This document summarizes the strong financial results of a real estate company in the 4th quarter of 2008: - Net operating income grew 39.4% year-over-year to R$94.5 million, with a 91% margin. Same property NOI increased 27%. - Adjusted EBITDA grew 76.6% to R$85.1 million, with an 83% margin. AFFO grew 212.2% to R$65.5 million. - The company signed 259 new and renewal leasing agreements totaling 35,200 square meters. Renewals saw rent increases of 14.6-14.9%. - The company maintained a strong financial

1. 4Q08 Results
1

2. 4Q08 Highlights
Outstanding operating results
NOI reached R$94.5 million, a 39.4% growth over 4Q07 with NOI margin reaching 91.0% in the quarter
Same-property NOI increased 27.0% year over year
Adjusted EBITDA reached R$85.1 million, a 76.6% growth y-o-y and Adjusted EBITDA margin of 83.0%
AFFO of R$65.5 million, a 212.2% growth over 4Q07
Strong Performance posted by our tenants
Same Store Sales/m² growth of 8.8% in the quarter and of 10.6% in 2008
Same Store Rent/m² growth of 13.4% in the quarter and of 11.2% in 2008
Leasing activities showed our tenants’ confidence
259 leasing agreements signed this quarter including renewals and new contracts (or 35,200 m² of GLA)
Renewals leasing spreads of 14.6% and of 14.9% for new contracts
Strong Financial Position
Long-Term Debt Profile. with duration of more than 15 years
R$758.5 million cash position invested at approximately 102.2% of the CDI rate
Disciplined approach towards undergoing developments
Four expansion projects will inaugurate in 2009, adding 16,300 m² of owned GLA and a stabilized NOI of R$ 13.0 million
In 2009, we plan to begin the construction of two greenfield projects, Granja Vianna and Sete Lagoas, which has almost 50%
of their GLA already leased
We continue to work on the approval of our projects, which will be reassessed based on their leasing performance and the
macroeconomic scenario
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3. Operating Activities
Despite the adverse macroeconomic scenario, we continue to see signs of good health...
Rent/m² (R$)
Same-property NOI growth (R$ thousand)
25.4%
33.0%
Acquired portfolio
22.0%
Original portfolio
84
171,303
67
62
128,844 55
54
27.0% 49
15.2% 47 45
33.0%
57,049
18.4% 110,633
42,892 96,007
35,821
30,247
4Q07 4Q08 2007 2008 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08
Occupancy Rate
NOI / m² (R$)
25.3% 1.6 p.p.
84
96.6% 96.7%
96.1% 96.0%
67 64
95.1%
60
54
51 94.1% 94.0%
50
46
92.1%
3
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08

4. Operating Activities
... indicating the dominance of our portfolio and the resilience of the sector
Same-Store Sales Breakdown
15.0%
Sales 13.8%
13.2% 13.4% 3Q08
12.4%
(R$ billion) 4Q08
22.7% 10.7%
9.9% 9.6% 2008
9.1%
9.9 7.2%
6.4%
8.1 5.0%
20.6% 3.6% 4.2%
-1.2%
3.2
2.6 Mid West Northeast North Southeast South
15.5%
12.6%
11.6%
11.4%
4Q07 4Q08 2007 2008 10.7%
8.7%
8.3% 7.9%
7.7% 7.6%
7.2%
6.3%
6.2% 6.2%
SSS/m² 3.5%
12.7%
10.8%
10.7% 10.6%
Upper Class Upper Middle Class Lower Middle Lower Class
8.8% Class
Middle Class
20%
18.7% 17.8%
16.2%
16% 14.8%
13.5% 13%
10.0%
8.6%
6.4% 6.3%
4.7%
3%
0.4%
1Q08 2Q08 3Q08 4Q08 2008 Satellite
Food Anchor Stores Leisure Mega Stores
Stores
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5. Operating Activities
....fueled by satellites stores’ growth, which corresponds to 85% of rent revenues.
Same Store Sale – (2008 vs. 2007)
16.2%
14.8%
6.4% 6.3%
4.7%
Satellite Anchor Food Megastore Leisure
Rent Breakdown per Segment (2008) Satellites Stores’ Breakdown
13.0%
Food
4.5%
38.8%
Anchor Clothing
10.3%
Shoes
Megastore
85.2% 34.9%
Leisure
Satellite
3.6%
Others
9.6%
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6. Leasing Activities
Leasing activities remain intense underlining store-owners continue with appetite for growth
SSR/m² Rent/m²
(New Contracts vs. Current Portfolio)
13.4%
12.4% 23.3%
11.2%
9.5% 80.8
8.3% 65.5
BRMALLS Portfolio Negotiated Contracts
1Q08 2Q08 3Q08 4Q08 2008
(Average 2008) (Average 2008)
Negotiated GLA (‘000 m²)
Number of Contracts
259 151.6
1,202 35.2
49 8.7
104 208 18.2
943 116.4
106 57.7
8.3
159
482 48.9
378 51.3
33.1
512
406 42.6
34.4
9M08 4Q08 2008
2008
9M08 4Q08
New Contracts - Greenfields Projects and Expansions
Renewals - Existing Malls
6
New Contracts - Existing Malls

