1

4Q08 Results

2

4Q08 Highlights

Outstanding operating results

� NOI reached R$94.5 million, a 39.4% growth over 4Q07 with NOI margin reaching 91.0% in the quarter

� Same-property NOI increased 27.0% year over year

� Adjusted EBITDA reached R$85.1 million, a 76.6% growth y-o-y and Adjusted EBITDA margin of 83.0%

� AFFO of R$65.5 million, a 212.2% growth over 4Q07

Strong Financial Position

Disciplined approach towards undergoing developments

� Four expansion projects will inaugurate in 2009, adding 16,300 m² of owned GLA and a stabilized NOI of R$ 13.0 million

� In 2009, we plan to begin the construction of two greenfield projects, Granja Vianna and Sete Lagoas, which has almost 50% of their GLA already leased

� We continue to work on the approval of our projects, which will be reassessed based on their leasing performance and the macroeconomic scenario

Leasing activities showed our tenants’ confidence

� Long-Term Debt Profile. with duration of more than 15 years

� R$758.5 million cash position invested at approximately 102.2% of the CDI rate

Strong Performance posted by our tenants

� Same Store Sales/m² growth of 8.8% in the quarter and of 10.6% in 2008

� Same Store Rent/m² growth of 13.4% in the quarter and of 11.2% in 2008

� 259 leasing agreements signed this quarter including renewals and new contracts (or 35,200 m² of GLA)

� Renewals leasing spreads of 14.6% and of 14.9% for new contracts

3

Operating Activities

NOI / m² (R$) Occupancy Rate

Despite the adverse macroeconomic scenario, we continue to see signs of good health...

Same-property NOI growth (R$ thousand) Rent/m² (R$)

92.1%

94.1% 94.0%

95.1%

96.1% 96.0%96.6% 96.7%

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08

1.6 p.p.

35,821

96,007 110,63342,89257,049

128,844

171,303

4Q07 4Q08 2007 2008

33.0%

27.0%

25.4%

18.4%

33.0%

15.2%

Acquired portfolio

Original portfolio

30,247

47 4549

67

54 5562

84

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08

25.4%

4650 51

67

5460

64

84

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08

25.4%

4

Operating Activities

... indicating the dominance of our portfolio and the resilience of the sector

SSS/m²

Same-Store Sales Breakdown

10.6%

8.8%

12.7%10.8%10.7%

1Q08 2Q08 3Q08 4Q08 2008

22.7%

9.9

8.1

3.2 2.6

4Q07 4Q08 2007 2008

20.6%

Sales(R$ billion)

9.9%

13.2%12.4%

13.8%

3.6%

6.4%

15.0%

5.0%

9.1%

7.2%

13.4%

9.6%10.7%

4.2%

-1.2%

Mid West Northeast North Southeast South

3Q08

4Q08

2008

3.5%

7.7%

15.5%

11.4% 11.6%

6.2%7.2%

6.2%

12.6%

8.3% 8.7%

6.3%

10.7%

7.6% 7.9%

Upper Class Upper

Middle Class

Middle Class Lower Middle Class

Lower Class

18.7%

10.0%

13.5%

8.6%

17.8%16%

20%

3%

13%

16.2%

6.4%4.7%

6.3%

14.8%

0.4%

Food Anchor Stores Leisure Mega Stores Satellite

Stores

5

Operating Activities

....fueled by satellites stores’ growth, which corresponds to 85% of rent revenues.

