Brascan Announces Results for First Quarter 2007

RIO DE JANEIRO, Brazil, May 16 /PRNewswire-FirstCall/ -- Brascan Residential Properties S.A. ("Brascan") (Bovespa: BISA3), a leading real estate developer focused on mainstream, high-end and luxury residential buildings, houses and master-planned communities in the metropolitan regions of the States of Sao Paulo and Rio de Janeiro, announced today results for first quarter 2007.

Financial and operating data are presented in Brazilian GAAP and Brazilian Reais (R$), and all comparisons refer to the same period of 2006.

  Highlights - 1Q 2007
  - Launched two projects with a potential sales value (PSV) of
    R$145 million.
  - Contracted sales, excluding the sale of investment units, increased
    133.6% year over year, reaching R$83.0 million.
  - Delivered two projects: (i) first phase of the Maisons Leblon - 42 units
    (23 Brascan share), with three-bedroom apartments located in Leblon -
    Rio de Janeiro targeted to high-end customers; and (ii) Condominium Club
    East Side - 250 units (225 Brascan share), with two bedroom apartments
    located in Paraiso - Sao Paulo targeted to the middle-class.
  - Land bank in terms of saleable area increased by 44.1% to 3.2 million m2
    and PSV totaled R$6.3 billion.
  - During the last Ordinary/Extraordinary General Meeting, three new board
    members were elected: Steve Douglas, Joel Korn and Omar Carneiro da
    Cunha. The Board of Directors is currently comprised of eight members,
    of which three are Independent Board Members.
  - Net revenue reached R$81.2 million.
  - EBITDA reached R$36 million and net income totaled R$25.2 million.
  - Cash and cash equivalents at March 31, 2007 totaled R$634.7 million.
  - Quarter-end gross debt totaled R$409.1 million compared to
    R$846.5 million at March 31, 2006.

  Conference Call
  English                        Portuguese
  May 16, 2007                   May 16, 2007
  10:00 a.m. (U.S. EDT)          12:00 p.m. (U.S. EDT)
  11:00 a.m. (Brasilia Time)     1:00 p.m. (Brasilia Time)
  Phone: +1 (973) 935-8893       Phone: +55 (11) 2101-4848
  Replay: +1 (973) 341-3080      Replay: +55 (11) 2101-4848
  Code: 8712654                  Code: Brascan

  IR Contact:
  Horacio Piedras
  Phone. +55 (21) 3823-7520
  e-mail: ri@brascan.com.br

To access the complete document, please visit our website: http://www.brascanresidential.com.br/ri