General Shopping Brasil: Adjusted EBITDA Increases 67.8% in 4Q08, with Margin at 74.9%

Adjusted FFO Totals R$ 6.3 Million and Adjusted Net Profit Amounts to R$ 3.5 Million in 4Q08

SAO PAULO, Brazil, March 20 /PRNewswire-FirstCall/ -- General Shopping Brasil S/A [Bovespa: GSHP3], one of the largest shopping mall companies in Brazil, announces today its fourth quarter 2008 (4Q08) and 2008 earnings results.

    Operating and financial highlights

    - General Shopping Brasil's gross revenue totaled R$ 30.5 million in 4Q08,
      up 46.3% in comparison with R$ 20.9 million in 4Q07. Gross revenue
      totaled R$ 94.0 million in 2008, up 57.8% over R$ 59.6 million in 2007;

    - Consolidated NOI reached R$ 24.6 million in 4Q08, with margin at 86.2%,
      up 65.3% over R$ 14.9 million in 4Q07. The NOI was R$ 73.3 million in
      2008, with margin at 84.3%, up 78.4% over 2007;

    - Gross profit was R$ 21.9 million in 4Q08, with margin at 76.6%, up 67.7%
      over R$ 13.1 million in 4Q07. In 2008, gross profit was R$ 61.3 million,
      with margin at 70.5%, up 79.8% over 2007;

    - The adjusted EBITDA was R$ 21.4 million in 4Q08, with margin at 74.9%,
      up 67.8% in comparison with R$ 12.8 million in 4Q07. The adjusted EBITDA
      totaled R$ 64.0 million in 2008, with margin at 73.6%, up 72.6% from
      2007;

    - Adjusted FFO totaled R$ 6.3 million and adjusted net profit amounted to
      R$ 3.5 million in 4Q08;

    - Conclusion of expansion of shopping malls Suzano Shopping and
      Internacional Shopping Guarulhos added 6,463 square meters and 3,000
      square meters of GLA, respectively;

    - Issuance of R$ 70 million worth of Real Estate Receivables Certificates
      (CRIs), with total term of 10 years for short-term debt structuring.

    For further details on GSB's 4Q08 earnings, click on the link below:
    http://release.firb.com/general_shopping/GSB_release_4Q08_FINAL.pdf

    CONFERENCE CALLS ON THE 4Q08 AND 2008 EARNINGS
    March 24, 2009

    IN ENGLISH
    12:00 p.m (ET)

    Dial-in Phone Numbers
    Parties from Brazil                     11 4688-6301
    Toll-free from the U.S.               1-888-700-0802
    Parties from other countries          1-786-924-6977

    Webcast: http://www.prnewswireweb.com.br/player/?id=386

    IN PORTUGUESE
    10:00 a.m. (ET)

    Dial-in Phone Number
    55 11 4688-6301

    Webcast: http://www.prnewswireweb.com.br/player/?id=385

    Contact:
    GSB Investor Relations Area, +55 11 3159-5100, dri@generalshopping.com.br
    Daniela Ueda, FIRB, +55 11 3897-6857, daniela.ueda@firb.com

SOURCE General Shopping Brasil SA