Presentation – 2Q07 ResultsA t 8 2007August 8 2007

Company OverviewCarlos Medeiros - CEO

2

Who we areWho we areThe largest shopping mall company in Brazil present in all of the five regions in the country

and operating malls in all income segments

C O i O P tf liCompany Overview

► Largest regional mall owner in Brazil

– 27 regional malls (1 under construction)

Our Portfolio

13%7% 13%7%

– Total GLA: 787,858 m²

– Owned GLA: 353,084 m²

► Largest service company in Brazilg p y

– Provides management and leasing services

– 34 malls + 4 business/commercial centers = 38

Total GLA: 956 430 m²

13%

1

13%

1

– Total GLA: 956,430 m²

► Highly efficient with solid growth

– Adjusted EBITDA 2Q 2007¹: R$27.5 million (125.4% growth over 2Q06)

N t R 2Q 2007 R$ 41 2 illi (117 5% th 2Q06)

56%56%

Ownership in regional mallsOwnership in regional mallsOwnership in regional malls– Net Revenues 2Q 2007: R$ 41.2 million (117.5% growth over 2Q06)

– Unaudited Proforma Adjusted EBITDA 1H07: R$ 94 million11%11%

1 Regional Mall under construction

Ownership in regional mallsOwnership and Management and leasing of regional malls% of BR Malls’ total GLA

1 Regional Mall under construction

Ownership in regional mallsOwnership and Management and leasing of regional malls% of BR Malls’ total GLA

Ownership in regional mallsOwnership and Management and leasing of regional malls% of BR Malls’ total GLA

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 3

Highlights-2Q07Carlos Medeiros - CEO

Highlights

Consolidated net revenue reached R$ 41.2 million in 2Q07 and R$ 72.2 million in 1H07117.5% increase when compared to 2Q06 and 94.0% growth when compared to 1H06

g g

Adjusted EBITDA1 was equal to R$ 27.5 million in the 2Q07 and R$ 49.9 million in the 1H07125.4% increase when compared to 2Q06 and 107.0% growth when compared to 1H06

C l i f fi t bli d b t i J l 23rd 2007 Conclusion of our first public debenture issuance on July 23rd 2007 Issuing R$ 320 million in two series reducing significantly our cost of debt

During the 2Q07 BRMalls concluded 12 transactions (15 since March 31st), adding 9 news malls (16 since March 31st) to its ownership portfolio since March 31st) to its ownership portfolio Largest M&A transaction this year in the shopping mall industry with the acquisition of a portfolio of four malls located in the state of Rio de Janeiro

Our consistent focus on the improvement of our internal processes, systems and controls have Our consistent focus on the improvement of our internal processes, systems and controls have already started demonstrating positive effects on our marginsNOI margin grew from 77.8% in the 2Q2006 to 86.2% in the 2Q2007

Since the IPO in April, our stock (BRML3) appreciated 72% compared to an increase of 17% of p ( ) pp pIbovespa

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 5

AcquisitionsAcquisitionsCarlos Medeiros - CEO

Acquisitions Acquisitions

Addition of 9 new malls to our portfolio

Highlights of 2Q072Q07787,858759,860 Addition of 9 new malls to our portfolio

Additional total GLA: 244,777 m²

Additional owned GLA: 76,032 m²

641,688623,545548,135

Marginal additional NOI 2006: R$32.4mm

Average IRR: 14.9%, nominal, unleveraged206,983 206,983 206,983206,983206,983

64,572 76,032145,422 146,10113,892

Highlights subsequent to 2Q07

Addition of 7 new malls to our portfolioApr-07 May-07 Jun-07 Jul-07 Aug-07

Additional total GLA:146,170 m²

Additional owned GLA:70,069 m²

l dd l $

Owned GLA+ + + Total GLA

Marginal additional NOI 2006: R$51.3mm

Average IRR: 14.8%, nominal, unleveraged= =

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Case Study Shopping EstaçãoCase Study - Shopping Estação

Better results for the 1H2007 than those projected by BRMALLS in its acquisition model

The acquisition of Shopping Estacao in the beginning of 2007 is a great turnaround case story

Better results for the 1H2007 than those projected by BRMALLS in its acquisition model

BRMalls was quick in implementing operational efficiencies, gains of scale and management intelligence in the mall

Actual NOI of Shopping Estação in the 1H2007 over performed the projected NOI by 73%

Actual NOI margin increased from 66.2% in 2006 to 81.0% in the 1H07 O1H07- NOI

7,840 38 7%

72.5%

3,276

4,544

38.7%

2006 2007 Projected 2007 Actual 7

Case Study In MontCase Study –In MontConsolidation of our position as the largest integrated Shopping Mall company in Rio de Janeiro

