4Q07 Results

March 11, 2008

4Q07 HighlightsCarlos Medeiros - CEO

2

Highlights

3

― 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

NOI: Organic growth and margin improvement

Announcement of 3 Greenfields projects

Solid cash position:

Outstanding Financial Performance:

― 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

― 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

― The acquired portfolio surpassed the NOI projected by the M&A team, growing on average 11.5% above the projections made during

the acquisition

― 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

1 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

debentures of Shopping Araguaia

― 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

Consistency in our acquisition strategy with focus on improving the acquired assets

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Organic Growth

NOI Growth of the Same Shopping Malls in Our Portfolio1 – 2007 vs 2006

15.8%

1 Considers 100% of the NOI of the shopping malls in our portfolio

20.8%

12.4%

2006 2007

Original Portfollio Acquired Portfolio

Acquisitions

Owned GLA Evolution in 2007

2

Note 2 – Includes additional stake in Shopping Mueller acquired in January/2008 5

BR Malls’ current average ownership in its

malls (total GLA)

BRMalls'

Ownership

41.5% 1

1 Average ownership in GLA

135,026

61,883

70,483

372,280

5,407

74,457

3,8357,038

14,149

YE 2006 1Q07 2Q07 3Q07 4Q07 YE 2007

Acquisitions Increasing stake

24,256 28,905 30,366

In Mont M&A Projections BRMALLS

598

1,386

In Mont Management BRMALLS Management

Case Study – In Mont

NOI

25.2%

19.2%5.1%

Occupancy Rate

► Vacancy reduction

► Improving tenant mix

► Auditing efforts

► Reducing personnel expenses

► Reducing G&A expenses

► Reducing lawyers’ fees

NOI Margin

25.2%

% Rent – Niteroi PlazaR$ 000

Aug – Dec 06 Aug – Dec 07

131.8%

Fashion Mall: Visitors2007 vs. 2006

Revenues

Costs

6

-14.3%

-18.3%

-8.9%

13.5%

-22.0%

0.9%

aug/07 sep/07 oct/07 nov/07 dec/07 jan/08

Aug – Dec 06 Aug – Dec 07

85.9%

68.6%

In Mont Management BRMALLS Management

Aug – Dec 07Aug – Dec 07Aug – Dec 06

89.4%

90.0%

90.5%90.7%

91.6% 91.7%

Aug/07 Sep/07 Oct/07 Nov/07 Dec/07 Jan/08

New Developments

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Sete Lagoas

Granja Vianna

Bauru

Mooca

Cabo Frio

CBTU

► 6 Greenfield projects announced

► Minimum IRR Threshold > 20.0%1

► Owned GLA : Additional 137.0 thousand m²

Main Figures

1 Nominal, unleveraged

37% increase in

owned GLA

12

34

51

1

2

33

34

35

36

► 9 planned expansions

► Minimum IRR Threshold > 18.0%1

► Owned GLA: 63 thousand m²

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Main Figures

Iguatemi Caxias do Sul Expansion

► Total GLA: 17,000 m²

► % BRMALLS: 45.5%

► Inauguration: 2008

11

22

3366

44

55

77

88

88

99

11

22

3366

44

55

77

88

88

99

11

22

3366

44

55

77

88

88

99

Expansions

5555Amazonas

Goiania

11

22

Tambore33

Plaza Niteroi44

Caxias do Sul55

Norte Shopping

TOP Shopping77

Iguatemi Maceió88

Big Shopping99

AmazonasAmazonas

Goiânia

11

22

Tamboré33

Plaza NiteroiPlaza Niterói44

Caxias do Sul55

Norte Shopping6

TOP ShoppingTOP Shopping77

Iguatemi MaceióIguatemi Maceió88

Big ShoppingBig Shopping99

60% of GLA has been leased

1 Nominal, unleveraged

17% increase in owned GLA

372,280

63,045

136,530

571,855

Actual Owned GLA Expansions Greenfields Owned GLA in

2010

Greenfields and Expansions:

54% Increase in Owned GLA

Additional Stabilized

NOI: R$ 130 million

CAPEX/GLA:

R$ 3,600/m²

Expected Owned GLA in 2010 after planned expansions and

new developments (m²)

Expected

Investment

(%BRMALLS): R$

770 million

Cash-on-Cash

return of approx.:

17.0%

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4Q07 Financial and Operational

Results

Leandro Bousquet - CFO

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Solid Cash Position

Note 2: Includes the first and second stock

option program that come fully due in 2012

Balance Sheet in 2007 + CRI (R$ million)

1,305.2

1.769,4

Cash 1.036,0 59.8LT Debt

ST Debt 1,245.4

Total Debt

Shareholders

Equity

Current Net Debt including CRI 269.1

Shareholders Base - Actual

1

1

Note 1: Includes CRI

Shareholders Base– Dilluted2

Financial Indicators (Current)

Net Debt/EBITDA3 1.5x

Total Debt/Total Cap4 42.6%

Duration 6.2 years

Note 3: Annualized Adjusted EBITDA of the 4Q07

Note 4: Total Debt + Shareholders equity

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GP

15.6%

EI

18.8%

Ecisa

former partners

22.5%

Free float

37.7%

Employees

5.3%

GP

16.1%

EI

19.3%

23.2%

Free float

38.9%

Employees

2.4% Ecisa

former partners

4Q07 and 2007 Financial HighlightsNet Revenues (R$ 000)

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Gross Profit & Gross Margin (R$ 000)

Adjusted EBITDA & Margin EBITDA (R$ 000) Adjusted FFO (R$ 000)

19,62520,988

39,696

78,81583,344

4Q06 4Q07 2006 2007 Proforma

6.9%

98.5%

110.0%

216,231

158,603

61,669

26,24864,184

76.4%

76.6%

70.5%

81.7%

75.4%

4Q06 4Q07 2006 2007 Proforma

135.0%

147.1%

236.9%

34,824

75,51391,059

207,039

282,982

4Q06 4Q07 2006 2007 Proforma

116.8%

127.4%

210.8%

57,728

21,72248,179

140,560

202,172

62.4%

63.8% 63.4%

67.9%

71.4%

4Q06 4Q07 2006 2007 Proforma

250.2%

143.5%

164,5%

3,384

2,689

3,710

2,931

4Q Year

2006 2007

9.6%

9.0%

4Q07 and 2007 Operational HighlightsNOI e Margin (R$ million)

13

Default Rates (30 days)

Same Store Sale/m² Same Store Rent/m²

73.9

28.2

15.215.414.8

171.6

67.8

48.4

32.422.7

1Q 2Q 3Q 4Q Year

2006 2007

77.0% 77.8%

77.0%

88.0%

81.1%

83.7%86.2% 84.4%

91.0%

86.8%

10.3%

12.3%

6.0%

9.0%

4Q Year

2006 2007

4.3 p.p.

3.3 p.p.

236

200

254

213

4Q Year

2006 2007

7.6%

6.5%