The company reported excellent third quarter 2008 results, with 52% growth in net operating income and 45.7% growth in adjusted EBITDA. Same-store sales and rents grew double digits. The company signed 278 new leasing agreements totaling 34,000 square meters during the quarter. The company remains in a strong financial position with over R$757 million in cash and a long-term debt profile averaging over 14 years. The company acquired two new malls during the quarter and continues to work on development projects.

1. 3Q08 Results
1

2. 3Q08 Highlights
Excellent operating results
Our NOI reached R$73.5 million, a 52,.% growth over 3Q07 with NOI margin reaching 89.8% in the quarter
Same-properties NOI increased 28,0% year over year
Adjusted EBITDA reached R$61.9 million, a 45.7% growth y-o-y and Adjusted EBITDA margin of 74.9%
AFFO of R$37.4 million, and AFFO margin of 45.3%; a 180.8% growth over 3Q07
Strong Performance by our malls
Same Store Sales/m² growth of 12.7% in the quarter and of 11.1% year-to-date
Same Store Rent/m² growth of 12.4% in the quarter and of 10.0% year-to-date
Intense commercial activities show our store-owners’ confidence in continuing to grow
278 leasing agreements signed this quarter including renewals and new contracts (or 34,000 m² of GLA)
Renewals leasing spreads of 16.9% and of 6.5% for new contracts
Strong Financial Position
Long-Term Debt Profile, with duration of more than 14 years
R$757 million cash position invested at approximately 103.1% of the CDI rate
Disciplined and prudent approach towards new businesses and undergoing developments
3 acquisitions concluded in the quarter, adding 2 new malls to our portfolio, reflecting an expected real
unleveraged IRR of 13.0% p.a.
We continue to work on the approval of our projects, which will be reassessed based oh the current
macroeconomic scenario before construction work begins
2

3. Operating Activities
Despite the adverse macroeconomic scenario, we continue to see signs of good health...
Same properties NOI growth (R$ thousand) Rent/m² (R$)
26.5%
Original Portfolio
24.6%
Acquired Portfolio 14.8%
32.9% 67
62
54 55
47 49
114,255 45
28.0%
85,952
39.5% 13.8%
12.1% 44,647
32,006 65,760 74,813
23,213 26,017
3Q07 3Q08 YTD07 YTD08 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08
Late Payments (30 Days) Occupancy Rate
+2.6p.p.
13.0% -55.8% + 0.5 p.p. 96.6%
11.1% 96.1% 96.0%
95.3%
8.6% -44.1%
94.1% 94.0%
6.4% 6.8%
4.7% 92.1%
3.8%
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08

4. Operating Activities
... and our malls continue to record subtantial growth in SSS and SSR figures
Sales Performance
67.7% of NOI
SSS/m²
948 15.5%
12.7% 11.6%
11.4%
7.7%
842
3.5%
3Q07 3Q08 Upper Class Upper Middle Middle Class Lower Middle Lower Class
Class Class
SSR/m²
55 13.8% 13.2% 12.4%
12.4%
9.9%
49 3.6%
Southeast Northeast North Mid South
West
3Q07 3Q08
79.4% of NOI
4

5. Leasing Activities
Leasing activities remain intense,underlining store-owners continuing appetite for growth
Number of Contracts
Number of Contracts Negotiated GLAGLA (thousand m²)
Negotiated (thousand m²)
278 919
57
154
33.9 114.4
94
16.4
641 127
8.0
80.5 48.9
97 360 9.6
32.5
266
32.0
24.1
405
278 33.5
23.9
6M08 3Q08 9M08 6M08 3Q08 9M08
New Contracts - Greenfield Projects and Expansions New Contracts - Greenfield Projects and Expansions
Renewals - Existing Malls Renewals - Existing Malls
New Contracts - Existing Malls New Contracts - Existing Malls
0
Satelitte Stores (Rent/m²) 0
18% 93.7
79.5
3Q08 BRMALLS Portfolio 3Q08 Negotiated Contracts 5