Same Store Sale – (2008 vs. 2007)

Rent Breakdown per Segment (2008) Satellites Stores’ Breakdown

14.8%

6.4%

16.2%

6.3%

4.7%

Satellite Anchor Food Megastore Leisure

13.0%

34.9%

9.6%

38.8%

3.6%

Food

Clothing

Shoes

Leisure

Others

4.5%

85.2%

10.3%

Anchor

Megastore

Satellite

6

Leasing Activities

Leasing activities remain intense underlining store-owners continue with appetite for growth

Number of Contracts

Rent/m²(New Contracts vs. Current Portfolio)

406

106

512

378

104

482159

49208

9M08 4Q08 2008

943

259 1,202

Negotiated GLA (‘000 m²)

34.4 42.6

33.151.3

48.9

8.7

57.78.3

18.2

9M08 4Q08 2008

116.4

35.2 151.6

11.2%

13.4%12.4%

9.5%8.3%

1Q08 2Q08 3Q08 4Q08 2008

SSR/m²

65.5

80.8

BRMALLS Portfolio

(Average 2008)

Negotiated Contracts

(Average 2008)

23.3%

New Contracts - Greenfields Projects and Expansions

Renewals - Existing MallsNew Contracts - Existing Malls

78,445

151,649 147,616131,378 127,815

51,690 48,880

90,710

424,109

40,303

82,88186,739

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 *

7

Solid Financial Position

Debt IndexesCash Position

� R$758.5 million at the close of 2008

� Investments yielding 102.2% of the CDI rate

Our funding strategy was extremely assertive, leaving us comfortable with a solid cash position in the current scenario of reduced liquidity

* Assuming, for illustrative purposes only, last payment of the perpetual bond due in 2020

Non cash effect of the foreign exchange variation

� Hedge through simple financial instruments, without resorting to speculative derivatives

� No cash loss risks from Real-dollar FX variation in the next 3.75 years

Amortization Schedule (Principal) R$ thousand

Debt

� Long Term Debt Profile with an average cost of IGP-M+7.4%

� Well distributed amortization schedule, without debt maturing in2009 and 2010

* Does not consider the hedge operation

IPCA

21%

IGP-M

12%

TR

35%R$

0.2%

US$

28%

CDI

4%

*

Growth Drivers

Acquisitions

Acquisitions concluded in 2007: NOI (R$ thousand)

Acquisitions concluded in 2008: NOI (R$ thousand)

Expansions’ Status

� 9 programmed expansions

� 72,100 m² of owned GLA, corresponding to a 16.8% increase in current GLA

� R$ 67 million in stabilized NOI (3rd year)

� Remaining Capex of R$ 336 million until 2012, with the disbursement of only 25% in 2009

� 4 inaugurations in 2009:

- 16,300 m² increase in owned GLA

- R$13 million in stabilized NOI

100% LEASED

89% LEASED

IguatIguat Caxias do Caxias do SulSul

GoiâniaGoiânia ShoppingShopping

48% LEASED

49% LEASED

Greenfield Projects’ Status

� 5 programmed projects

� 117,800 m² of owned GLA, corresponding to a 27.5% increase in current GLA

� R$ 92 million in stabilized NOI (3rd year)

� Remaining Capex of R$ 483 million until 2013, with the disbursement of only 13% in 2009

Granja Granja ViannaVianna

SeteSete LagoasLagoas

10,452

12,805

Projected NOI (Jan - Dec 08) Real NOI (Jan - Dec 08)

22.5%

134,.162

163,061

Projected NOI (Jan - Dec 08) Real NOI (Jan - Dec 08)

21.5%

102,502

323,884

75,513

207,039

4Q07 4Q08 2007 2008

56.4%

35.7%

9

4Q08 Financial Highlights

Net Revenues (R$ ‘000) Gross Profit (R$ ‘000) and Margin (%)

Adj EBITDA (R$ ‘000) and Margin (%) AFFO (R$ ‘000)

248,503

48,180

85,102

140,560

83.0%

63.8%67.9%

76.7%

4Q07 4Q08 2007 2008

76.6%

76.8%

61,669

87,406

158,603

268,746

83.0%

76.6%81.7%

83.3%

4Q07 4Q08 2007 2008

41.7%

69.4%

78,815

20,988

147,431

65,523

4Q07 4Q08 2007 2008

212.2%

87.1%

1

4Q08 Results

2

4Q08 Highlights

Outstanding operating results

� NOI reached R$94.5 million, a 39.4% growth over 4Q07 with NOI margin reaching 91.0% in the quarter