7. Solid Financial Position
Our funding strategy was extremely assertive, leaving us comfortable with a solid cash position in the current
scenario of reduced liquidity
Cash Position Debt Indexes
R$758.5 million at the close of 2008 US$ *
28%
Investments yielding 102.2% of the CDI rate
IGP-M
Debt IPCA 12%
21%
Long Term Debt Profile with an average cost of IGP-M+7.4%
Well distributed amortization schedule, without debt maturing in CDI
2009 and 2010 4%
TR
R$
35%
0.2%
Non cash effect of the foreign exchange variation
* Does not consider the hedge operation
Hedge through simple financial instruments, without resorting to speculative derivatives
No cash loss risks from Real-dollar FX variation in the next 3.75 years
424,109
Amortization Schedule (Principal) R$ thousand
151,649 147,616 131,378 127,815
90,710 86,739 82,881
78,445
51,690 48,880 40,303
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
100% LEASED
Expansions’ Status Acquisitions
9 programmed expansions Acquisitions concluded in 2008: NOI (R$ thousand)
72,100 m² of owned GLA, corresponding to a 12,805
22.5%
16.8% increase in current GLA
Iguat Caxias do Sul 10,452
R$ 67 million in stabilized NOI (3rd year)
Remaining Capex of R$ 336 million until 89% LEASED
2012, with the disbursement of only 25% in
2009
4 inaugurations in 2009:
- 16,300 m² increase in owned GLA
- R$13 million in stabilized NOI
Goiânia Shopping Projected NOI (Jan - Dec 08) Real NOI (Jan - Dec 08)
48% LEASED
Acquisitions concluded in 2007: NOI (R$ thousand)
Greenfield Projects’ Status
21.5% 163,061
134,.162
5 programmed projects
117,800 m² of owned GLA, corresponding to Granja Vianna
a 27.5% increase in current GLA
R$ 92 million in stabilized NOI (3rd year)
Sete Lagoas
Remaining Capex of R$ 483 million until
2013, with the disbursement of only 13% in
2009
Projected NOI (Jan - Dec 08) Real NOI (Jan - Dec 08)
49% LEASED

9. 4Q08 Financial Highlights
Net Revenues (R$ ‘000) Gross Profit (R$ ‘000) and Margin (%)
69.4%
83.3% 83.0%
81.7%
76.6%
56.4% 268,746
323,884
41.7%
158,603
35.7%
207,039
87,406
102,502
61,669
75,513
4Q07 4Q08 2007 2008 4Q07 4Q08 2007 2008
Adj EBITDA (R$ ‘000) and Margin (%) AFFO (R$ ‘000)
76.8%
83.0%
76.7% 87.1%
147,431
67.9% 248,503 212.2%
63.8%
76.6%
140,560
78,815
65,523
85,102 20,988
48,180
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4Q07 4Q08 2007 2008 4Q07 4Q08 2007 2008