The mall has currently redefined itsstrategy and became the largest

Largest mall in the neighborhoodstrategy and became the largestgastronomic center of Rio

Rio Plaza presented low NOI marginsin 2006 (35.0%) when compared to ouraverage of 86% Improvement

First mall in the neighborhoodresponsible for bringing well-knownretail stores

Improvement of its occupancy rate inhaverage of 86% Improvement

opportunity

Most profitable mall M t t diti l hi h i

the past year

Currently being aggressively anchoredto improve its tenant mix

Most profitable mall

Planned expansion of 4.5 thousand m2

expected to be inaugurated in 2009increasing its current GLA by 13%

Most traditional high incomeshopping mall in Rio de Janeiro

Suffered from competition of otherpremium malls

Commercial tower with 3,840 m2 ofprivate area and an estimated $23million of VGV

Further improvement of current NOImargin

IRR (unleveraged, nominal):14.8% 50% increase in Proforma NOI8

New Developments and ExpansionsNew Developments and ExpansionsCarlos Medeiros - CEO

New DevelopmentsNew DevelopmentsBRMalls launched its first development after conducting an in depth market research and currently has a very good pipeline for new developments…

Location: São Paulo, Neighborhood of Mooca

Size of the mall: 38 000 m² of GLA (places the mall

Mooca

Size of the mall: 38,000 m² of GLA (places the mall

the position of one of the largest in the region)

Land bank: 70,000 m² (ability to double its

size with future expansions)size with future expansions)

BRMalls ownership interest: 60%

Expected Investment: 129 million

Life Style Concept: open air spaces with areas destined to restaurants and entertainmentLife Style Concept: open air spaces, with areas destined to restaurants and entertainment

Unleveraged Nominal IRR: can reach 24% p.y.

Little Competition: The primary, secondary and third zones of influence of the Mooca region

have only 3 medium scale shopping mallshave only 3 medium scale shopping malls

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ExpansionsExpansionsOur growing portfolio multiplies our expansion opportunities. Expansions have an excellent risk x return profile

Expansions expected for 2007: 329 m2; 2008: 26,908 m2; and 2009: 28,331 m2

Owned GLA: 353,084

Expansions expected for 2007: 329 m ; 2008: 26,908 m ; and 2009: 28,331 m

379,992

408,653

55,569

353,41327,237

329

August/07 YE2007 YE2008 YE2009

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2nd Quarter Financial and Operational R ltResults

Leandro Bousquet - CFO

Financial Highlights 2Q07 Financial Highlights 2Q07 Gross Profit (R$ 000)

147.2%

Gross Revenue (R$ 000)

115 0%

31,696

12 824

%

43,824

20,381

115.0%

12,824

2Q06 2Q07

,

2Q06 2Q07

Gross Revenue Breakdown Net Income (R$ 000)

18,359

Gross Revenue Breakdown Net Income (R$ 000)

% sales 8 5%

Transfer fee

0,2%

Services

14,3%

Others

0,5% 201.2%

6,094

% sales 8,5%

Minimum 78,0%

Mall&

Merhandising

13,6%

Rents

63,7%

Key money

9,5%

Parking

11,7%

2Q2006 2Q2007

3,6%

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Financial Highlights 2Q07 EBITDA (R$ 000)

125.4%

Financial Highlights 2Q07

12 214

22,338

27,526

2,4462,244 499

66.8%

12,214

2Q06 2Q07 IPO Expenses Restructuring and Debentures - Adjusted 2Q07

64.4%

Unaudited EBITDA Proforma (R$ 000)

49 418

Acquisition Expenses AraguaiaEBITDA Margin

12.3%38.2%

79.5%

45 1% 49,418

27,52619,90917,724

12,214

6 7 r g 7 s d a

45.1%EB

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15

Operational Highlights 2Q07Operational Highlights 2Q07

9.5%5.0%

NOI (R$ 000) NOI/m² Same Store Sales/m²

109.8%

15,425

32,370

58.1 61.0758 5

830.7

2Q2006 2Q2007 2Q2006 2Q2007

758.5

2Q2006 2Q2007

Occupancy Rate

(0 9%)

Rent Revenue (R$ 000)

82.7%

95.5%

96.4%

27.923

15.286

(0.9%)

2Q2006 2Q20072Q2006 2Q200716

This document may contain future considerations on BRMALLS’s business prospects. These aremere projections and, therefore, based entirely on BRMALLS’s management expectationsregarding the future of the business. Such forward-looking statements are subject to risks and

t i ti hi h d d f t i l di i liti l fi i l d i luncertainties which depend on factors including economic, political, financial and commercialconditions in the markets where we operate. Investors are hereby advised that these forecasts areno guarantee of future performance since they involve risks and uncertainties