238) 99 (89) (7) 55 34
Other (operating) 0 0 0 0 0 0 0 0
Net cash from operations 1,089 533 233 1,841 592 454 373 414
Cash from investing activities (3,102) (2,362) (2,412) (2,835) (1,020) (464) (436) (325)
Cash from financing activities 2,370 993 2,304 1,320 35 159 227 156
Bal sheet chge in cash & equivalents 368 (824) 134 339 (383) 159 175 255
Balance Sheet (R$mn) 12/2009 12/2010 12/2011 12/2012 12/2013 12/2014E 12/2015E 12/2016E
Cash and equivalents 1,141 318 452 791 409 568 743 998
Other current assets 214 344 527 641 694 685 649 640
Total current assets 1,356 661 979 1,433 1,103 1,253 1,392 1,638
Net tangible fixed assets 6,958 9,688 12,594 16,111 17,540 18,177 18,604 18,929
Net intangible fixed assets 16 11 12 11 16 29 20 10
Investments / other assets 104 118 352 182 197 183 111 37
Total assets 8,434 10,478 13,937 17,737 18,857 19,642 20,127 20,614
Trade payables & other ST liabilities 139 149 440 834 856 760 794 830
Short term debt 166 317 412 485 415 241 266 412
Total current liabilities 305 465 852 1,320 1,270 1,001 1,061 1,242
Long term debt 1,398 2,009 3,037 4,079 4,220 4,653 4,859 5,037
Other long term liabilities 1,663 2,214 2,805 3,524 3,899 4,063 4,065 4,069
Total liabilities 3,366 4,688 6,695 8,922 9,389 9,717 9,985 10,349
Equity & minority interests 5,068 5,789 7,243 8,815 9,467 9,925 10,142 10,265
Total liabilities & equities 8,434 10,478 13,937 17,737 18,857 19,642 20,127 20,614
Company Profile: Financial ratios 12/2012 12/2013 12/2014E 12/2015E 12/2016E

EBITDA margin 77.1% 78.5% 77.8% 78.2% 78.6%
Operating margin 77.1% 78.5% 77.8% 78.2% 78.6%
BR Malls is the result of a partnership started in October 2006
between Ecisa and two private equity firms: GP Investments Net margin 30.1% 22.2% 26.3% 21.4% 23.4%
and Equity International Properties (EIP). Through various RoE 4.6% 3.4% 4.1% 3.4% 4.0%
transactions announced since then, BR Malls has managed to RoIC 5.9% 6.1% 6.0% 6.3% 6.8%
become the largest shopping center owner in the industry, both EBITDA / net interest 2.0x 1.8x 2.0x 1.8x 1.9x
in terms of leasable area and number of malls under Net debt / EBITDA 4.4x 4.1x 4.0x 3.8x 3.5x
management. Total debt / EBITDA 5.3x 4.5x 4.5x 4.4x 4.3x
Net debt / (net debt + equity) 30.0% 30.9% 30.4% 30.2% 30.2%
Source: Company reports and BTG Pactual estimates. Valuations: based on the last share price of that year(E)
based on share price as of 28 November 2014
Multiplan 30 November 2014 page 22
Multipl an
Revenue 483 604 676 814 978 1,101 1,073 1,176
EBITDA (BTG Pactual) 324 354 453 534 611 772 788 872
Depreciation (40) (48) (60) (75) (125) (164) (170) (175)
Operating income (EBIT, BTG Pactual) 285 306 393 459 486 608 619 697
Other income & associates (20) (4) 2 82 0 11 0 0
Net Interest (5) 44 32 (42) (113) (164) (187) (225)
Profit before tax 260 346 426 499 373 455 431 471
Tax (88) (119) (118) (110) (88) (110) (93) (102)
Profit after tax 172 227 309 389 285 344 338 370
Minorities / pref dividends 0 (11) (11) (1) (0) (0) 0 0
Net Income (local GAAP) 172 216 298 388 285 344 338 370
Tax rate (%) 34 34 28 22 24 24 22 22
Per Share 12/2009 12/2010 12/2011 12/2012 12/2013 12/2014E 12/2015E 12/2016E
EPS (local GAAP) 1.01 1.22 1.66 2.17 1.51 1.82 1.78 1.95
EPS (BTG Pactual) 1.01 1.22 1.66 1.72 1.51 1.82 1.78 1.95
Net DPS 0.26 0.58 0.83 1.03 0.99 1.01 0.95 1.75
BVPS 17.34 16.56 17.24 17.89 20.39 21.28 22.06 22.33
Cash Flow (R$mn) 12/2009 12/2010 12/2011 12/2012 12/2013 12/2014E 12/2015E 12/2016E
Net Income 172 216 298 309 285 344 338 370
Depreciation 40 48 60 75 125 164 170 175
Net change in working capital 40 99 33 26 (92) (99) 136 30
Net cash from operations 251 363 392 489 318 409 644 574
Cash from investing activities (488) (412) (973) (1,173) (924) (296) (342) (1,002)
Cash from financing activities 898 16 345 521 563 (195) (77) 286
Bal sheet chge in cash & equivalents 660 (33) (236) (163) (43) (82) 225 (141)
Cash and equivalents 828 795 558 395 352 269 494 353
Total current assets 1,103 1,064 924 747 736 679 817 730
Total assets 3,671 3,986 4,752 5,685 6,476 6,575 6,888 7,630
Short term debt 231 227 189 181 126 194 106 247
Total current liabilities 340 469 375 499 460 636 577 809
Long term debt 358 345 894 1,736 1,956 1,677 1,826 2,214
Other long term liabilities 139 207 267 244 241 242 292 362
Total liabilities 836 1,021 1,535 2,479 2,657 2,555 2,695 3,385

