1. 4Q07 Results
March 11, 2008

2. 4Q07 Highlights
Carlos Medeiros - CEO
2

3. Highlights
NOI: Organic growth and margin improvement
― An increase in total NOI of 15.8% of the portfolio we hold ownership interest comparing 2007 and 2006
― NOI Margin increased from 81.1% to 86.8% year on year
Consistency in our acquisition strategy with focus on improving the acquired assets
― We concluded 8 acquisitions during the 4Q07, adding 3 new malls to our portfolio
― Throughout the year, we concluded 39 transactions, adding 23 new malls to our portfolio
― The acquired portfolio surpassed the NOI projected by the M&A team, growing on average 11.5% above the projections made during
the acquisition
Announcement of 3 Greenfields projects
― During the 4Q07 we announced 3 Greenfield projects, two located in the state of Minas Gerais and one located in Cabo Frio, in the
state of Rio de Janeiro
― Currently we have 6 Greenfield projects and 9 planned expansions that by 2010 will jointly add 199,5 thousand m² to our owned GLA
Solid cash position:
― We raised R$ 2.6 billion in the financial market during the year (R$ 1 billion in the 4Q07)
― On February 2008, we celebrated a structured securization of receivables (CRIs) in the total amount of R$ 470 million, which will raise our cash
position to approx. R$ 1 billion
Outstanding Financial Performance:
― Our net revenue totaled R$ 75.5 million in the 4Q07; R$ 207.0 million in the 2007 and R$ 283.5 million in the proforma 2007
― An increase of 159% compared to the 4Q06, 158% against the year and 211% compared to the proforma
― Our Adjusted1 EBITDA totaled R$ 48.2 million in the 4Q07; R$ 140.6 million in the 2007 and R$ 202.2 million in the proforma 2007
― An increase of 121% compared to the 4Q06, 144% against the year and 250% compared to the proforma
Calculated excluding the effects of non recurring expenses related to the IPO, to new acquisitions and to corporate restructuring. Adjusted EBITDA also includes the proceeds from the
3
1
debentures of Shopping Araguaia

4. Organic Growth
NOI Growth of the Same Shopping Malls in Our Portfolio1 – 2007 vs 2006
15.8%
12.4%
20.8%
2006 2007
Original Portfollio Acquired Portfolio
1 Considers 100% of the NOI of the shopping malls in our portfolio 4

5. Acquisitions BR Malls’ current average ownership in its
malls (total GLA)
BRMalls'
Ownership
41.5% 1
Owned GLA Evolution in 2007
7,038 3,835
5,407
70,483
14,149
61,883 1 Average ownership in GLA
372,280
74,457
135,026
2
YE 2006 1Q07 2Q07 3Q07 4Q07 YE 2007
Acquisitions Increasing stake
Note 2 – Includes additional stake in Shopping Mueller acquired in January/2008 5

6. Case Study – In Mont
Fashion Mall: Visitors Revenues
2007 vs. 2006
► Vacancy reduction
13.5%
► Improving tenant mix
0.9%
► Auditing efforts
aug/07 sep/07 oct/07 nov/07 dec/07 jan/08
-8.9%
NOI
-14.3%
-18.3%
NOI Margin 5.1%
19.2%
-22.0% 85.9%
Occupancy Rate
91.6% 91.7% 25.2%
24,256 28,905 30,366
90.7%
90.5%
68.6%
90.0% 25.2%
89.4%
In Mont Management BRMALLS Management
Aug – Dec 06 Aug – Dec 07 In Mont M&A Projections BRMALLS
Aug – Dec 06 Aug – Dec 07 Aug – Dec 07
Aug/07 Sep/07 Oct/07 Nov/07 Dec/07 Jan/08 Costs
% Rent – Niteroi Plaza ► Reducing personnel expenses
R$ 000
► Reducing G&A expenses
131.8%
► Reducing lawyers’ fees
1,386
598
In Mont Management BRMALLS Management
Aug – Dec 06 Aug – Dec 07
6

7. New Developments
Main Figures
► 6 Greenfield projects announced
► Minimum IRR Threshold > 20.0%1
► Owned GLA : Additional 137.0 thousand m²
1 Nominal, unleveraged
4
3
1
5 2
1
37% increase in
owned GLA
1 Mooca 3 Sete Lagoas
4
2 Cabo Frio 5
3 Granja Vianna
3 CBTU 3 Bauru
6
7

