1

1Q09 Results

1Q09 Highlights

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Outstanding operating results

� NOI reached R$73.4 million, a 31.0% growth over 1Q08 with NOI margin reaching 90.5% in the quarter

� Same-property NOI increased 19.5% y-o-y

� Adjusted EBITDA reached R$64.1 million, a 35.4% growth y-o-y and Adjusted EBITDA margin of 78.6%

� FFO of R$51 million, a 162.2% growth over 1Q08

� Occupancy rate stood at 96.9%, our highest figure ever

Implantation of Oracle and SSC in malls that represent 70% of our NOI

Strong performance posted by satellite stores sustaining SSR

� Satellite stores, which accounted for 85% of rent revenues, recorded Same Store Sales/m² growth of 9.2% y-o-y.

Consolidated Same Store Sales/m² adjusted by the calendar effect (Easter) increased 4.5% in the quarter

� Same Store Rent/m² growth of 12.3% in the quarter

� We concluded the roll-out of our Oracle system and the implantation of the SSC (Shared Service Center) in 13 malls,

representing around 70% of our NOI. We expect to end the year covering around 80% of our NOI

� The SSC centralizes financial back-office activities of our malls and BRMALLS’s Holding, aiming a higher management

control, achieving gains in scale and efficiency

1Q09 Highlights

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Solid Financial Position

Quality in execution and discipline towards undergoing developments and expansion projects

� Inauguration of the expansion of Shopping Iguatemi Caxias do Sul, in April, which added 7,839 m² of owned GLA to our

portfolio, with expected stabilized NOI of R$4 million

� After this expansion, BRMALLS' total GLA increased to 1.0 million m²

� Other 3 expansions are expected to be delivered in 2009, adding 7,200 m² of owned GLA, corresponding to a stabilized

NOI of R$9.5 million

Leasing activities showed our tenants’ confidence

� Long-term debt profile, with duration of more than 14.65 years

� R$730.2 million cash position invested at approximately 103.0% of the CDI rate

� 181 leasing contracts signed this quarter including renewals and new contracts (or 22,900 m² of GLA)

� Leasing spreads of 17.7% and 9.0% for renewals and new contracts, respectively

NOI/m² (R$)

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

Occupancy Rate

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Despite the slowdown in the growth pace of our tenants sales, we posted excellent financial and operating results

27,27122,926

44,744

37,351

1Q091Q08

Original portfolio

Acquired portfolio19.5%

19.0%

19.8%

Operating Activities

46 50 51

67

5460 64

84

64

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09

18.8%

47 4549

67

54 5562

84

64

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09

18.8%

92,1%

94,1% 94,0%

95,1%

96,1% 96,0%96,6% 96,7% 96,9%

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09

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The positive results in a adverse scenario confirmed the resilience of our business model

SSS/m²

Same-Store Sales Breakdown

12.1%

5.4%

2.2% 1.9%

-3.1%

Northeast Mid-West North Southeast South

2.4%

5.7% 5.6%

-1.3% -5.2%

Upper ClassUpper

Middle Class Middle ClassLower

Middle Class Lower Class

67% of Sales

18.2%

9.2%7.2%

5.5%

-9.3%

LeisureSatelliteStores Mega Stores Food Anchor Stores

85% of RentRevenues

22.7%

9.9

8.1

2007 2008

2.2 1.9

1Q08 1Q09

14.5%

4.5%

8.8%

12.7%10.8%10.7%

1Q08 2Q08 3Q08 4Q08 1Q09¹

1 Excludes calendar effect (Easter moving from March to April), that, if considered, would bring SSS growth to 3.5%

Sales(R$ billion)

Operating Activities

Leasing Activities

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Leasing activities remain intense, demonstrating our tenants’ confidence in the recovery of the macroeconomic scenario

Rent/m²(New Contracts vs. Current Portfolio)

12.3%13.4%

12.4%

9.5%8.3%

1Q08 2Q08 3Q08 4Q08 1Q09

SSR/m²

64

72

BRMALLS Portfolio Negotiated Contracts

12.6%

Negotiated Contracts Leasing Number of GLA

Spread Stores (m²)