EBITDA margin 65.6% 62.5% 70.1% 73.5% 74.1%
With over 30 years successfully operating in the Brazilian
shopping mall industry, Multiplan has a fully integrated model Net margin 38.0% 29.1% 31.3% 31.5% 31.4%
that offers planning, development, and management of RoE 9.8% 8.1% 8.8% 8.2% 8.8%
shopping malls and mulit-use developments. The company RoIC 10.2% 9.0% 10.4% 10.5% 11.0%
currently operates an established portfolio of 13 malls located in EBITDA / net interest 12.9x 5.4x 4.7x 4.2x 3.9x
premium areas of Brazil's main cities and focusing on the upper Net debt / EBITDA 2.9x 2.8x 2.1x 1.8x 2.4x
income and upper middle income segments. Total debt / EBITDA 3.6x 3.4x 2.4x 2.5x 2.8x
Iguatemi 30 November 2014 page 23
Iguatemi
Revenue 207 247 307 386 438 547 626 697
Depreciation (28) (15) (22) (31) (41) (68) (75) (78)
Other income & associates (4) (6) (4) 136 28 2 (18) (18)
Net Interest (8) 9 (13) (49) (63) (107) (162) (163)
Tax (25) (19) (36) (48) (47) (23) (44) (60)
Profit after tax 85 155 152 268 188 211 181 221
Minorities / pref dividends (0) (0) (0) (0) 0 (1) 0 0
Tax rate (%) 23 11 19 15 20 10 19 21
Per Share 12/2009 12/2010 12/2011 12/2012 12/2013 12/2014E 12/2015E 12/2016E
EPS (local GAAP) 0.58 0.98 0.96 1.70 1.09 1.19 1.03 1.26
EPS (BTG Pactual) 0.60 1.01 0.99 0.83 0.93 1.18 1.13 1.36
Net DPS 0.73 0.25 0.36 0.41 0.32 0.31 0.41 1.13
BVPS 10.08 9.39 9.98 11.22 13.52 14.01 14.63 14.79
Cash Flow (R$mn) 12/2009 12/2010 12/2011 12/2012 12/2013 12/2014E 12/2015E 12/2016E
Net Income 89 160 156 132 161 208 200 240
Depreciation 28 15 22 31 41 68 75 78
Net change in working capital 19 16 (84) (47) (33) (99) 36 24
Cash from investing activities (171) (327) (481) (410) (889) (642) (255) (212)
Cash from financing activities 409 139 480 365 807 108 90 78
Bal sheet chge in cash & equivalents 374 2 93 216 127 (336) 145 208
Cash and equivalents 626 628 721 938 1,065 729 874 1,082
Total current assets 687 744 867 1,148 1,339 1,046 1,164 1,349
Total assets 1,965 2,294 2,897 3,572 4,658 4,948 5,230 5,533
Short term debt 64 96 94 120 166 157 150 282
Long term debt 353 543 944 1,336 1,776 1,807 1,959 2,085
Total liabilities 584 806 1,318 1,799 2,340 2,475 2,644 2,920

