3 Q07 Earnings Presentation

Presentation – 3Q07 ResultsN b 13 2007November 13, 2007

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3Q07 HighlightsCarlos Medeiros - CEO

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3Q07 HighlightsDuring the 3Q07 BRMALLS concluded 9 transactions, adding 7 new malls to its ownership portfolioThroughout the year, we concluded 32 transactions, adding 21 new malls to our portfolio

During the quarter BRMALLS announced three Greenfield projects in the state of São Paulo and 12 expansions

g g

During the quarter, BRMALLS announced three Greenfield projects in the state of São Paulo and 12 expansionsTotal GLA and Total Owned GLA increased by 25% and 35% respectively, considering Greenfield projects and expansions

Throughout the year BRMALLS raised R$2 6 billion in the financial markets R$870 million during the 3Q07 Throughout the year, BRMALLS raised R$2.6 billion in the financial markets, R$870 million during the 3Q07 We have reduced our total cost of debt by 200 basis points since the beginning of the year

Our focus in the continuous improvement of processes, systems and controls is already being reflected in our marginsNOI Margin increased from 77.4% to 84.4% year on yearNOI Margin increased from 77.4% to 84.4% year on year

Our net revenues totaled R$59.3 million in the 3Q07, R$131.5 million in the 9M07 and R$200.5 in the pro forma 9M07An increase of 212% compared to the 3Q06 and 134% against the 9M06

Adjusted EBITDA1 totaled R$ 42.5 in the 3Q07 and R$ 92.4 million in the 9M07. Adjusted pro forma EBITDA, was equal to R$ 57.7 million in the 3Q07 and R$ 148.2 million in the 9M07.Adjusted EBITDA increased by 257% against the 3Q06 and 157% against the 9M06

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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

AcquisitionsAcquisitionsCarlos Medeiros - CEO

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Acquisitions Acquisitions

3Q07 Highlights3Q07 Highlights

Addition of 7 new malls to our portfolio

Additional Total GLA: 147,157 m²31,857

Ownership interest acquired throughout the 3Q07(Owned GLA)

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Additional Owned GLA: 77,182 m²

Additional Marginal NOI: R$ 68.6 mm

Average IRR: 15 0% (nominal unleveraged)

11,619

16,748

6,635 Average IRR: 15.0% (nominal, unleveraged)281

2,290 6793,521 3,553

1.0% 13 0% 100 0% 82.4% 82.5% 100 0% 2.4% 12.9% 17.5%1.0% 13.0% 100.0% 82.4% 82.5% 100.0% 2.4% 12.9% 17.5%

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Acquisitions Acquisitions Acquisitions Highlights


369 ,3975 ,8 7 477 ,182

A d d itio n a l O w n e d G L A s in c e O c t/0 6


Additional Total GLA :554,341 m²

Additional Owned GLA :245,230 m²

Additional Marginal NOI 07 : R$ 136 3 mm

1 2 4 ,1 6 7

76 ,186

74 ,756

11 ,233

Additional Marginal NOI 07 : R$ 136.3 mm

Average IRR: 15.3% (nominal, unleveraged)O r ig in a l o c t / 0 6 1 Q 0 7 2 Q 0 7 3 Q 0 7 Su b s e q u e n t

t o 3 Q 0 7

C u r r e n t

1 9 7 .5 %

1

We increased our ownership interest in 10

Additional ownership interest acquisitions’ highlightsFrom the 33 transactions announced, 12 were additional ownership interest acquisitions

malls

Additional Total GLA :35,323 m²

Additional Marginal NOI 07 : R$19.6 mm

49 6%

9.5% 35.9% 26.9%

34 2%

16.6% 82.4%

45 0%

11.1%Initial Stake

Final St k

30.0%

65 0%

38.7%

11 5% 17 2% 39 7%

20.0%

35 0%

82.5%

100 0% 100 0%

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Average IRR: 18.9% (nominal, unleveraged)49.6% 34.2% 45.0%Stake 65.0% 11.5% 17.2% 39.7%35.0% 100.0% 100.0%

1 –NorteShopping expansion concluded in January/07

Case Study Shopping TamboréCase Study - Shopping Tamboré

Operational improvements:

We have managed to add value to the mall by achieving operational improvements, increasing the already planned expansion and better negotiating the exploration of the commercial towers

Increase in expansion potential:Operational improvements:

Auditing Efforts – increase in rent revenue

Parking outsourcing – increase in parking results

Increase in expansion potential:

We increased the shopping expansion from 15,276 m²

to 27,000 m²

These improvements have already reflected in the NOI:

Better Terms in the Commercial Towers

6-mo anticipation of the launching of the 1st tower

30% increase in the size of all towers

Increase in 7.0% in price/m²

Increase of 3.0% of land swap value3.4

4.3

R$ 000

26.5%9.7%

39.7%

Total Price: R$ 221.5 million (IRR: 15.5% a.a.)