Renewal of Contracts 17.7% 48 5,264New Contracts – Existing Malls 9.0% 82 8,335New Contracts - Projects - 51 9,287

Consolidated - 181 22,886

20% for malls leased by BRMALLS

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Debt IndexesCash Position

� R$730.2 million on March 31, 2009

� Investments yielding 103.0% of the CDI rate

Our funding strategy continues 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

Amortization Schedule (Principal) R$ thousand

Debt

� Well distributed amortization schedule, without debt maturing in

2009 and 2010

� Long-term debt profile with an average cost of IGP-M+7.8%

� Average duration of 14.6 years

* Does not consider hedge operation

80,804

154,294 150,163133,834 130,183

53,052 50,17384,911 88,646 84,699

41,434

423,264

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

IGP-M12%

TR36%

CDI3%

IPCA21%

US$*28%

Solid Financial Position

Greenfield Projects’ Status

Growth Drivers

� 5 programmed projects

� 117,900 m² of owned GLA, corresponding to

a 27.0% increase in current GLA

� R$95 million in stabilized NOI (4th year)

� Real unleveraged IRR of over 16.0% p.a.

� Remaining CAPEX of R$481 million until 2013,

with the disbursement of 15% in 2009

Acquisitions

Acquisitions concluded in 2007 and 2008: NOI (R$ thousand):

37,930

46,517

Projected NOI (Jan-Mar 09)

Real NOI (Jan-Mar 09)

22.6%

Expansions’ Status

� In May it was inaugurated the first phase of Shopping Goiânia’sexpansion, which has 90% of its GLA already leased

� 8 programmed expansions that will add 64,200 m² of owned GLA, raising the Company’s current portfolio by 15% and contributing with stabilized NOI of R$61 million

� Remaining CAPEX of R$340 million, with the disbursement of 19% in 2009

� 3 inaugurations in 2009:

- 7,200 m² increase in owned GLA

- R$9.5 million in stabilized NOI (4th year)

57% LEASED

50% LEASED

Shopping Goiânia – Under Construction

� Inauguration of Renner

� Delivered almost 30% of theestimated GLA expansion

90% LEASED 3T08

Caxias’ Expansion Inaugurated

100%

LEA

SED

13,972 31,201

92 138

1,700 2,000

6,357

2 (Renner and Carrefour)

8 (C&A, Colombo Premium,

Riachuelo, Saraiva, Fast Shop,

Centauro, Renner and Carrefour)

14,196

6 movie theaters Revitalization of the

cinema and Magic Games

Food Court Lifestyle area and 5 restaurants

Total GLA (m2)

Owned GLA (m2)

Anchor

Parking Space

Satellite

Leisure Facility

Restaurant

13,972 31,201

92 138

1,700 2,000

6,357

2 (Renner and Carrefour)

8 (C&A, Colombo Premium,

Riachuelo, Saraiva, Fast Shop,

Centauro, Renner and Carrefour)

14,196

6 movie theaters Revitalization of the

cinema and Magic Games

Food Court Lifestyle area and 5 restaurants

Total GLA (m2)

Owned GLA (m2)

Anchor

Parking Space

Satellite

Leisure Facility

Restaurant

Original Mall Post Expansion Mall

Inaugurated in April the expansion of Shopping Iguatemi Caxias do Sul, which added 17,229 m² of GLA to the malls, more than doubling the 13,972 m² of the original mall.

� BRMALLS, which manages the mall, was responsible for developing

the project, managing the construction and leasing the stores

� Stronger anchorage and enhanced the store mix, bringing such

prestigious brands as: C&A, Saraiva, Fast Shop, Crawford, Lacoste,

Brooksfield and Siberian

� Investment of R$25 million by BRMALLS, with an estimated real

unleveraged IRR of 16%, contributing with R$4 million in stabilized NOI

to BRMALLS

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

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

81,555

66,522

1Q08 1Q09

22.6%28.0%

67,383

52,627

82.6%

79.1%

1Q08 1Q09

35.4%

47,366

64,125

71.2%

78.6%

1Q08 1Q09

19,440

50,979

1Q08 1Q09

162.2%

1Q09 Financial Highlights

We continue focused in reduce costs, generate cash flow and improve profitability