So, now I would like to pass the floor to Mr. Carlos Medeiros. Mr. Carlos, you have the floor.

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1 Operator: Good Morning. Welcome to conference call on the results of the 1Q07. Today we have here with us Mr. Carlos Medeiros, CEO, and Mr. Leandro Bousquet, CFO and IR Officer. We inform you that the presentation is being recorded and all participants will be just listening to the webcall during the Company s presentation. Then, we shall initiate the Q&A session, when further information will be provided. Should you need any assistance, please press *0. Before we begin, I would like to let you know that this teleconference will be related to the financial results of and contains information available in the market. They involve risks, uncertainties, and relate to future events, any changes in the macroeconomic policies or legislation and other operational results can affect performance. So, now I would like to pass the floor to Mr. Carlos Medeiros. Mr. Carlos, you have the floor. Carlos Medeiros: Good morning. Thank you for joining us on our first conference call since we did our IPO last month. I am going to start with a few minutes on our Company, since this is our first call, for those of you who do not know us or for those of you who may have forgotten. We start on page two with a brief overview. We are the largest mall owner in Brazil. We own stakes in 15 regional malls, a total GLA 548,000 m² and owned GLA of 225,000 m². We are also the largest service Company in Brazil providing management and leasing services to 33 regional malls, two strip malls and two business centers, with a total of 37 properties and over 1 million m² in GLA. We also believe to be very efficient, with very solid growth records. This quarter, our adjusted EBITDA has grown almost 90% to R$22.3 million, and our net revenue has grown almost 70% to R$30 million. If you go to the next page, page three, you see the timeline of the history of our Company, since GP Investments and Equity International acquired control of - 1 -

2 . The Company went from seven malls, on the ownership, to 16 malls, and has grown its GLA from 90,000 m 2 to 222,000 m 2 in GLA, and the number of malls serviced from 24 to 37 malls. If you look at the next page, page four, you see our portfolio highlighted in the Brazilian map. As you see, is the only Company in the sector in Brazil that is present in each one of Brazil s five regions. As you can see here, also, we have been very successful using this geographic base to benefit our acquisition strategy. If you go to page six, we highlight the quarter. The first point to be made is that our revenues grew from R$18.3 million in the 1Q06 to R$31 million this quarter, an increase of 69.7%. Our NOI during the same period increased by 53% and our NOI per m 2 increased 22.4%. Our adjusted EBITDA went up from R$11.8 million in the 1Q06 to R$22.3 million this quarter, an increase of 88.6%. And we have been able to increase our EBITDA margin from 65% to 71.8% this quarter, and our gross margin from 66.8% to 77.2%. Our FFO for the quarter is up 31% from the 1Q06, to R$12 million. Another important highlight of the quarter was the conclusion of the IPO. We issued almost 44 million shares at the Bovespa Stock Exchange, raising almost R$660 million. We also continue to pursue our aggressive acquisition strategy. We acquired stake in four malls during the quarter, including the ownership from seven to 11 malls, reaching 83,600 m 2 in owned GLA. We also acquired Deico, one of the largest management and leasing service business in Brazil, which helped us increase the number of malls that we service from 24 to 37 malls. We also made seven additional acquisitions after the end of the 1Q, increasing the number of malls by five new malls, and increasing the stakes in our existing malls, with two new acquisitions. So, we ended, actually, last week, with a stake of 16 malls. Lastly, on this page, we have made significant progress in our general organization. We are in the process of reviewing all our internal processes and controls to upgrade them to worlds best standards. We work with Brazil s most respected process consulting Company on that front

3 We are also working on upgrading our ERP system to Oracle. This is a project that we have already started, and we should be completing the internal organization process by the middle of this year, and we should be completing the Oracle implementation on our headquarters in October, and then we are going to be bringing that to our malls during next year. Last, at this page, we increased our employees base. We have been able to hire 45 new employees during the quarter, and of those, 11 are part of our new trainee program. On the next page, we show our improvement in our financial results. We have been able to grow net revenues by 69.7% in the quarter, reaching R$31 million. NOI grew 53% in the quarter, reaching R$22.7 million. Our adjusted EBITDA grew almost 90%, to R$22 million, and our adjusted FFO grew 31%, to R$12 million. It is important to mention here, on this page, that the majority of the acquisitions that we completed so far this year are not included in these numbers. On the next page, we highlight our IPO. We are very proud that we were able to complete our IPO in a time when several other offers from Brazil priced at the bottom or below the bottom of the range. Investors were able to differentiate our history and we had a very good demand for offers and we are going to price it at a fair value. On page 10, we talk about the acquisitions that we have done since GP and EI acquired control of. At that time, had 123,000 m 2 in owned GLA these numbers include the Norte Shopping expansion. GP, after the acquisition, GLA went up to 225,000 m 2, an 80% growth with a total investment of R$298 million On the next page, we talk about the acquisitions that we did in the 1Q. The first one was Goiânia Shopping on January 2007, with a 39% stake. The second one was the acquisition of 100% of Shopping Estação, and then Shopping Araguaia and Shopping Pantanal, of which we acquired 50% and 10%, respectively. Lastly, in the quarter, we acquired Deico, which was the second largest service Company for the shopping mall sector at the time, and with that acquisition we consolidated our position as the largest service provider to the sector