6. Solid Financial Position
Current scenario of reduced liquidity proves the correctness of last year’s funding strategy
Cash Position
Debt Indexes
R$757 million at the close of 3Q08
Investments yielding 103.1% of the CDI rate TR R$
36% 0% CDI
Debt 4%
Long Term Debt Profile with an average cost of IGP-M+6.1%
US$
Well distributed amortization schedule, with debt payment 25%
obligations due in the next 12 months of R$68 million and of
R$145 million in the next 24 months IGP-M
13% IPCA
Non cash effect of the foreign exchange variation 22%
Hedge through simple financial instruments, without resorting to speculative derivatives
No cash loss risks from real-dollar FX variation in the next 4.25 years
Amortization Schedule (Principal + Interest) R$ thousand 349,685
163,058
140,096
123,981 120,535
74,860 75,974 84,375 80,639
50,065 47,346 39,086
11,351
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2049 *
* Assuming , for illustrative purposes only, last payment of the perpetual bond due in 2049 6

7. Growth Drivers
Acquisitions Greenfield and Expansions CAPEX (R$MM)
Expected real unleveraged IRR of the
assets acquired during 3Q08
13.0%
293.1
Acquisitions concluded in 2008:
9.2% 713.9
6,595
420.8
11.6% 11.6%
9.2%
5.8%
14.8 14.9
3.0 32.6 93.7
4.3
6,039 43.8 13.0 61.1
2007 6M08 3Q08 Real Capex Future Capex
0 Greenfields Expansions % Série5 invested over total capex
Acum
Greenfield + Expansions Projects Leasing (m²)
Projected NOI (Jan - Sep 08) Real NOI (Jan - Sep 08)
Acquisitions concluded in 2007:
7.1% 56,882
107,662
184,470
127,588
25.0% 25.0%
19.2%
4,486
100,530
9,785 39,114
34,628
61,429
12,530 22,315
6M08 3Q08 Leased To Lease
0 Greenfields Expansions % Acumulated Leasing
Projected NOI - Jan-Sep 08 Real NOI - Jan-Sep 08 7

8. 3Q08 Financial Highlights
Net Revenues (R$ million) Gross Profit (R$ million) and Gross Margin (%)
83.5%
81.9%
230
73.7%
80.0%
69.6%
181.3
68.3% 221.4 180
87.1%
70.0%
60.0%
130 50.0%
39.4% 131.5 96.9
67.1% 40.0%
82.6 80 69.0
30.0%
59.3 41.3
20.0%
30
10.0%
-20 0.0%
3Q07 3Q08 9M07 9M08 3Q07 3Q08 9M07 9M08
Adj EBITDA (R$ million) and Adj EBITDA Margin (%) AFFO (R$ Million)
74.9% 73.8% 80.0%
71.7% 70.2%
200 70.0%
163.4 60.0%
76.9% 41.6% 81.9
150
45.7% 50.0%
40.0% 57.8
100
92.4
180.8%
30.0% 37.4
61.9
50
42.5 20.0%
13.3
10.0%
0 0.0%
3Q07 3Q08 9M07 9M08
8
3Q07 3Q08 9M07 9M08

9. Safe Harbor Statement
We make forward-looking statements that are subject to risks and uncertainties. These
statements are based on the beliefs and assumptions of our management, and on information
currently available to us. Forward-looking statements include statements regarding our intent,
belief or current expectations or that of our directors or executive officers.
Forward-looking statements also include information concerning our possible or assumed future
results of operations, as well as statements preceded by, followed by, or that include the words
''believes,'' ''may,'' ''will,'' ''continues,'' ''expects,'‘ ''anticipates,'' ''intends,'' ''plans,'' ''estimates'' or
similar expressions. Forward-looking statements are not guarantees of performance. They involve
risks, uncertainties and assumptions because they relate to future events and therefore depend
on circumstances that may or may not occur. Our future results and shareholder values may differ
materially from those expressed in or suggested by these forward-looking statements. Many of the
factors that will determine these results and values are beyond our ability to control or predict.