Estimated Present Value using same IRR: 278.9 million1

3.13.4

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Increase of 25.9% in value improvement3Q06 NOI Projected 3Q07 NOI 3Q07 NOI 1 –Same Discount rate

New Developments and ExpansionsNew Developments and ExpansionsCarlos Medeiros - CEO

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New DevelopmentsNew DevelopmentsThroughout the 3Q07, BRMALLS announced three new Greenfield projects in the state of São Paulo

MOOCA Project DetailsMOOCA► GLA: 43,000 m²

► Ownership: 60%

► Expected IRR: 23,1% p.a (unleveraged)

Project Details

GRANJA VIANNABy 2009, the three developments will jointly add:

Total GLA: 101 872 m² a 12%

(unleveraged)

► Total Investment: R$ 156 million

► GLA: 30,800 m²

► Ownership: 60%

BAURU

-Total GLA: 101,872 m² a 12%increase over total GLA

-Owned GLA: 68,123 m² a18% increase over owned GLA

p► Expected IRR: 24.6% p.a

(unleveraged)


BAURU► GLA: 28,000 m²

► Ownership: 85%

► Expected IRR: 20.2% p.a (unleveraged)

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ExpansionExpansionAs we increase the number of malls in our portfolio, we multiply the expansion

opportunities in our existing malls, with excellent risk x return profile

► Increases traffic in the entire mall

► Better store mix with a

36,002

61,862 ► Better store mix with a higher % of satellite vs anchor

► Constructed upon demand 0,095

25,764

,

► Knowledge of consumer habits and spending patterns

► Opportunity to increase ownership interest

369,397

17% increase in

ownership interest

Current Owned GLA 2007 2008 2009 Total GLA from

expansions

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17% increase in owned GLA

3Q07 Financial and Operational R ltResults

Leandro Bousquet - CFO

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Fund Raising Fund Raising

3Q07 HighlightsR$ Million 3Q07

We raised R$ 320 million in local debenture issue

R$550 million bridge loan

2,569303

600

550

R$ Million Q

We reduced our total cost of debt by 200 basis points

2007 Highlights

320

657

140We raised R$ 1.3 billion in equities, which increased our free float to R$ 1.6 billion1

We raised R$ 1 3 billion in debt1

140

Bank Loan IPO Debenture Bridge Loan Follow On Perpetual

Bond

Total

We raised R$ 1.3 billion in debt Bond

121- Base Stock Price: R$ 25

We already invested R$ 1.6 billion

3Q07 and YTD07 Financial Highlights 3Q07 and YTD07 Financial Highlights Gross Revenue (R$ 000)

252.9%

213,086

133.2%

51.3%

319.4%

140,815

20,240 63,997

84,889 60,385

3Q06 3Q07 P f YTD06 YTD07 P f 07

216.2%32.6%

3Q06 3Q07 Proforma

3Q07

YTD06 YTD07 Proforma 07

Others

1.1%Services

Minimum

59.9%

Gross Revenue Breakdown

10.5%

Transfer Fee

0.4%

Parking

10.1%

Rents

71.3%

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Key Money

6.6% Mall &

Merchandising

6.1%

% of Sales

5.4%

3Q07 and YTD07 Financial Highlights

292.2%Gross Profit (R$ 000)


148,768

96,933 155.5%36 1%

53.5%335.7%

37,936

56,185

41,284 12,894

3Q06 3Q07 Proforma

3Q07


220.2% 36.1%

3Q07 Adjusted FFO (R$ 000)

20.9%248.4%

28,149

57,826 69,923

316.3%111.2%

204.3%

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20,071 13,325

3,200

3Q06 3Q07 3Q 07

Proforma



3361 3361 643 71 7%72.3%

3Q07 EBITDA and Proforma EBITDA (R$ 000)


57,65742,486

11,90639,171

3361,3361,643

62,7%

71.7%

11,906

3Q06 3Q07 Other non

recurring

expenses

IPO Araguaia Adjusted

EBITDA

Proforma

Adjusted

EBITDA

930 5,773 6,317 70.2%

73.9%

YTD EBITDA and Proforma EBITDA (R$ 000)

148.198

92.380

36.00679.360

,

64.0%

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YTD06 YTD07 Other non

recurring

expenses

IPO Araguaia Adjusted

EBITDA

Proforma

Adjusted

EBITDAEBITDA Margin

3Q07 and YTD07 Operational Highlights NOI (R$ 000)

128.9%

NOI/m² (monthly)

3 7%

3Q07 and YTD07 Operational Highlights

59.5103.822

45.34948 366

217.7%

3.7%

57.4

3Q06 3Q07

. 948.366

15.224

3Q06 3Q07 YTD06 YTD07

Same Store Sale/m² (monthly) Same Store Rent/m² (monthly)

853,449,3

Same Store Sale/m² (monthly)

7.8%

8.6%

Same Store Rent/m² (monthly)

6.0%

5.9%

791,7

744,9

809,3 47,8

45,1

46,5

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3Q06 3Q07 YTD06 YTD07 3Q06 3Q07 YTD06 YTD07

Disclaimer Disclaimer

This document may contain future considerations on BRMALLS’s businessprospects. These are mere projections and, therefore, based entirely onp p . p j , , yBRMALLS’s management expectations regarding the future of the business.Such forward-looking statements are subject to risks and uncertainties whichdepend on factors including economic, political, financial and commercialconditions in the markets where we operate Investors are hereby advisedconditions in the markets where we operate. Investors are hereby advisedthat these forecasts are no guarantee of future performance since theyinvolve risks and uncertainties

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Business

3 Q07 Earnings Presentation