4 In total, we made R$154 million in acquisitions in the 1Q, increasing our total GLA by 128,000 m 2 and 72,000 m 2 in owned GLA. After the quarter closed, we were able to complete six more acquisitions. The first one being a small stake in Shopping ABC, which will give us a right of first refusal for further acquisitions. Then, we increased our stake in Shopping Goiânia by 7%, reaching a 46% stake in that mall. Then, we acquired a 9% stake in Shopping Piracicaba, a 12% stake in Shopping Belém, a combined stake with two acquisitions of a 34% stake in Shopping Maceió, and an 11% stake in Shopping Amazonas. So, the total investment that we made after the end of the 1Q was approximately R$106 million, increasing our total GLA by 151,000 m 2 and our owned GLA by 18,000 m 2 Lastly, on the highlights, as I mentioned before, we have been spending a lot of time and effort to upgrade our processes and controls to worlds best standards. This is a process that we started at the beginning of the year, and should be completed by the middle of It is extremely important for us to prepare for the accelerated growth that we expect going forward. We are also working with Oracle to implement a new ERP system in our Company, which, internally, should be completed by October, and we should be rolling into our malls after that. And, lastly, we have been able to hire 34 outstanding new employees to our Company, and we started a new training program, hiring 11 trainees that started with us early this year. I will turn it over now to Leandro Bousquet, our CFO, who will give more details on our quarterly results. Leandro Bousquet: Thank you, everyone. Good morning. I will go in deeper detail through our financial and operational results and performance. As Carlos has mentioned, we have been able to grow our gross revenue by 6.9%. We present here information about the breakdown of our revenues, and we can see that the majority of our revenues came from the rent of our space, and this can be broken down in minimum rents, which represent 80% of total rent revenue; - 4 -

5 percentage of sales, which represents 8% of our rent revenue; and more merchandising, that represents 12% of our rent revenue. Other revenues that are important in our business are the revenues that come from our service business, which represents 15% of our total revenue. 13% came from parking revenues and 3% came from key money. This has grown our cost only by 16.5% in this quarter comparing to the 1Q06, which is less than we have been able to grow our gross revenue, which has reflected in our gross profits, which have increased by 96.2%, increasing also our gross margin from 66.8% to 77.2% in this period. On page 16, we show our EBITDA and our EBITDA margin. We have been able to grow our EBITDA by almost 90%, as Carlos has mentioned in the highlights, and an adjusted EBITDA of R$22.3 million. And the adjustments done in our EBITDA in the 1Q07 were basically referring to IPO expenses, acquisition expenses and non-recurring restructuring expenses. We present here also some of the key performance indicators that we followed, and that will be presented in our release. The first one is NOI and NOI per m 2. Carlos has mentioned that we have been able to grow 63% our NOI and 23.4% our NOI per m 2. If we only look at our rent revenue, it grew by 25.1% in the 1Q07 comparing to the same period in 2006, and our rent per m 2 has grown 5.8% in the same period. Other important performance indicators that we follow, presented on page 18, the first of them is same store sales per m 2, and we have been able to grow the sales of our tenants by 13.5% this quarter. Other important indicator is the turnover, and we have been able to reduce the turnover this quarter by 30.7%. Our occupancy rate has fallen by 1.8%, and this can be explained by the large expansion that we did in the Norte Shopping, the 33,000 m 2 expansion that we have opened at the beginning of this year, in January, and this is not fully leased. The occupancy cost of our tenants has fallen from 13.3% to 12.1% this quarter, a reduction of 9.2% in this period. On page 19, in relation to our CAPEX in this quarter, we invested R$172 million comparing to R$3.9 million in the same period in And the vast majority of these investments were related to new acquisitions, 90% of it, and the remaining were related to Norte Shopping expansions and maintenance CAPEX, accounting for 3% of this total

