RIO DE JANEIRO, January 4th, 2011 – BR MALLS PARTICIPAÇÕES S.A., a publicly held company headquartered at Avenida Borges de Medeiros n° 633, 1st floor in the city and state of Rio de Janeiro (“BRMALLS”), announced today the sale of 3.4% of Esplanada Shopping, located in Sorocaba, SP.

BRMALLS sold its ownership in Esplanada Shopping for R$11.8 million, which will be paid in two installments. The first installment of R$6.1 million will be paid on this date and R$5.7 million, adjusted by CDI, to be paid after the corporate act filing. The sale of the mall is in line with BRMALLS' strategy of taking advantage of attractive opportunities to divest from malls where there are no more chances to acquire a relevant stake or manage the mall.

The ownership in Esplanada Shopping was acquired in August and November 2007 for R$7.0 million.

The investment generated an IRR of 16.7% to BRMALLS.

With the sale mentioned above, BRMALLS subtracts 814.9 m² from its owned GLA and 23,969 m² from its total GLA, therefore BRMALLS' owned and total GLA decreases to 600,400 m² and 1,173,100 m², respectively. The number of malls that we have ownership in is 39 and our average ownership increased from 50.2% to 51.2%.