1. 2Q09 Results
1

2. 2Q09 Highlights
Outstanding operating results
 NOI reached R$82.9 million, a 26.7% growth over 2Q08 with NOI margin reaching 91.9%
 Same-property NOI iincreased 17 2% year-on-year
S t d 17.2%
 Adjusted EBITDA reached R$73.1 million, a 36.9% growth year-on-year, with 81.1% margin
 AFFO of R$50.4 million, a 83.2% growth over 2Q08
 Vacancy rate and late payments (30 days) reached 2.9% and 3.7%, respectively, the lowest levels ever recorded by the
Company
Recovery of the anchor stores and strong performance posted by the SSR
 Consolidated same-store sales (SSS) moving up 6.4% in the 2Q09, versus 3.5% in 1Q09, due to the recovery of the anchor
stores sales
 Same-store rent (SSR) per m² increased by 12.0% year-on-year
Leasing activities showed our tenants’ confidence
 352 leasing contracts signed this quarter including renewals and new contracts (or 50,500 m² of GLA)
 Leasing spreads of 13.9% and 15.9% for renewals and new contracts, respectively
2

3. 2Q09 Highlights
R$446 million raised to finance Company’s growth
 In July, we concluded a primary and secondary follow-on share offering with the issue 30.3 million common shares on the
Bovespa, which raised R$446 million and will b used t fi
B hi h i d illi d ill be d to finance th C
the Company’s growth
’ th
 The offering substantially increased our free float, which now represents 64.4% of the Company’s shares and further diversified
our shareholders base and increased our share liquidity
Solid Financial Position
 Long-term debt profile, with duration of more than 13.3 years
 R$1.2 billion
R$1 2 billi 1 cash position iinvested at approximately 103 2% of the CDI rate
h iti t d t i t l 103.2% f th t
Quality in execution and discipline at the undergoing developments and expansion projects
 In April, we inaugurated the expansion of Caxias do Sul Shopping, which added 17,229 m2 of GLA, more than doubling the
previous 13,972 m2
 Goiânia Shopping expansion i i it fi l construction phase and 93% of th project’s t t l GLA h already b
G iâ i Sh i i is in its final t ti h d f the j t’ total has l d been l
leased. E li
d Earlier
this year, we inaugurated the first and second phases of the project, accounting for over 56% of the expansion’s total GLA
 After concluding the leasing of 63% of the mall’s GLA, we began the construction of Granja Viana in June. We are concluding
the executive project of Sete Lagoas and intensifying our leasing efforts – 52% of the mall has been leased to date
¹ Includes proceeds from the share offering
3

4. Operating Activities
We continue to post excellent financial and operating results
Same-property NOI growth (R$ thousand) Rent/m² (R$)
17.2% 15.4%
84
18.6%
67
62 64 63
54 55
51,495
49
43,405 45
14.8%
25,870 29,707
2Q08 2Q09 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09
Original Portfolio Acquired Portfolio
NOI/m² (R$) Occupancy Rate
11.6%
97.1%
96.6% 96.7% 96.9%
96.1% 96.0%
84
67 67 95.1%
64 64
60
50 51 54 94.1% 94.0%
2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09
4

5. Operating Activities
The recovery of the anchor stores and the maintenance of the strong sales performance posted by the
satellite stores supported consolidated same-store sales growth
SSS/m² Same-Store Sales Breakdown
12.7%
85% of Gross Revenue
10.8%
28.70%
8.8%
6.4%
6 4%
3.5% 9.40%
0.50% 1.30%
2Q08 3Q08 4Q08 1Q09 2Q09 Anchor Megastore Satellite Leisure
SSS (% NOI)
1.9% 9.3% 0.4% 12.2%
Alta
Upper
8.0% 21.1%
Média Alta
Upper Middle
pp
Média
Middle 6.4%
6.4% Média 48.4%
7.4% Média Baixa
Lower Middle 20.9% 4.3% 6.1%
3.9% Lower
Baixa 0.2%
5

