General Shopping Brasil

Analyst and Investor Meeting

December 17, 2007

Disclaimer

1

This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of General Shopping and its subsidiaries that may cause the actual results of the companies to be materially different from any future results expressed or implied in such forward-looking statements.

This material is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments and should not be treated as giving investment advice. It is not targeted to the specific investment objectives, financial situation or particular needs of any recipient. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. This material should not be regarded by recipients as a substitute for the exercise of their own judgment.

Any opinions expressed in this material are expressed as of this date and subject to change without notice and General Shopping is not under the obligation to update or keep current the information contained herein. General Shopping and the respective affiliates, directors, partners and employees accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this material. You should consult with your own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem it necessary, and make your own investment, hedging and trading decision (including decisions regarding the suitability of this transaction) based upon your own judgment and advice from such advisers as you deem necessary and not upon any views expressed in this material.

Agenda

Highlights

Sector Overview

Company Overview

Financial Highlights

2

Highlights

Growth through

Greenfield (GSB expertise track record)

Acquisitions (GSB market intelligence and complementary services adding)

Gross revenues up 37.9% to R$ 14.2 million in 3Q07Pro forma (as now) up 69.3% in 9M07

Adjusted EBITDA up 48.1% to R$ 8.6 million in 3Q07Pro forma (as now) up 76.8% in 9M07

3

Sector Overview

5

Positive Sector Outlook

281 294 303 317 326 335 346

2000 2001 2002 2003 2004 2005 2006

7.5 6.4 6.2

5.6 5.5 5.2 5.1 6.3 6.4 6.2 5.7 5.2 4.9

2000 2001 2002 2003 2004 2005 2006

125

203

135160 175 185 181

2 2 92 192 0 318 918 919 5

2000 2001 2002 2003 2004 2005 2006

23.0 25.3 27.931.6

36.640.0

44.0

2000 2001 2002 2003 2004 2005 2006

CAGR = 7.7%

Visitors permonth (million)

Revenue / average visitors per month (R$)

Revenues (R$ in billion) Operating Shopping Centers

Visitors per Month GLA

CAGR = 11.4% CAGR = 3.5%

CAGR = 6.6%

Source: ABRASCE

GLA(million m2)

Revenue / average GLA(R$ thousand / m2)

6

Low Sector Penetration

Revenues (% of Local Retail Market (1)) Vacancy Rate (2)

20%

70%

30%-35%

Brazil Europe USA

The Brazilian Shopping Center Sector Presents Ample Room for Growth

5.7%

4.0%4.4%

2.9%

7.4%

2.4%

1.2%1.7%

2003 2004 2005 2006

Secto r General Sho pping B rasil

Source: ABRASCE(1) Excludes car sales(2) Year end

7

Favorable Macroeconomics

Brazilian Shopping Center Industry Revenue (1)

Disposable Income vs. Interest Rates (2) Retail Sales Real Growth (2)

90%

100%

110%

120%

130%

2000 2001 2002 2003 2004 2005 2006 2007$400

$450

$500

$550

$600

$650

M ar-00 Jun-01 Aug-02 Nov-03 Jan-05 M ar-06 Jun-0712%

16%

20%

24%

28%

Sector Revenues Inflation Real(R$ bn) Growth (IPCA) GDP Growth

2000 23.0 - 6.0% 4.3%2001 25.3 10.0% 7.7% 1.3%2002 27.9 10.3% 12.5% 2.7%2003 31.6 13.3% 9.3% 1.2%2004 36.6 15.8% 7.6% 5.7%2005 40.0 9.3% 5.7% 2.9%2006 44.0 10.0% 3.1% 3.7%

Selic Disposable Income

Disposable Income(R$ billion)

Selic(% p.a.)