EBITDA margin 67.5% 71.0% 74.5% 76.7% 77.5%
Iguatemi is fully owned by La Fonte Participaes and La Fonte
Telecom, two subsidiaries of the Jereissati group. The company Net margin 34.2% 36.7% 38.1% 31.9% 34.4%
owns 13 malls, mostly concentrated in the Southeast and South RoE 7.9% 7.9% 8.7% 7.9% 9.2%
regions, being one of the leading players in the Brazilian RoIC 10.3% 9.4% 9.4% 10.3% 11.5%
shopping malls sector, with an estimated market share of 5% EBITDA / net interest 5.3x 4.9x 3.8x 3.0x 3.3x
(based on GLA). Net debt / EBITDA 2.0x 2.8x 3.0x 2.6x 2.4x
Total debt / EBITDA 5.6x 6.2x 4.8x 4.4x 4.4x
Aliansce 30 November 2014 page 24
Aliansc e
Revenue 154 198 258 339 432 490 541 597
Depreciation (17) (24) (26) (40) (61) (73) (73) (75)
Other income & associates (2) (1) (1) 48 4 97 (3) (3)
Net Interest (39) (27) (37) (98) (161) (198) (195) (188)
Tax (14) (21) (30) (40) (34) (32) (44) (51)
Profit after tax 54 62 94 131 59 158 98 142
Tax rate (%) 20 25 24 23 37 17 31 26
Per Share 12/2009 12/2010 12/2011 12/2012 12/2013 12/2014E 12/2015E 12/2016E
EPS (local GAAP) 0.56 0.44 0.66 0.85 0.35 0.97 0.59 0.86
EPS (BTG Pactual) 0.59 0.45 0.66 0.53 0.33 0.36 0.61 0.88
Net DPS 0.08 0.09 0.19 0.21 0.09 0.25 0.15 0.88
BVPS 5.82 7.20 7.72 10.80 10.53 11.07 11.55 11.58
Cash Flow (R$mn) 12/2009 12/2010 12/2011 12/2012 12/2013 12/2014E 12/2015E 12/2016E
Net Income 53 63 92 80 52 57 97 140
Depreciation 17 24 26 40 61 73 73 75
Net change in working capital (2) 23 (13) (3) (18) (19) (13) (8)
Cash from investing activities (276) (292) (202) (1,282) (633) (110) (142) (110)
Cash from financing activities 229 439 52 1,360 201 7 79 38
Bal sheet chge in cash & equivalents 24 257 (44) 247 (326) 112 97 139
Total current assets 134 371 345 690 334 457 574 725
Net tangible fixed assets 939 1,264 1,435 2,671 3,219 3,213 3,282 3,317
Total assets 1,389 1,909 2,062 3,636 3,914 4,066 4,249 4,434
Short term debt 59 31 57 73 58 102 87 178
Long term debt 604 608 673 1,612 1,738 1,788 1,891 1,965
Total liabilities 811 832 914 1,978 2,172 2,240 2,342 2,518
Equity & minority interests 578 1,077 1,148 1,658 1,742 1,825 1,907 1,916

