BRMalls reported strong financial and operational results for 2Q07. Consolidated net revenue grew 117.5% to R$41.2 million, while adjusted EBITDA increased 125.4% to R$27.5 million compared to 2Q06. During the quarter, BRMalls acquired 9 new malls adding 244,777 square meters of total GLA. Subsequent to 2Q07, BRMalls acquired 7 more malls adding 146,170 square meters of total GLA. BRMalls also discussed plans for future developments including a 38,000 square meter mall in Mooca, Sao Paulo with an expected 24% unleveraged IRR.

1. Presentation – 2Q07 Results
August 8 2007
A t

2. Company Overview
Carlos Medeiros - CEO
2

3. Who we are
The largest shopping mall company in Brazil present in all of the five regions in the country
and operating malls in all income segments
Company Overview
C O i Our Portfolio
O P tf li
► Largest regional mall owner in Brazil
7%
13%
– 27 regional malls (1 under construction)
– Total GLA: 787,858 m²
– Owned GLA: 353,084 m²
► Largest service company in Brazil
g p y
– Provides management and leasing services 1
– 34 malls + 4 business/commercial centers = 38
13%
– Total GLA: 956,430 m²
956 430
► Highly efficient with solid growth 56%
– Adjusted EBITDA 2Q 2007¹: R$27.5 million (125.4% growth over 2Q06)
– N tR
Net Revenues 2Q 2007 R$ 41 2 million (117 5% growth over 2Q06)
2007: 41.2 illi (117.5% th Ownership in regional malls
Ownership and Management and leasing of
regional malls
11%
– Unaudited Proforma Adjusted EBITDA 1H07: R$ 94 million % of BR Malls’ total GLA
1 Regional Mall under construction
1Calculated 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

4. Highlights-2Q07
Carlos Medeiros - CEO

5. Highlights
g g
Consolidated net revenue reached R$ 41.2 million in 2Q07 and R$ 72.2 million in 1H07
117.5% increase when compared to 2Q06 and 94.0% growth when compared to 1H06
Adjusted EBITDA1 was equal to R$ 27.5 million in the 2Q07 and R$ 49.9 million in the 1H07
125.4% increase when compared to 2Q06 and 107.0% growth when compared to 1H06
C l i f
Conclusion of our fi t public d b t
first bli debenture i issuance on J l 23rd 2007
July
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
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
already started demonstrating positive effects on our margins
NOI margin grew from 77.8% in the 2Q2006 to 86.2% in the 2Q2007
Since the IPO in April, our stock (
p (BRML3) appreciated 72% compared to an increase of 17% of
) pp p
Ibovespa
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

6. Acquisitions
Carlos Medeiros - CEO

7. Acquisitions
2Q07 Highlights of 2Q07
787,858
759,860 Addition of 9 new malls to our portfolio
623,545 641,688
548,135 Additional total GLA: 244,777 m²
Additional owned GLA: 76,032 m²
Marginal additional NOI 2006: R$32.4mm
145,422 146,101
13,892 76,032
64,572
Average IRR: 14.9%, nominal, unleveraged
206,983 206,983 206,983 206,983 206,983
Highlights subsequent to 2Q07
Apr-07 May-07 Jun-07 Jul-07 Aug-07
Addition of 7 new malls to our portfolio
Additional total GLA:146,170 m²
Additional owned GLA:70,069 m²
Marginal additional NOI 2006: R$51.3mm
l dd l $
Average IRR: 14.8%, nominal, unleveraged
+ = Owned GLA + + = Total GLA
12

8. Case Study - Shopping Estação
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
1H07- NOI
O
72.5%
7,840
38.7%
38 7%
4,544
3,276
2006 2007 Projected 2007 Actual
7