(1) Source: ABRASCE(2) Source: IBGE

8

Retail Sector Growth in September/07

Activities Jan-Sept 12 monthsSupermarkets and hypermarkets 7.2 7.7

Fabrics, clothing and footwear 10.5 7.2

Pharmaceutical, medical, orthopedic and cosmeticsproducts

7.9 6.4

Office supplies and equipment, personal computers andtelecom

25.2 23.8

Books, newspapers, magazines and stationery 7.5 5.2

Other personal and domestic products 23.3 22.2

Vehicles, motorcycles and autoparts 23.4 19.5

Accumulated (%)

Furniture and white/durable goods 16.7 15.6

Source: GSB and IDV

9

@ IPO:207.0

@ IPO:238.9

@ IPO:117.1

@ IPO:119.0

257.9

372.6

207.9

161.3

317.0

BRMalls Multiplan Iguatemi GeneralShopping

Brasil

Own GLA (1) (m2 in thousand) Market Share (2) (% of Total GLA)

31.5%

68.5%

The industry is highly fragmented: the largest groups operate only 18.3% of the existing Shopping Centers and 31.5% of the total GLA in the country

9 Largest Companies+ Acquisitions

(1) Source: Companies’ website (2) Source: Valor Análise Setorial – December/06

Fragmented Sector

Company Overview

11

Majority ownership: 85.9% average

11 shopping centers and 4 greenfields

Total GLA: 187,784 m2

Own GLA: 161,343 m2

Complementary services activities

9M07 financial highlights

– Gross revenue: 23.0%

– Adjusted EBITDA: 26.8%

– EBITDA margin: 73.2%

Focus on serving the B and C consumption classes

These classes represent approximately

66% of the total consumption in Brazil

Shopping Center Own GLA

Internacional Shopping 100.0% 72,958 72,958Santana Parque Shopping 50.0% 26,538 13,269

Shopping do Vale 84.4% 16,487 13,913Shopping Light 50.1% 14,140 7,092Suzano Shopping 100.0% 13,120 13,120Auto Shopping 100.0% 11,477 11,477Americanas Prudente 100.0% 10,276 10,276Cascavel JL Shopping 85.5% 8,877 7,590Top Center 100.0% 6,166 6,166Poli Shopping 50.0% 4,527 2,264Americanas Osasco 100.0% 3,218 3,218

85.9% 187,784 161,343

Itupeva Project 50.0% 17,357 8,679

Barueri Project 96.0% 25,000 24,000

Sulacap 90.0% 32,000 28,800

Convention Center 100.0% 25,730 25,730

Greenfield

Interest

87.1% 100,087 87,209(1) Gross leasable area(2) Considering additional call of 20.0% stake

General Shopping Brasil at-a-Glance

Own GLAInterest

Total GLA

Total GLA

One of the largest companies in the Brazilian Shopping Center industry in terms of own GLA (1)

Competitive Advantages

12

Majority ownership interest

Close relationship with store owners and retail intelligence

Well defined growth strategy

Diversified portfolio comprised of high quality assets

Innovative malls and services

Experienced management team Average 14 years of experience in shopping

center/retail sector

13

Majority Ownership InterestShopping Centers / Stake Held

General Shopping Brasil is the key decision-maker of the strategies and policies of its shopping centers

Redevelopment and remodeling

the shopping centers

Provide complementary

services

Flexibility in establishing partnerships

Redevelopment and remodeling

of the tenant mix

InternacionalShoppingGuarulhos

AutoShopping

100%

SantanaParque

Shopping (1)

ShoppingLight

SuzanoShopping

PoliShopping

Cascavel JL Shopping

Shopping AmericanasPresidentePrudente

Shopping Americanas

Osasco

Top Center Shopping São Paulo

Shopping do Vale

50% 50.0% 50.1% 100%

85.5% 100% 100% 100% 84.4%

100%

Expansion of the existing shopping

malls

Retail Intelligence and Relationship with Store Owners

14

Understanding of the shopping center business through both the retail and the real estate approach

Quantitative and qualitative market surveys

Internal surveys

Market surveys

With retailers

Credibility to retain and attract the main retailers

Focus on improving store performance increasing revenuesfrom rent

Expansion and greenfied projects on demand

Diversified Growth Strategy

15

CONSOLIDATIONAcquisition of shopping centers

GREENFIELDSConception and development of new shopping centers

EXPANSIONIncrease ownership interest in assetsGLA expansion in the existing portfolioImplementation of mixed-use projects Synergies + Profitability