EBITDA margin 77.1% 72.1% 74.4% 76.4% 76.9%
Aliansce was born in 2004 as a result of a joint-venture between
Nacional Iguatemi (a company with over 30 years in the Net margin 23.5% 12.1% 11.7% 17.9% 23.5%
Brazilian shopping malls sector) and General Growth Properties RoE 6.1% 3.3% 3.4% 5.4% 7.6%
GGP (the second biggest mall-operator in the United States). RoIC 9.4% 7.7% 8.2% 9.4% 10.5%
The company has developed since 2007 over 200 thousand EBITDA / net interest 2.7x 1.9x 1.8x 2.1x 2.4x
square meters in own Gross Leasable Area (GLA), placing it as Net debt / EBITDA 4.5x 5.1x 4.4x 3.8x 3.5x
one of the largest shopping mall owners in Brazil. As a result of Total debt / EBITDA 6.4x 5.8x 5.2x 4.8x 4.7x
its 2010 IPO, the market free float of Aliansce is currently 46%.
So Carlos 30 November 2014 page 25
So C arlos
Revenue 149 156 212 257 277 269 313 362
Depreciation (22) (21) (25) (27) (26) (25) (37) (39)
Other income & associates 70 44 24 136 148 44 0 0
Net Interest (32) (48) (57) (81) (83) (65) (117) (118)
Tax (14) (11) (22) (20) (26) (27) (27) (42)
Profit after tax 133 92 96 221 249 150 78 112
Minorities / pref dividends 0 0 0 0 (0) (0) (0) (1)
Tax rate (%) 9 11 19 8 9 15 26 27
Per Share 12/2009 12/2010 12/2011 12/2012 12/2013 12/2014E 12/2015E 12/2016E
EPS (local GAAP) 2.32 1.60 1.68 3.85 4.35 2.62 1.36 1.95
EPS (BTG Pactual) 1.09 0.83 1.27 1.48 1.77 1.85 1.36 1.95
Net DPS 0.63 0.43 0.47 0.98 1.10 0.66 0.34 0.98
BVPS 10.47 11.59 12.83 15.63 18.80 20.79 21.88 22.92
Cash Flow (R$mn) 12/2009 12/2010 12/2011 12/2012 12/2013 12/2014E 12/2015E 12/2016E
Net Income 63 48 73 85 101 106 78 111
Depreciation 22 21 25 27 26 25 37 39
Net change in working capital 26 4 (40) 10 (7) (13) (10) (10)
Cash from investing activities 225 (464) (175) (292) (111) (188) (532) (14)
Cash from financing activities (90) 249 70 106 (35) (68) 376 (23)
Bal sheet chge in cash & equivalents 317 (99) (24) 71 122 (95) (52) 103
Net tangible fixed assets 757 1,166 1,350 1,609 1,686 1,850 2,348 2,324
Total assets 1,221 1,593 1,740 2,065 2,266 2,348 2,805 2,896
Short term debt 20 30 54 51 50 35 20 51
Long term debt 483 718 775 929 957 988 1,373 1,364
Total liabilities 619 924 1,004 1,168 1,185 1,158 1,552 1,583
Equity & minority interests 603 668 736 897 1,081 1,190 1,253 1,313