� Same-property NOI increased 27.0% year over year

� Adjusted EBITDA reached R$85.1 million, a 76.6% growth y-o-y and Adjusted EBITDA margin of 83.0%

� AFFO of R$65.5 million, a 212.2% growth over 4Q07

Strong Financial Position

Disciplined approach towards undergoing developments

� Four expansion projects will inaugurate in 2009, adding 16,300 m² of owned GLA and a stabilized NOI of R$ 13.0 million

� In 2009, we plan to begin the construction of two greenfield projects, Granja Vianna and Sete Lagoas, which has almost 50% of their GLA already leased

� We continue to work on the approval of our projects, which will be reassessed based on their leasing performance and the macroeconomic scenario

Leasing activities showed our tenants’ confidence

� Long-Term Debt Profile. with duration of more than 15 years

� R$758.5 million cash position invested at approximately 102.2% of the CDI rate

Strong Performance posted by our tenants

� Same Store Sales/m² growth of 8.8% in the quarter and of 10.6% in 2008

� Same Store Rent/m² growth of 13.4% in the quarter and of 11.2% in 2008

� 259 leasing agreements signed this quarter including renewals and new contracts (or 35,200 m² of GLA)

� Renewals leasing spreads of 14.6% and of 14.9% for new contracts

3

Operating Activities

NOI / m² (R$) Occupancy Rate

Despite the adverse macroeconomic scenario, we continue to see signs of good health...

Same-property NOI growth (R$ thousand) Rent/m² (R$)

92.1%

94.1% 94.0%

95.1%

96.1% 96.0%96.6% 96.7%

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08

1.6 p.p.

35,821

96,007 110,63342,89257,049

128,844

171,303

4Q07 4Q08 2007 2008

33.0%

27.0%

25.4%

18.4%

33.0%

15.2%

Acquired portfolio

Original portfolio

30,247

47 4549

67

54 5562

84

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08

25.4%

4650 51

67

5460

64

84

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08

25.4%

4

Operating Activities

... indicating the dominance of our portfolio and the resilience of the sector

SSS/m²

Same-Store Sales Breakdown

10.6%

8.8%

12.7%10.8%10.7%

1Q08 2Q08 3Q08 4Q08 2008

22.7%

9.9

8.1

3.2 2.6

4Q07 4Q08 2007 2008

20.6%

Sales(R$ billion)

9.9%

13.2%12.4%

13.8%

3.6%

6.4%

15.0%

5.0%

9.1%

7.2%

13.4%

9.6%10.7%

4.2%

-1.2%

Mid West Northeast North Southeast South

3Q08

4Q08

2008

3.5%

7.7%

15.5%

11.4% 11.6%

6.2%7.2%

6.2%

12.6%

8.3% 8.7%

6.3%

10.7%

7.6% 7.9%

Upper Class Upper

Middle Class

Middle Class Lower Middle Class

Lower Class

18.7%

10.0%

13.5%

8.6%

17.8%16%

20%

3%

13%

16.2%

6.4%4.7%

6.3%

14.8%

0.4%

Food Anchor Stores Leisure Mega Stores Satellite

Stores

5

Operating Activities

....fueled by satellites stores’ growth, which corresponds to 85% of rent revenues.