TURN AROUNDControl of the tenant mixInnovation in complementary services

16

Poli Shopping

80’s

Poli Shopping

90’s

InternacionalShopping Guarulhos

InternacionalShopping Guarulhos

Auto Shopping

2006

After IPO

Auto Shopping

Santana ParqueShopping

Suzano Shopping

Shopping Light

Cascavel JL Shopping

InternacionalShopping Guarulhos Shopping Light

Acquisition of several shopping centers: Suzano Shopping, Cascavel JL Shopping, Shopping Americanas Presidente Prudente, Shopping Americanas Osasco, Top Center Shopping, Shopping do Vale

Sulacap Shopping, Shopping Barueri and Shopping Center in Itupeva - greenfieldprojects

Convention center – mixed use

Opening of Santana Parque Shopping

Planned expansions: Suzano Shopping, Cascavel JL Shopping, Top Shopping, Internacional Shopping, Poli Shopping

Several other projects under analysisIPOJul/07

Solid and Proven Historical Growth

17

Portfolio

18

SP

Total GLA (m2)No. of storesVisitors/year (mm)

11,47780

ND

9

8

10,27656

4.0

15

17,357NANA

(1)

13,1201709.0

6 13

25,000 NA NA

(1)

2

6,16655

4.0

72,958292

23.5

1

14,140134

12.0

7

12

25,730NANA

4

3,21819

1.5

5

26,538176ND

4,52752

6.0

3

Dominant Player in São Paulo

(1) Estimated

Total GLA (m2)No. of storesVisitors/year (mm)

Total GLA (m2)No. of storesVisitors/year (mm)

Total GLA (m2)No. of storesVisitors/year (mm)

Total GLA (m2)No. of storesVisitors/year (mm)

Total GLA (m2)No. of storesVisitors/year (mm)

Total GLA (m2)No. of storesVisitors/year (mm)

Total GLA (m2)No. of storesVisitors/year (mm)

Total GLA (m2)No. of storesVisitors/year (mm)

Total GLA (m2)No. of storesVisitors/year (mm)

Total GLA (m2)No. of storesVisitors/year (mm)

Total GLA (m2)No. of storesVisitors/year (mm)

RS

19

RJ

Shopping centers in operation1. Internacional Shopping2. Top Center3. Poli Shopping4. Americanas Osasco5. Santana Parque6. Suzano Shopping7. Shopping Light8. Americanas P. Prudente9. Auto Shopping10. Shopping do Vale11. Cascavel JL Shopping

Greenfields12. Convention Center13. Barueri Shopping14. Sulacap Shopping15. Shopping in Itupeva

32,000165n.a.

(1)

(1)

14

10

16,48794

2.0

(1) Estimated

Focus on the Southeastern and Southern Regions

PR 11

8,87780

3.4

Total GLA (m2)No. of storesVisitors/year (mm)

Total GLA (m2)No. of storesVisitors/year (mm)

Total GLA (m2)No. of storesVisitors/year (mm)

20

Services currently provided to the mall

Service rendering potential/on implementation

Parking

Water

Energy

Management

Increasing Complementary Services Activities

Complementary Services Activities

Complementary services activities present high margins, strong growth potential and diversify the Company’s revenues

ISG Auto Poli Light Santana Suzano CascavelAmeric.

Pres.Prudente

Americ.Osasco Do ValeTop

Center

*

* Partial

21

Experienced Management Team

Fully-Integrated Team

VictorVeronezi

Identification of attractive

opportunities

Planning and Expansion

Director

AlexandreDias

Analyses of retail demand and market

potential

Marketing and Retail Relations

Director

WaldemarJezler

Strategic planning

CEO

RicardoCastro

Feasibility studies and financial

planning

CFO

AlessandroVeronezi

Communication of value creation to

shareholders

Investor Relations Director

Experience in the shopping center / retail sector (years)

(1) Mr. Ricardo Castro has 13 years of experience in banking and M&A

24 14 15 1 (1) 15

Financial Performance

Gross Revenue (R$ 000)

23

53,316

38,720

31,491

10,260 14,153

3Q06 3Q07 9M 06 9M 07 9M 07PRO-FORMA

37.9%

69.3%

Adjusted EBITDA (R$ 000) and EBITDA Margin

24

5,816

33,920

8,615

19,189

24,325

73.2%

64.6%

3Q06 3Q07 9M06 9M07 9M07

48.1%

76.8%

PRO-FORMA

69.3%70.7%

Net Income (R$ 000)

