1. Presentation – 3Q07 Results
November 13 2007
N b 13,
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2. 3Q07 Highlights
Carlos Medeiros - CEO
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3. 3Q07 Highlights
g g
During the 3Q07 BRMALLS concluded 9 transactions, adding 7 new malls to its ownership portfolio
Throughout 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
quarter
Total 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
year R$2.6 markets,
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 margins
NOI 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$200.5 in the pro forma 9M07
An increase of 212% compared to the 3Q06 and 134% against the 9M06
Adjusted EBITDA1 totaled R$ 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
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
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4. Acquisitions
Carlos Medeiros - CEO
4

5. Acquisitions
3Q07 Highlights
Ownership interest acquired throughout the 3Q07
Addition of 7 new malls to our portfolio
(Ow ned GLA)
31,857 Additional Total GLA: 147,157 m²
,
Additional Owned GLA: 77,182 m²
16,748
11,619 Additional Marginal NOI: R$ 68.6 mm
6,635
3,521 3,553 Average IRR: 15 0% (nominal unleveraged)
15.0% (nominal,
2,290
281 679
1.0% 13 0%
13.0% 100.0%
100 0% 82.4% 82.5% 100 0%
100.0% 2.4% 12.9% 17.5%
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6. Acquisitions
A d d itio n a l O w n e d G L A s in c e O c t/0 6 Acquisitions Highlights
369,397
77,182 5 ,8 7 4
Addition of 21 new malls to our portfolio
76,186
74,756 Additional Total GLA :554,341 m²
1 2 4 ,1 6 7 11,233
Additional Owned GLA :245,230 m²
Additional Marginal NOI 07 : R$ 136.3 mm
136 3
1
O r ig in a l oct/06 1Q 07 2Q 07 3Q 07 Su b s e q u e n t C urrent
to 3Q 07 Average IRR: 15.3% (nominal, unleveraged)
1 9 7 .5 %
Additional ownership interest acquisitions’ highlights
From the 33 transactions announced, 12 were additional ownership interest
acquisitions
We increased our ownership interest in 10
malls
Initial 30.0% 38.7% 9.5% 11.1% 16.6% 35.9% 20.0% 26.9% 82.5% 82.4%
Additional Total GLA :35,323 m²
Stake
Final Additional Marginal NOI 07 : R$19.6 mm
St k
Stake 65 0%
65.0% 49.6%
49 6% 11 5%
11.5% 17.2%
17 2% 34 2%
34.2% 45 0%
45.0% 35.0%
35 0% 39 7% 100 0% 100 0%
39.7% 100.0% 100.0%
Average IRR: 18.9% (nominal, unleveraged)
1 –NorteShopping expansion concluded in January/07
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7. Case Study - Shopping Tamboré
We have managed to add value to the mall by achieving operational improvements, increasing the
already planned expansion and better negotiating the exploration of the commercial towers
Operational improvements: Increase in expansion potential:
Auditing Efforts – increase in rent revenue We increased the shopping expansion from 15,276 m²
Parking outsourcing – increase in parking results to 27,000 m²
These improvements have already reflected in the Better Terms in the Commercial Towers
NOI:
6-mo anticipation of the launching of the 1st tower
R$ 000 30% increase in the size of all towers
39.7%
Increase in 7.0% in price/m²
26.5% 4.3
9.7%
Increase of 3.0% of land swap value
3.4
3.1
Total Price: R$ 221.5 million (IRR: 15.5% a.a.)
Estimated Present Value using same IRR: 278.9
million1
Increase of 25.9% in value improvement
3Q06 NOI Projected 3Q07 NOI 3Q07 NOI 1 –Same Discount rate
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8. New Developments and Expansions
Carlos Medeiros - CEO
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9. New Developments
Throughout the 3Q07, BRMALLS announced three new Greenfield projects in the state of São Paulo
MOOCA Project Details
► GLA: 43,000 m²
► Ownership: 60%
► Expected IRR: 23,1% p.a
(unleveraged)
► Total Investment: R$ 156 million
By 2009, the three
GRANJA VIANNA developments will jointly add:
► GLA: 30,800 m²
► Ownership: 60%
p
-Total GLA: 101,872 m² a 12%
Total 101 872
► Expected IRR: 24.6% p.a increase over total GLA
(unleveraged)
► Total Investment: R$ 105 million
-Owned GLA: 68,123 m² a
18% increase over owned GLA
BAURU
► GLA: 28,000 m²
► Ownership: 85%
► Expected IRR: 20.2% p.a
(unleveraged)
► Total Investment: R$ 63 million
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10. Expansion
As we increase the number of malls in our portfolio, we multiply the expansion
opportunities in our existing malls, with excellent risk x return profile
36,002
► Increases traffic in the
entire mall
61,862
, ► Better store mix with a
higher % of satellite vs
25,764 anchor
0,095 ► Constructed upon demand
► Knowledge of consumer
habits and spending
369,397 patterns
► Opportunity to increase
ownership interest
Current Owned GLA 2007 2008 2009 Total GLA from
expansions
17% increase in
owned GLA
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11. 3Q07 Financial and Operational
Results
R lt
Leandro Bousquet - CFO
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12. Fund Raising
3Q07 Highlights
R$ Million 3Q07
Q
We raised R$ 320 million in local 303 2,569
debenture issue 600
R$550 million bridge loan
550
We reduced our total cost of debt by
320
200 basis points
2007 Highlights 657
140
We raised R$ 1.3 billion in equities,
which increased our free float to R$
1.6 billion1
Bank Loan IPO Debenture Bridge Loan Follow On
1 Perpetual Total
We raised R$ 1.3 billion in debt
13 Bond
We already invested
R$ 1.6 billion
1- Base Stock Price: R$ 25 12

