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

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, [phone], [e-mail] Daniela Ueda, FIRB, [phone], [e-mail]