8. Expansions Main Figures
► 9 planned expansions
► Minimum IRR Threshold > 18.0%1
1
1
► Owned GLA: 63 thousand m²
17% increase in
8
8
owned GLA
1 Nominal, unleveraged
Iguatemi Caxias do Sul Expansion
2
2 9
9
► Total GLA: 17,000 m²
7
7
3
3
4
4
6
6
► % BRMALLS: 45.5%
8
8
► Inauguration: 2008
5
5
60% of GLA has
Norte Shopping
been leased
1
1 Amazonas 5
5
6 Norte Shopping
2
2 Goiania
Goiânia 7
7 TOP Shopping
3
3 Tamboré
Tambore 8
8 Iguatemi Maceió
4
4 Niterói
Plaza Niteroi 9
9 Big Shopping
5
5 Caxias do Sul
8

9. Greenfields and Expansions:
54% Increase in Owned GLA
Expected
Investment Additional Stabilized
(%BRMALLS): R$ NOI: R$ 130 million
770 million
Expected Owned GLA in 2010 after planned expansions and
new developments (m²)
136,530
571,855
63,045
372,280
Actual Owned GLA Expansions Greenfields Owned GLA in
2010
Cash-on-Cash
return of approx.: CAPEX/GLA:
R$ 3,600/m²
17.0%
9

10. 4Q07 Financial and Operational
Results
Leandro Bousquet - CFO
10

11. Solid Cash Position
Shareholders Base - Actual Shareholders Base– Dilluted2
GP GP
16.1% 15.6%
Free float Free float
38.9% 37.7%
EI EI
19.3% 18.8%
Balance Sheet in 2007 + CRI (R$ million) Employees Employees
2.4% Ecisa 5.3% Ecisa
former partners
1 former partners
Cash 1.036,0 LT Debt 59.8 23.2% 22.5%
1
ST Debt 1,245.4 Note 2: Includes the first and second stock
option program that come fully due in 2012
Total Debt 1,305.2
Shareholders
Equity 1.769,4
Financial Indicators (Current)
Current Net Debt including CRI 269.1 Net Debt/EBITDA3 1.5x
Note 1: Includes CRI
Total Debt/Total Cap4 42.6%
Duration 6.2 years
Note 3: Annualized Adjusted EBITDA of the 4Q07
Note 4: Total Debt + Shareholders equity
11

12. 4Q07 and 2007 Financial Highlights
Net Revenues (R$ 000) Gross Profit & Gross Margin (R$ 000)
210.8%
236.9%
81.7%
282,982 147.1% 216,231
76.6%
127.4%
207,039 76.4%
75.4%
116.8%
135.0% 70.5% 158,603
91,059
75,513 61,669
34,824 64,184
26,248
4Q06 4Q07 2006 2007 Proforma 4Q06 4Q07 2006 2007 Proforma
Adjusted EBITDA & Margin EBITDA (R$ 000) Adjusted FFO (R$ 000)
250.2% 110.0%
71.4%
202,172
67.9% 83,344
78,815
98.5%
143.5%
6.9%
164,5%
63.8% 63.4% 140,560
39,696
62.4%
19,625
20,988
57,728
48,179
21,722
12
4Q06 4Q07 2006 2007 Proforma 4Q06 4Q07 2006 2007 Proforma

13. 4Q07 and 2007 Operational Highlights
NOI e Margin (R$ million) Default Rates (30 days)
91.0%
86.8%
3.3 p.p.
86.2% 84.4%
83.7% 4.3 p.p.
88.0%
12.3%
77.0% 77.8% 81.1%
77.0% 10.3%
171.6 9.0%
73.9
67.8
48.4
32.4
6.0%
28.2
22.7
14.8 15.4 15.2
4Q Year
1Q 2Q 3Q 4Q Year
2006 2007
2006 2007
Same Store Sale/m² Same Store Rent/m²
9.6%
7.6%
9.0%
6.5%
3,384 3,710
2,931 236 254
2,689
200 213
4Q Year 4Q Year
2006 2007 2006 2007 13