EBITDA margin 83.2% 85.4% 82.9% 82.6% 85.6%
So Carlos is commercial propery investment firm which
focuses on the office market, mainly in So Paulo and Rio de Net margin 33.1% 36.6% 39.3% 24.8% 30.7%
Janeiro. Its business strategy includes acquiring and retrofitting RoE 10.4% 10.3% 9.3% 6.4% 8.7%
commercial properties, with the intent to increase rents, and RoIC 13.1% 13.4% 11.5% 10.7% 11.8%
potentially selling them at a profit. Sao Carlos, originally a spin- EBITDA / net interest 2.6x 2.9x 3.4x 2.2x 2.6x
off from Brazilian retailer Lojas Americanas, is controlled by a Net debt / EBITDA 2.9x 2.2x 2.8x 4.1x 3.1x
group of local businesspeople which includes Messrs. Jorge Total debt / EBITDA 4.6x 4.3x 4.6x 5.4x 4.6x
Paulo Lehman, Beto Sicupira and Marcel Telles.
CCP 30 November 2014 page 26
CCP
Revenue 145 242 309 373 322 387 379 478
Depreciation (7) (8) (8) (9) (8) (9) (15) (23)
Other income & associates 1 1 10 62 46 53 68 76
Net Interest (17) (24) (27) (30) (15) (67) (171) (236)
Tax (10) (16) (17) (20) (23) (26) (28) (35)
Profit after tax 76 106 130 192 191 164 83 84
Tax rate (%) 12 13 11 9 11 14 25 29
Per Share 12/2009 12/2010 12/2011 12/2012 12/2013 12/2014E 12/2015E 12/2016E
EPS (local GAAP) 0.72 1.06 1.38 1.85 1.80 1.33 0.27 0.06
EPS (BTG Pactual) 0.72 1.06 1.38 1.85 1.80 1.33 0.27 0.06
Net DPS 0.18 0.27 0.32 0.46 0.45 0.24 0.07 0.01
BVPS 4.62 5.44 6.12 7.60 8.45 9.53 9.74 9.78
Cash Flow (R$mn) 12/2009 12/2010 12/2011 12/2012 12/2013 12/2014E 12/2015E 12/2016E
Net Income 63 92 115 153 149 110 22 5
Net change in working capital (11) (41) (22) 43 (21) (10) 23 3
Cash from investing activities (39) (134) (153) (749) (1,015) (879) (323) (48)
Cash from financing activities (32) 363 64 511 824 739 156 (11)
Bal sheet chge in cash & equivalents (13) 288 12 (34) (55) (31) (107) (28)
Net tangible fixed assets 485 485 530 1,082 1,967 2,740 2,852 2,877
Investments / other assets 165 337 468 583 695 881 1,063 1,063
Total assets 759 1,232 1,422 2,143 3,123 3,975 4,164 4,165
Short term debt 49 69 94 136 167 78 49 43
Long term debt 241 620 455 826 1,391 2,034 2,218 2,209
Total liabilities 322 727 869 1,105 1,878 2,413 2,585 2,583
Equity & minority interests 437 505 553 1,038 1,245 1,562 1,579 1,582
Total liabilities & equities 759 1,232 1,422 2,143 3,123 3,975 4,164 4,165

EBITDA margin 50.5% 59.3% 54.9% 60.1% 63.2%
CCP is a commercial real estate firm with investments in
offices, warehouses, shopping malls and other commercial Net margin 41.0% 46.2% 28.5% 5.9% 1.0%
properties. CCPs business model consists mainly in the RoE 26.8% 22.4% 14.8% 2.8% 0.6%
development and management of income producing properties. RoIC 18.3% 11.5% 8.7% 7.7% 9.9%
Additionally, the company acts opportunistically about eventual EBITDA / net interest 6.3x 13.0x 3.2x 1.3x 1.3x
acquisitions and/or divestments. CCP, which was spun-off from Net debt / EBITDA 3.4x 6.8x 8.9x 9.4x 7.1x
Cyrela Brazil Realty, is controlled by local enterpreneur Elie Total debt / EBITDA 5.1x 8.2x 10.0x 9.9x 7.5x
Horn.
BC Fund 30 November 2014 page 27
BC F und
Revenue 0 0 270 237 255 263 263 277
Operating expenses (ex depn) 0 0 (124) (77) (56) (58) (62) (65)
Other income & associates 0 0 1,042 230 120 (66) 167 178
Net Interest 0 0 (43) (31) (7) 18 23 21
Profit before tax 0 0 1,140 358 311 157 392 411
Tax 0 0 0 0 0 0 0 0
Profit after tax 0 0 1,140 358 311 157 392 411
Minorities / pref dividends 0 0 (2) (12) (6) (7) (7) (8)
Net Income (local GAAP) 0 0 1,139 347 306 149 384 403
Tax rate (%) 0 0 0 0 0 0 0 0
Per Share 12/2009 12/2010 12/2011 12/2012 12/2013 12/2014E 12/2015E 12/2016E
EPS (local GAAP) # # 103.51 31.51 15.89 7.77 19.99 20.98
EPS (BTG Pactual) # # 8.79 10.58 9.65 11.22 11.30 11.70
Net DPS 0.00 0.00 6.84 10.64 11.52 12.12 12.12 12.12
BVPS # # 152.93 176.08 169.55 165.20 173.07 181.93
Cash Flow (R$mn) 12/2009 12/2010 12/2011 12/2012 12/2013 12/2014E 12/2015E 12/2016E
Net Income 0 0 97 116 186 216 217 225
Net change in working capital 0 0 (4) 10 (2) (45) 24 25
Net cash from operations 0 0 1,135 356 303 105 409 428
Cash from investing activities 0 0 (1,041) (292) (428) 53 (49) (18)
Cash from financing activities 0 0 1,026 161 936 (280) (255) (257)
Bal sheet chge in cash & equivalents 0 0 78 (4) 692 (55) (63) (26)
Net tangible fixed assets 0 0 2,083 2,605 3,153 3,033 3,250 3,446
Total assets 0 0 2,174 2,700 3,942 3,818 3,947 4,094
Short term debt 0 0 59 22 98 85 87 70
Long term debt 0 0 352 620 473 445 421 415
Total liabilities 0 0 433 678 600 563 541 517
Equity & minority interests 0 0 1,741 2,022 3,342 3,255 3,406 3,576
Total liabilities & equities 0 0 2,174 2,700 3,942 3,818 3,947 4,094

