General Shopping Brasil Posts 74.3% Increase in Gross Revenue in 2Q08 and 67.6% in...

General Shopping Brasil Posts 74.3% Increase in Gross Revenue in 2Q08 and
67.6% in 1H08. Adjusted EBITDA Rises 96.0% in 2Q08

SAO PAULO, Brazil, Aug. 14 /PRNewswire-FirstCall/ - General Shopping
Brasil S/A [Bovespa: GSHP3], one of the largest shopping mall companies in
Brazil, announces its second quarter 2008 earnings results.
Operating and financial highlights
-- General Shopping Brasil's gross revenue totals R$ 21.3 million, up
74.3% over R$ 12.2 million in 2Q07. In 1H08 gross revenue adds up to R$ 41.2
million, up 67.7% over 1H07
-- Same store lease in 2Q08 increases 10.5% over 2Q07
-- 2Q08 consolidated NOI reaches R$ 16.6 million, with 84.2% margin, up
104.9% over R$ 8.1 million in 2Q07. In 1H08 NOI totals R$ 31.6 million, with
83.5% margin, up 86.9% over 1H07
-- Same-store NOI/m2 in 2Q08 increases 39.2% over 2Q07
-- Gross profit totals R$ 13.8 million in 2Q08, with 70.0% margin, up
97.1% over R$ 7.0 million in 2Q07. In 1H08 gross profit totals R$ 25.1
million, with 66.3% margin, up 87.9% over 1H07
-- Adjusted EBITDA totals R$ 14.6 million in 2Q08, with 73.9% margin, up
96.0% over R$ 7.5 million in 2Q07. In 1H08 adjusted EBITDA totals R$ 27.7
million, up 76.3% in comparison with 1H07
-- Same-store vacancy rate decreases from 2.5% in 2Q07 to 1.4% in 2Q08,
enabling company's total vacancy rate to decline to 3.7% in 2Q08
-- Company issues real estate receivables certificate worth R$ 180 million
with ten-year term and interest of 11% per year indexed to the TR rate.
For further details on GSB's 2Q08 earnings, click on the link below:
http://release.firb.com/general_shopping/GSB_release_2Q08_ENG.pdf

CONFERENCE CALLS ON THE 2Q08 EARNINGS

August 15, 2008

IN ENGLISH
2:30 p.m (EDT)

Dial-in Phone Numbers
Parties from Brazil 11 4688-6301
Toll-free from the U.S. 1-888-700-0802
Parties from other countries 1-786-924-8430

IN PORTUGUESE
1:00 p.m. (EDT)

Dial-in Phone Number
55 11 4688-6301

SOURCE General Shopping Brasil S/A

General Shopping Brasil Investor Relations, +011-55-11-3159-5100,
dri@generalshopping.com.br; or Daniela Ueda, FIRB - Financial Investor
Relations Brasil, +011-55-11-3897-6857, daniela.ueda@firb.com, for General
Shopping Brasil