6 Regarding our debt and cash position, page 20, we had, on December 2006, a net cash position of R$6 million, and now we have a net debt position around R$112 million. This is the position at the end of the quarter, and does not reflect our current cash position after receiving the proceeds from the IPO. We had R$186 million of total debt, being R$174.5 million on the long-term, and the majority of our debt is indexed at IGP-M, which is the same index that is used in our lease contracts. So, we are basically matched with our revenues. These are the main highlights we would like to present you, and now we are open to answer your questions. Evelyn Infurna, Moore Capital Management: Good morning. I just wanted to go over some of the capital that you have left in the IPO. What is your budget to improve your internal systems, the Oracle system that you are putting in and the consulting company that is reviewing of all your operations? And also, can you repeat what you paid for the management company? Hi, Evelyn. Actually, we work with three companies. One is the Oracle software, that we are buying from Oracle; the other one is the integrator of the Oracle software; and the other one is a Company to review and improve our processes. The Oracle plus the integrator, the expected cost is R$3 million, and the process company is R$500,000. So, in total, it is R$3.5 million for process systems in ERP. OK. And during I think it may have been after the quarter, you bought a management company. OK. Yes, that is Deico. Yes, we bought that company in the 1Q. Do you want to know how much we paid for it? - 6 -

7 Yes. We paid R$6 million for Deico. And they have profits of around R$2.3 million), so we paid less than three times this profit. How much longer do you think it will take to deploy the remaining proceeds from the IPO? You guys are going at a pretty quick pace here. We remain with the guidance that we gave during the road show, which was to invest the IPO proceeds plus leverage more or less 50%, so to invest R$1 billion, which is R$600 million from the IPO plus R$400 million in leverage, in the next 12 to 18 months from the IPO, which was early April. So we remain with that guidance. We believe it is conservative, but we are not going to change it. OK. And how is the leasing going post-quarter and for the expansions? Have you been able to improve the occupancy numbers? Yes, for Norte Shopping The only reason why our occupancy numbers went down a little bit was because of Norte Shopping; we just increased the size of the mall by 50%. So, I think it was not a small expansion, it is an enormous expansion. So, there are some stores - and Norte Shopping became the largest shopping mall in the Rio de Janeiro space, which is the second largest state in Brazil. So, there are a few stores that are still opening, but we envision that by the middle of this year we will have everything leased on Norte Shopping

8 In Norte Shopping, specifically, there are two large stores that it is taking longer for the work in those stores to be completed, but this will be done this month, and by the middle of this year the new expansion will be 100% leased. OK. I have one last question: in your earnings release you mention that the internal rate of return you are expecting on your malls is 16.6%, and I was wondering if that was levered or unlevered. Oh, I am sorry, I see it, it is unleverage. Thank you. Yes, but this is not for the existent portfolio, this is for the malls that we acquired. It is unleverage. Our leverage is around 21% to 22% so far. I mean, we envision that going forward we will be able to reduce our cost of leverage. Just for you to have an idea, before the IPO we borrowed more or less 50% of the capital that we needed to complete three acquisitions Estação, Araguaia and Pantanal - and we borrowed that at IGP-M % per year. The indications that we are getting from the banks for leverage now. for these recent acquisitions that we have just made, is IGP-M + 8.5% to 8%, so it is a drop of 150 b.p. to 125 b.p. in a few months. This obviously will improve our average IRR from the current 21.5% to maybe 22.5% or 23%. You have some debt that is going to be maturing soon, so I am expecting that you will see that kind of rate for both the Safra line and the Citibank line? Yes. The Safra line, we are going to be paying that, I think, in September; and the Citibank line, we are going to be retiring it. We are going to get much better rates on the lines that I mentioned to you

9 Can you will pre-pay that without any penalties, or do you have to wait until July 2008? Citibank, we can pay without any penalties; Actually, we are going to wait. It is much early. We need to retire it in September, so it is a few months away. And it is a USD loan, and the USD has been going our way, so it is favorable. OK. Great. Thank you very much. Carlos, one last question: were there more questions on the Portuguese call? Maybe I need to learn how to speak Portuguese. No, there were more questions. I think we probably did a better job at presenting the English presentation, so I think that almost all the questions have been answered. But please, Evelyn, go ahead. I have heard through the grapevine that you were going to be at ICSC?. Yes, I will. All right. So I would like to follow-up with you. Maybe we can sit down for ten minutes or so while you are there, because I expect to be there as well. Sure. Let us do that. Do you want you send me an ? I will

10 OK. All right. Thank you so much. Congratulations. Bye-bye. Operator: Thank you. The Q&A session is now finished. This concludes today s conference call. You may disconnect, and have a nice day

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