13. 3Q07 and YTD07 Financial Highlights
Gross Revenue (R$ 000)
252.9%
51.3%
319.4%
213,086
133.2%
32.6% 140,815
216.2%
20,240 84,889
63,997 60,385
3Q06 3Q07 Proforma
P f YTD06 YTD07 Proforma 07
P f
3Q07
Gross Revenue Breakdown
Others Minimum
1.1% 59.9%
Services
10.5%
Transfer Fee
Rents
0.4%
71.3%
Parking
10.1%
Key Money
Mall & % of Sales
6.6%
Merchandising 5.4%
6.1%
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14. 3Q07 and YTD07 Financial Highlights
Gross Profit (R$ 000)
292.2%
148,768
53.5%
335.7%
155.5% 96,933
36.1%
36 1%
220.2% 56,185
12,894 37,936
41,284
3Q06 3Q07 Proforma YTD06 YTD07 Proforma 07
3Q07
Adjusted FFO (R$ 000)
248.4%
20.9%
69,923
57,826
204.3%
111.2%
316.3% 28,149
3,200 20,071
13,325
3Q06 3Q07 3Q 07 YTD06 YTD07 Proforma 07
Proforma 14

15. 3Q07 and YTD07 Financial Highlights
3Q07 EBITDA and Proforma EBITDA (R$ 000)
72.3%
1 643
1,643 1,336
1 336 336 71 7%
71.7%
62,7% 57,657
39,171 42,486
11,906
3Q06 3Q07 Other non IPO Araguaia Adjusted Proforma
recurring EBITDA Adjusted
expenses EBITDA
YTD EBITDA and Proforma EBITDA (R$ 000)
73.9%
70.2%
6,317
, 5,773 930
148.198
64.0%
79.360 92.380
36.006
YTD06 YTD07 Other non IPO Araguaia Adjusted Proforma
EBITDA Margin recurring EBITDA Adjusted
expenses EBITDA 15

16. 3Q07 and YTD07 Operational Highlights
NOI (R$ 000) NOI/m² (monthly)
128.9%
3.7%
3 7%
103.822 59.5
217.7%
48.366
48 366 . 9
45.349
15.224 57.4
3Q06 3Q07 YTD06 YTD07 3Q06 3Q07
Same Store Sale/m² (monthly) Same Store Rent/m² (monthly)
7.8%
6.0%
853,4
8.6% 49,3 5.9%
791,7
809,3 47,8
46,5
744,9
45,1
3Q06 3Q07 YTD06 YTD07 3Q06 3Q07 YTD06 YTD07
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17. Disclaimer
This document may contain future considerations on BRMALLS’s business
p p . p j
prospects. These are mere projections and, therefore, based entirely on
, , y
BRMALLS’s management expectations regarding the future of the business.
Such forward-looking statements are subject to risks and uncertainties which
depend on factors including economic, political, financial and commercial
conditions in the markets where we operate Investors are hereby advised
operate.
that these forecasts are no guarantee of future performance since they
involve risks and uncertainties
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