9. Case Study –In Mont
Consolidation of our position as the largest integrated Shopping Mall company in Rio de Janeiro
The mall has currently redefined its Largest mall in the neighborhood
strategy and became the largest
First mall in the neighborhood
gastronomic center of Rio
responsible for bringing well-known
Rio Plaza presented low NOI margins retail stores
in 2006 (35.0%) when compared to our
Improvement of its occupancy rate in
average of 86% Improvement
the past year
h
opportunity
Currently being aggressively anchored
to improve its tenant mix
Most profitable mall M t
Most t diti
traditionall high
hi h income
i
Planned expansion of 4.5 thousand m2 shopping mall in Rio de Janeiro
expected to be inaugurated in 2009 Suffered from competition of other
increasing its current GLA by 13% premium malls
Commercial tower with 3,840 m2 of
private area and an estimated $23
million of VGV
Further improvement of current NOI
margin
IRR (unleveraged, nominal):14.8% 50% increase in Proforma NOI
8

10. New Developments and Expansions
Carlos Medeiros - CEO

11. New Developments
BRMalls launched its first development after conducting an in depth market research and
currently has a very good pipeline for new developments…
Mooca
Location: São Paulo, Neighborhood of Mooca
Size of the mall: 38 000 m² of GLA (places the mall
38,000
the position of one of the largest in the region)
Land bank: 70,000 m² (ability to double its
size with future expansions)
BRMalls ownership interest: 60%
Expected Investment: 129 million
Life Style Concept: open air spaces with areas destined to restaurants and entertainment
spaces,
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 malls
10

12. Expansions
Our 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
408,653
Owned GLA: 353,084
379,992 55,569
27,237
353,413
329
August/07 YE2007 YE2008 YE2009
11

13. 2nd Quarter Financial and Operational
Results
R lt
Leandro Bousquet - CFO

14. Financial Highlights 2Q07
Gross Revenue (R$ 000) Gross Profit (R$ 000)
147.2%
%
115.0%
115 0%
43,824 31,696
20,381
,
12,824
12 824
2Q06 2Q07 2Q06 2Q07
Gross Revenue Breakdown Net Income (R$ 000)
Others
Services
0,5%
14,3% 201.2%
Transfer fee
18,359
0,2%
% sales 8 5%
8,5%
Parking
11,7%
Minimum 78,0%
Mall& 6,094
Key money Rents
Merhandising
9,5% 63,7%
13,6%
3,6%
2Q2006 2Q2007
14

15. Financial Highlights 2Q07
EBITDA (R$ 000)
125.4%
499 27,526
2,244
2,446
22,338
66.8%
12,214
12 214
64.4%
Unaudited EBITDA Proforma (R$ 000)
2Q06 2Q07 IPO Expenses Restructuring and Debentures - Adjusted 2Q07
Acquisition Expenses Araguaia
EBITDA Margin 79.5%
38.2%
12.3%
45.1%
45 1% 49,418
49 418
27,526
17,724 19,909
12,214
Proforma
a
EBITDA for
Adjusted
d
7
EBITDA 2007
EBITDA 2006
6
EBITDA 2007
7
s
acquisitions
g
recurring
Adjusted
EBITDA
of existing
expense
Adjusted
portfolio
2007
non
w/
15

16. Operational Highlights 2Q07
NOI (R$ 000) NOI/m² Same Store Sales/m²
109.8% 5.0% 9.5%
32,370
830.7
58.1 61.0
15,425
758.5
758 5
2Q2006 2Q2007 2Q2006 2Q2007 2Q2006 2Q2007
Rent Revenue (R$ 000) Occupancy Rate
82.7%
(0.9%)
(0 9%)
27.923
96.4%
15.286
95.5%
2Q2006 2Q2007 2Q2006 2Q2007
16

17. This document may contain future considerations on BRMALLS’s business prospects. These are
mere projections and, therefore, based entirely on BRMALLS’s management expectations
regarding the future of the business. Such forward-looking statements are subject to risks and
t i ti
uncertainties which d
hi h depend on f t
d including economic, political, fi
factors i l di i liti l financial and commercial
i l d i l
conditions in the markets where we operate. Investors are hereby advised that these forecasts are
no guarantee of future performance since they involve risks and uncertainties