Same Store Sale – (2008 vs. 2007)

Rent Breakdown per Segment (2008) Satellites Stores’ Breakdown

14.8%

6.4%

16.2%

6.3%

4.7%

Satellite Anchor Food Megastore Leisure

13.0%

34.9%

9.6%

38.8%

3.6%

Food

Clothing

Shoes

Leisure

Others

4.5%

85.2%

10.3%

Anchor

Megastore

Satellite

6

Leasing Activities

Leasing activities remain intense underlining store-owners continue with appetite for growth

Number of Contracts

Rent/m²(New Contracts vs. Current Portfolio)

406

106

512

378

104

482159

49208

9M08 4Q08 2008

943

259 1,202

Negotiated GLA (‘000 m²)

34.4 42.6

33.151.3

48.9

8.7

57.78.3

18.2

9M08 4Q08 2008

116.4

35.2 151.6

11.2%

13.4%12.4%

9.5%8.3%

1Q08 2Q08 3Q08 4Q08 2008

SSR/m²

65.5

80.8

BRMALLS Portfolio

(Average 2008)

Negotiated Contracts

(Average 2008)

23.3%

New Contracts - Greenfields Projects and Expansions

Renewals - Existing MallsNew Contracts - Existing Malls

78,445

151,649 147,616131,378 127,815

51,690 48,880

90,710

424,109

40,303

82,88186,739

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 *

7

Solid Financial Position

Debt IndexesCash Position

� R$758.5 million at the close of 2008

� Investments yielding 102.2% of the CDI rate

Our funding strategy was extremely assertive, leaving us comfortable with a solid cash position in the current scenario of reduced liquidity

* Assuming, for illustrative purposes only, last payment of the perpetual bond due in 2020

Non cash effect of the foreign exchange variation

� Hedge through simple financial instruments, without resorting to speculative derivatives

� No cash loss risks from Real-dollar FX variation in the next 3.75 years

Amortization Schedule (Principal) R$ thousand

Debt

� Long Term Debt Profile with an average cost of IGP-M+7.4%

� Well distributed amortization schedule, without debt maturing in2009 and 2010

* Does not consider the hedge operation

IPCA

21%

IGP-M

12%

TR

35%R$

0.2%

US$

28%

CDI

4%

*

Growth Drivers

Acquisitions

Acquisitions concluded in 2007: NOI (R$ thousand)

Acquisitions concluded in 2008: NOI (R$ thousand)

Expansions’ Status

� 9 programmed expansions

� 72,100 m² of owned GLA, corresponding to a 16.8% increase in current GLA

� R$ 67 million in stabilized NOI (3rd year)

� Remaining Capex of R$ 336 million until 2012, with the disbursement of only 25% in 2009

� 4 inaugurations in 2009:

- 16,300 m² increase in owned GLA

- R$13 million in stabilized NOI

100% LEASED

89% LEASED

IguatIguat Caxias do Caxias do SulSul

GoiâniaGoiânia ShoppingShopping

48% LEASED

49% LEASED

Greenfield Projects’ Status

� 5 programmed projects

� 117,800 m² of owned GLA, corresponding to a 27.5% increase in current GLA

� R$ 92 million in stabilized NOI (3rd year)

� Remaining Capex of R$ 483 million until 2013, with the disbursement of only 13% in 2009

Granja Granja ViannaVianna

SeteSete LagoasLagoas

10,452

12,805

Projected NOI (Jan - Dec 08) Real NOI (Jan - Dec 08)

22.5%

134,.162

163,061

Projected NOI (Jan - Dec 08) Real NOI (Jan - Dec 08)

21.5%

102,502

323,884

75,513

207,039

4Q07 4Q08 2007 2008

56.4%

35.7%

9

4Q08 Financial Highlights

Net Revenues (R$ ‘000) Gross Profit (R$ ‘000) and Margin (%)

Adj EBITDA (R$ ‘000) and Margin (%) AFFO (R$ ‘000)

248,503

48,180

85,102

140,560

83.0%

63.8%67.9%

76.7%

4Q07 4Q08 2007 2008

76.6%

76.8%

61,669

87,406

158,603

268,746

83.0%

76.6%81.7%

83.3%

4Q07 4Q08 2007 2008

41.7%

69.4%

78,815

20,988

147,431

65,523

4Q07 4Q08 2007 2008

212.2%

87.1%