EBITDA margin 67.1% 77.8% 77.8% 76.5% 76.6%
Brazilian Capital Real Estate Fund I was created in 2007,
targeting investments in real estate projects, through the Net margin 49.1% 72.9% 82.0% 82.5% 81.3%
acquisition on income producing office buildings in Brazil, as RoE 6.4% 7.1% 6.7% 6.7% 6.6%
well as rights related to such properties. The target portfolio is RoIC 6.8% 6.9% 6.6% 6.3% 6.3%
commercial buildings, built or under construction or other type EBITDA / net interest 5.1x 29.1x -11.1x -8.7x -10.3x
of properties in which commercial developments can be Net debt / EBITDA 3.6x -1.0x -0.9x -0.7x -0.6x
developed, located in large commercial areas, shopping Total debt / EBITDA 4.0x 2.9x 2.6x 2.5x 2.3x
centers, or avenues and streets with significancy activity.
Net debt / (net debt + equity) 21.9% -6.2% -5.8% -4.3% -4.0%
Currently, the portfolio is composed of office buildings,located in
important cities such as So Paulo, Rio de Janeiro and Source: Company reports and BTG Pactual estimates. Valuations: based on the last share price of that year(E)
Campinas, with concentration in segment AAA and A of based on share price as of 28 November 2014
commercial buildings.
Required Disclosures
This report has been prepared by Banco BTG Pactual S.A.

The figures contained in performance charts refer to the past; past performance is not a reliable indicator of future results.
BTG Pactual Definition Coverage *1 IB Services *2

Rating
Buy Expected total return 10% above the companys sector 46% 41%
average.
Neutral Expected total return between +10% and -10% the 49% 47%
companys sector average.
Sell Expected total return 10% below the companys sector 5% 9%
average.
1: Percentage of companies under coverage globally within the 12-month rating category.
2: Percentage of companies within the 12-month rating category for which investment banking (IB) services were provided within the past 12 months.
Absolute return requirements
Besides the abovementioned relative return requirements, the listed absolute return requirements must be followed:
a) a Buy rated stock must have an expected total return above 15%
b) a Neutral rated stock can not have an expected total return below -5%
c) a stock with expected total return above 50% must be rated Buy
Analyst Certification
Each research analyst primarily responsible for the content of this investment research report, in whole or in part, certifies that:
(i) all of the views expressed accurately reflect his or her personal views about those securities or issuers, and such recommendations were elaborated independently, including in relation to Banco
BTG Pactual S.A. and/or its affiliates, as the case may be;
(ii) no part of his or her compensation was, is, or will be, directly or indirectly, related to any specific recommendations or views contained herein or linked to the price of any of the securities
discussed herein.
Research analysts contributing to this report who are employed by a non-US Broker dealer are not registered/qualified as research analysts with FINRA and therefore are not subject to the
restrictions contained in the FINRA rules on communications with a subject company, public appearances, and trading securities held by a research analyst account.
Part of the analyst compensation comes from the profits of Banco BTG Pactual S.A. as a whole and/or its affiliates and, consequently, revenues arisen from transactions held by Banco BTG Pactual
S.A. and/or its affiliates.
Where applicable, the analyst responsible for this report and certified pursuant to Brazilian regulations will be identified in bold on the first page of this report and will be the first name on the
signature list.
Statement of Risk
Risks to the real estate sector in Brazil would be: (i) swings in economic activity which could impact occupancy; (ii) higher interest rates and lower capital avaiability; (iii) competition for assets in the
primary and secondary market; (iv) execution risks in the leasing and development of new projects..
Company Disclosures
Company Name Reuters 12-mo rating Price Price date