25

16,233

9,614

415

(4,660)

3,730

3Q06 3Q07 9M 06 9M 07 9M 073,8

11%

PRO-FORMA

Gross Revenue Breakdown

9M07 Revenue Breakdown

RENTALS

SERVICES

Rent

Energy

Water

3Q07 Revenue Breakdown

Transfer Fee

Mall &Merchadising

Parking

Shopping CenterManagement

26

91%

4%5%

58%

1%5%

36%

91%

5%4%

59%

36%

4% 1%

7,503 8,369

22,56624,438

3Q06 3Q07 9M06 9M07

11.5% 8.3%

Revenue from Rentals (R$ 000)

Revenue from Rentals (Same GLA Rent)

27

Financial Performance/M2

119.6 118.8

367.9 361.4

3T06 3T07 9M06 9M07

87.7 90.6

287.5 284.9

3T06 3T07 9M06 9M07

77.3 84.0

255.1 264.5

3T06 3T07 9M06 9M07

Net Revenue NOI

Adjusted EBITDA Adjusted Net Income

-62,0

36.4

5.5

104.5

3T06 3T07 9M06 9M07

28

36.5

18.4

78.7

22.0

10.9

2007 2008 2009 2010 After 2010

Indebtedness

Amortization Schedule (R$ million)Term

R$ 166.5 million

29

28%

72%

Short term Long term

Cash (R$ million)

Total Cash: R$ 193.9 million

30

29.1

164.8

Debt amortization Net cash

Greenfield Case – Santana Parque Shopping

31

Search for property according to internal survey pointing supplyshortage in the region

Quantitative and qualitative market surveys on project

Surveys with main anchor tenants through internal and crossed data banks

MOU’s with anchors

Acquisition proposal – Higher bid than the competitors’ based on project’s potential and risk mitigation

Opened in October 25, 2007

Successful occupancy levels (97% leased of total GLA) and sales (30% higher than retailers’ expectations) at opening

Suzano has 290,000 inhabitants and annual population growthof 3.45%, above the state of São Paulo’s average growth, andqualified demand of approximately R$ 370 million/year

Suzano Shopping serves also the neighboring cities, such as Itaquaquecetuba, Poá and Ferraz de Vasconcelos, and it is theonly shopping center in the region

Located beside the region’s largest supermarket

Tenant mix is currently based on few anchor tenants, but it has potential for expansion of its GLA by over 50%, increasingthe flow of visitors and turning the mall into a regional shopping center

Potential for all complementary services adding revenues

Acquisition/Expansion Case – Suzano Shopping

32

Acquisition/Turn Around Case – Shopping Light

The only shopping center located in downtown São Paulo, above the Anhangabaú subway station, which has 63,000 users a day.

Demand potential above R$ 540 million a year

Public comprised of B and C consumer segments (82%), GSB’s target markets

Vacancy rate of approximately 25% at the time of acquisition byGSB due to market gap

GSB is addressing the large vacant area of this shopping center by improving the store mix, increasing the retail supply with greater sales potential, filling the vacant areas or replacing the existing ones (retail category management) and adding services to tenant mix

Potential for all complementary services adding revenues

33

Area chosen according to survey pointing supply shortage

60,000 square meter lot of land located in privileged area, without shopping malls in primary and secondary areas

Over 500 thousand inhabitants, mostly from the B anc C consumer segments (79% of total)

Demand in the neighboring area is R$ 1.9 billion per year

At the opening, the shopping center will have GLA ofapproximately 32,000 m² and a mix comprised of 165 stores

Power center with supermarket Carrefour and Home CenterC&C, both successful operations at the location

Shopping center has area for future expansion and mixed use, as it is located in area with potential for strong populationgrowth

Greenfield Case - Sulacap

34

Key Takeaways

Market‐driven company with retail approach

B and C consumption classes as target market

Innovative complementary services

Innovative shopping center operations and themes

35

Contacts

GSB INVESTOR RELATIONS

Alessandro Poli VeroneziInvestor Relations Director

Marcio SniokaInvestor Relations Manager

55 11 3159-5100

dri@generalshopping.com.br

www.generalshopping.com.br