6. Leasing Activities
Strong leasing activities demonstrate our tenants’ confidence in resuming their expansion plans
SSR/m² New Contracts
173
83
13.4%
12.4% 12.3% 12.0%
9.5% 48
40 42
23
20
2Q08 3Q08 4Q08 1Q09 2Q09 jan feb mar apr mai jun
2Q09
Rent/m²
Late Payments (30 days) Leasing Spread (
(New Contracts vs. Current Portfolio)
)
21.0%
5.9%
3.7%
76.0
5.1% New ‐
4.5% 4.0% 15.9%
3.6% 3.5% Malls
62.8
Renewals 13.9%
May
April
Januaty
June
March
February
BRMALLS Portfolio
BRMALLS Portfolio Negotiated Contracts
Negotiated Contracts
F
2Q09
6

7. Share Offering
R$ 446 million raised by a primary and secondary follow-on share offering, which will be used to finance
Company’s growth
Average daily volume traded ( $ mn)
g y (R$ )
 Free float raised from 43% to 64%
133% 13.3
 Diversification of the shareholder base
 Share liquidity increased 133% as of the
commencement of the offering, reaching R$13.3
5.7
million / day
Share Price Evolution (R$ mn)
Traded Volume Traded Volume
before the offering after the offering
230 (60‐day average)
210
BRMALLS
190  The proceeds will be used to finance the
170 Company’s growth, especially the mall
150 acquisition strategy
IBOV
130
 Our shares appreciated by almost 30% since
110
the offering, with annual yield of 112%, while
90
the Ibovespa rose 49%
dec 08
dec‐08 jan 09
jan‐09 feb 09
feb‐09 mar 09
mar‐09 apr 09
apr‐09 may 09
may‐09 jun 09
jun‐09 jul 09
jul‐09
7

8. Growth Drivers
Granja Viana
Acquisitions Greenfield Projects’ Status
Acquisitions in 2007 and 2008: NOI (R$ thousand)
21.4%  5 programmed projects
d j t
49,260  In June, we initiated works at Granja Viana,
67% LEASED
with 67% of the project’s total GLA (29,800
40,565
m2) already leased
Sete Lagoas
 R$103 million in stabilized NOI (4th year)
 Real unleveraged IRR of over 16.0% p.a.
 Remaining CAPEX of R$480 million until 2013,
with th di b
ith the disbursement of 11% in 2009
t f i
52% LEASED
Projected NOI (Apr‐Jun 09) Real NOI (Apr‐Jun 09)
Expansions’ Status
Tamboré
 We inaugurated several phases of the Goiânia Shopping expansion,
which account for 56% of the project’s GLA.
 3 programmed expansions in 2009 (NorteShopping, West and Ilha
Plaza) that will add 6,200 m² of owned GLA
 Remaining CAPEX of R$324 million, with the disbursement of 16% in
2009
72% LEASED
8

9. Goiânia Shopping - Expansion
We inaugurated several phases of the Goiânia Shopping expansion, which account for 56% of the project’s
GLA. In addition, 90% of the works have been completed and more than 93% of the total GLA has been
already leased
Under Construction
Under Construction
93% LEASED
BEFORE AFTER
16,400 Total GLA (m²) 23,720
56% already
inaugurated 11,433
11 433
7,904 GLA BRMALLS (m²)
²
10 (Renner, C&A, Riachuelo,
3 (Bretas, C&A Anchors Siberian, Centauro, MR
and movie
and movie Salon, Fast Shop, Leitura and
Salon, Fast Shop, Leitura and
theater) cinema)
962 Parkings 2,390
9

10. 2Q09 Financial Highlights
We continue proving the success of our business model through results
Net Revenues (R$ ‘000) Gross Profit (R$ ‘000) and Margin (%)
27.9%
24.8% 84.8%
82.7%
76,404
90,122
72,242 59,716
2Q08 2Q09 2Q08 2Q09
Adj EBITDA (R$ ‘000) and Margin (%) AFFO (R$ ‘000)
36.9% 83.2% 55.9%
81.1%
38.1%
50,374
50 374
73.9% 73,089
53,394 27,494
2Q08 2Q09 2Q08 2Q09 10