Aliansce 1, 2, 4, 6, 10, 18, 19 ALSC3 SA Buy R$17.85 28-11-2014
BC Fund 1, 2, 4, 6, 18, 19, 20, 56 BRCR11 SA Buy R$106.30 28-11-2014
BR Malls 1, 2, 4, 6, 18, 19, 20 N.A. Neutral R$18.45 28-11-2014
CCP 18, 19, 20, 21, 22 CCPR3 SA Neutral R$13.74 28-11-2014
Iguatemi 1, 2, 4, 6, 18, 19, 20 IGTA3 SA Neutral R$25.70 28-11-2014
Multiplan 1, 2, 4, 6, 8, 18, 19, 20 MULT3 SA Neutral R$51.61 28-11-2014
So Carlos 1, 2, 4, 6, 18, 19, 20 SCAR3 SA Buy R$30.50 28-11-2014
1. Within the past 12 months, Banco BTG Pactual S.A., its affiliates or subsidiaries has received compensation for investment banking services from this company/entity.
2. Banco BTG Pactual S.A, its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services and/or products and services other than investment
services from this company/entity within the next three months.
4. This company/entity is, or within the past 12 months has been, a client of Banco BTG Pactual S.A., and investment banking services are being, or have been, provided.
6. Banco BTG Pactual S.A. and/or its affiliates receive compensation for any services rendered or presents any commercial relationships with this company, entity or person, entities or funds which
represents the same interest of this company/entity.
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Brazilian Property Companies - Reassessing Our Preferences On The Property Space - 30nov14 - BTGP

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Equity Research

Challenging environment in the office sector looks priced in SCAR3, BRCR11

Figure 1: Brazilian property stocks Ratings and valuation

ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE 28

Figure 2: Changes in Ratings and price targets; Valuation ratios

Figure 3: Changes in selected macro forecasts

Figure 4: Changes in FFOPS estimates (R$/share)

Figure 5: BTG Pactuals FFOPS estimates vs. consensus

Multiples tables and charts

Figure 19: Brazilian property stocks P/FFO 2015E

Figure 20: Brazilian property stocks Real equity IRR

Multiplan (Neutral; R$58.00/share TP)

CDI, 46.2% TR, 44.4% Mostly fixed,

Iguatemi (Neutral; R$29.00/share TP)

Aliansce (Buy; R$21.00/share TP)

IPCA, 12.0% Floating

Sao Carlos (Buy; R$41.00/share TP)

CCP (Neutral; R$15.00/share TP)

BC Fund (Buy; R$143.00/share TP)

Company Profile: Financial ratios 12/2012 12/2013 12/2014E 12/2015E 12/2016E

Company Profile: Financial ratios 12/2012 12/2013 12/2014E 12/2015E 12/2016E

Company Profile: Financial ratios 12/2012 12/2013 12/2014E 12/2015E 12/2016E

Company Profile: Financial ratios 12/2012 12/2013 12/2014E 12/2015E 12/2016E

Company Profile: Financial ratios 12/2012 12/2013 12/2014E 12/2015E 12/2016E

Company Profile: Financial ratios 12/2012 12/2013 12/2014E 12/2015E 12/2016E

Company Profile: Financial ratios 12/2012 12/2013 12/2014E 12/2015E 12/2016E

This report has been prepared by Banco BTG Pactual S.A.

BTG Pactual Definition Coverage *1 IB Services *2

Company Name Reuters 12-mo rating Price Price date

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BTG Pactual Definition Coverage 1 IB Services 2