BRMALLS reported strong financial and operating results for 1Q09. Same-property NOI grew 19.5% and adjusted EBITDA grew 35.4% over 1Q08. Occupancy reached a record high of 96.9%. Satellite stores posted 9.2% same-store sales growth. 181 leases were signed, with spreads of 17.7% for renewals and 9.0% for new contracts. The company has a solid financial position with R$730.2 million in cash and a long-term debt profile. Expansions and greenfield projects remain on track to drive future growth.

1. 1Q09 Results
1

2. 1Q09 Highlights
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
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
Implantation of Oracle and SSC in malls that represent 70% of our NOI
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
2

3. 1Q09 Highlights
Leasing activities showed our tenants’ confidence
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
Solid Financial Position
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
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
3

4. Operating Activities
Despite the slowdown in the growth pace of our tenants sales, we posted excellent financial and operating
results
Rent/m² (R$)
Same-property NOI growth (R$ thousand)
Acquired portfolio
18.8%
19.5% 84
Original portfolio
67
19.8% 64
62
55
54
49
47 45
44,744
37,351
19.0%
27,271
22,926
1Q08 1Q09
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09
Occupancy Rate
NOI/m² (R$)
18.8% 96,6% 96,7% 96,9%
84
96,1% 96,0%
67 95,1%
64 64
60
94,1% 94,0%
54
51
50
46
92,1%
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09
4

5. Operating Activities
The positive results in a adverse scenario confirmed the resilience of our business model
Same-Store Sales Breakdown
Sales 85% of Rent
(R$ billion) 18.2% Revenues
22.7%
9.2%
7.2%
9.9 5.5%
8.1
14.5% -9.3%
Satellite
2.2
1.9 Stores
Leisure Mega Stores Food Anchor Stores
67% of Sales
5.7% 5.6%
2007 2008 1Q08 1Q09
2.4%
-1.3% -5.2%
SSS/m²
12.7%
10.8%
10.7%
Upper Lower
8.8% Upper Class Middle Class Middle Class Middle Class Lower Class
12.1%
4.5%
5.4%
2.2% 1.9%
-3.1%
1Q08 2Q08 3Q08 4Q08 1Q09¹
Northeast Mid-West North Southeast South
5
1 Excludes calendar effect (Easter moving from March to April), that, if
considered, would bring SSS growth to 3.5%

6. Leasing Activities
Leasing activities remain intense, demonstrating our tenants’ confidence in the recovery of the
macroeconomic scenario
SSR/m² Rent/m²
(New Contracts vs. Current Portfolio)
13.4%
12.4% 12.3%
12.6%
9.5%
72
8.3%
64
1Q08 2Q08 3Q08 4Q08 1Q09 BRMALLS Portfolio Negotiated Contracts
Negotiated Contracts Leasing Number of GLA
Spread Stores (m²)
Renewal of Contracts 17.7% 48 5,264
New Contracts – Existing Malls 9.0% 82 8,335
New Contracts - Projects - 9,287
51
Consolidated - 181 22,886
20% for malls leased by
BRMALLS
6

7. Solid Financial Position
Our funding strategy continues extremely assertive, leaving us comfortable with a solid cash position in the
current scenario of reduced liquidity
Debt Indexes
Cash Position
US$*
R$730.2 million on March 31, 2009
28%
Investments yielding 103.0% of the CDI rate
IGP-M
IPCA 12%
21%
Debt
CDI
Well distributed amortization schedule, without debt maturing in 3%
TR
2009 and 2010 36%
Long-term debt profile with an average cost of IGP-M+7.8%
* Does not consider hedge operation
Average duration of 14.6 years
423,264
Amortization Schedule (Principal) R$ thousand
154,294 150,163
133,834 130,183
88,646
84,911 84,699
80,804
53,052 50,173 41,434
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 *
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* Assuming, for illustrative purposes only, last payment of the perpetual bond due in 2020

8. Growth Drivers
Greenfield Projects’ Status
Acquisitions
Acquisitions concluded in 2007 and 2008: NOI (R$ thousand):
5 programmed projects
22.6%
117,900 m² of owned GLA, corresponding to
46,517
a 27.0% increase in current GLA
57% LEASED
37,930 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
Projected NOI Real NOI
(Jan-Mar 09) (Jan-Mar 09)
50% LEASED
Expansions’ Status Shopping Goiânia – Under Construction
90% LEASED 3T08
In May it was inaugurated the first phase of Shopping Goiânia’s
expansion, 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: Inauguration of Renner
Delivered almost 30% of the
- 7,200 m² increase in owned GLA
estimated GLA expansion
- R$9.5 million in stabilized NOI (4th year)

9. Caxias’ Expansion Inaugurated
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
ED
AS
LE
Stronger anchorage and enhanced the store mix, bringing such
0%
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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
Original Mall Post Expansion Mall
Total GLA (m2)
13,972 31,201
Owned GLA (m2)
6,357 14,196
8 (C&A, Colombo Premium,
Riachuelo, Saraiva, Fast Shop,
2 (Renner and Carrefour) Anchor
Centauro, Renner and Carrefour)
92 Satellite 138
1,700 Parking Space 2,000
Revitalization of the
6 movie theaters Leisure Facility
cinema and Magic Games
Restaurant
Food Court Lifestyle area and 5 restaurants

10. 1Q09 Financial Highlights
We continue focused in reduce costs, generate cash flow and improve profitability
Gross Profit (R$ ‘000) and Margin (%)
Net Revenues (R$ ‘000)
28.0%
22.6%
82.6%
79.1%
67,383
81,555
66,522 52,627
1Q08 1Q09
1Q08 1Q09
FFO (R$ ‘000)
Adj EBITDA (R$ ‘000) and Margin (%)
35.4%
78.6%
162.2%
71.2%
50,979
64,125
47,366
19,440
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1Q08 1Q09 1Q08 1Q09