Fourth Quarter Of 2007

Fourth Quarter of 2007 Earnings Release and Supplementary Financial Information

Conference Call Portuguese March 25, 2008 11:00 a.m. (Brasília) 10:00 a.m. (U.S. EST) Tel: +55 (11) 2188-0188 Replay: +55 (11) 2188-0188 Code: MULTIPLAN

English March 25, 2008 12:30 a.m. (Brasília) 11:30 a.m. (U.S. EST) Tel: +1 (973) 935-8893 Replay: +1 (706) 645-9291 Code: 34843673 1

4Q07 Earnings Release

Multiplan announces EBITDA Growth in 2007 of 48% to R$212.2 million Rio de Janeiro, March 24, 2007 – Multiplan Empreendimentos Imobiliários S.A. (Bovespa: MULT3), the largest mall owner and manager in Brazil in terms of revenue, the most profitable company in the sector, with a portfolio of 13 owned malls (three under development and ten operational and consolidated, five of which are being expanded), announces its results for the fourth quarter of 2007. Except where stated otherwise, the financial and operating data herein is based on consolidated data in Brazilian real, in accordance with generally accepted accounting principles in Brazil.

FINANCIAL AND OPERATING HIGHLIGHTS

Gross Revenue

▲33.4%

Change 2007/2006 Adjusted EBITDA Ajusted Income

▲47.5%

▲73.2%

Adjusted FFO

▲67.7%

Gross revenue was R$112.4 million in the quarter, up 24.8% versus the R$90.1 million in 4Q06. In 2007, gross revenue totaled R$368.8 million, growing 33.4% in relation to the R$276.5 million in 2006. Adjusted EBITDA increased 26.8% to R$67.2 million, from R$53.0 million in 4Q06. In the year, Adjusted EBITDA grew by 47.5% to R$212.2 million, from R$143.8 million in 2006. Adjusted Income in the quarter increased by 34.4% to R$61.4 million, compared with R$45.7 million in 4Q06. In 2007, Adjusted Income was R$176.5 million, 73.2% higher than R$176.5 million a year earlier. Adjusted FFO was R$68.6 million in the quarter, 35.5% higher year on year. In 2007, FFO grew by 67.7% to R$200.2 million, from R$119.4 million in 2006. Two expansions were announced at the ParkShopping mall, in Brasília, increasing GLA by 27%. Only the front mall area expansion should increase by 20% its operating income. (page 18) New greenfield project: Shopping Maceió, in partnership with Aliansce, a project that will pave the way for Multiplan’s operations in the North and Northeast regions of Brazil. (page 19) Two separate acquisitions of minority interests in MorumbiShopping, increasing our interest in one of Brazil’s most profitable malls from 56.3% to 65.8%. (page 20) Acquisition of a 36,748 sq.m. land for future commercial development in the Barra da Tijuca neighborhood of Rio de Janeiro, one of the cities fastest-growing real estate markets. (page 21)

Operating Highlights (R$ ‘000) Gross Revenue Net Revenue Adjusted Income Income Margin Adjusted EBITDA Adjusted EBITDA Margin EBITDA Shopping Centers EBITDA Shopping Margin GLA Own SC's Multiplan GLA

4Q07

4Q06

Chg. %

2007

2006

Chg. %

112,364 102,170 61,358 60.06% 67,213 65.79% 66,776 74.19% 392,295 m² 257,377 m²

90,068 81,833 45,664 55.80% 53,029 64.80% 55,452 72.20% 373,480 m² 214,529 m²

▲24.8% ▲24.9% ▲34.4% ▲4.3 p.p ▲26.7% ▲1.0 p.p ▲20.4% ▲2.0 p.p ▲5.0% ▲20.0%

368,792 336,393 176,462 52.46% 212,163 63.07% 204,809 71.98% 392,295 m² 257,377 m²

276,487 252,970 101,867 40.27% 143,804 56.85% 153,889 66.83% 373,480 m² 214,529 m²

▲33.4% ▲33.0% ▲73.2% ▲12.2 p.p ▲47.5% ▲6.2 p.p ▲33.1% ▲5.1 p.p ▲5.0% ▲20.0%

2

4Q07 Earnings Release

LETTER FROM THE CEO Dear Shareholders, It is a pleasure to present you our 2007 financial statements. The year was marked by the increase of the economic stability in Brazil initiated with the Real Plan which lead to an inflation reduction, increase in per capita income, credit expansion, primary surplus in public accounts, reduction on the country’s risk, among other positive indicators. Several bottlenecks that obstructed growth were eliminated, allowing a significant increase in the volume of foreign direct investment and making the country one of the most promising economies in the international scenario. We continue to be very optimistic and confident in the Brazilian economy, although cautious and observant of possible unfoldings in the international market which might affect the business environment in Brazil. By concluding 2007 with the results which will be presented shortly, Multiplan once again proves its management capability. Our long experience and track record of recognized success in the real estate market and also relevant participation in the Brazilian shopping centers market, our main focus, qualify us to face new challenges, raising us to a level above our competition. It was an intense year in Multiplan’s history, marked by our IPO in July which raised R$ 666 million and speeded up the Group’s expansion program. We began the construction of two new shoppings, one in Porto Alegre and other in São Paulo; acquired Patio Savassi, consolidating our position in Belo Horizonte by owning the three main shopping center’s of Minas Gerais’ capital; and announced the expansion of five of our projects. Looking forward to future developments, we are dedicated to select and purchase land in strategic locations. Efforts are also being made to acquire participation of minority stakes in our already consolidated portfolio. Why do we stand out? Because we have the characteristics that highlight our responsible management, such as ethics and transparency, and our long term focus which are able to bring the best and most profitable projects, maximizing shareholders’ returns. Multiplan’s brand is on the country’s most sophisticated and with highest quality shopping centers, with an intense traffic of consumers and a well planned tenant mix. Due to our quality standards we have a strong relationship with retailers - our attractiveness is among the highest in the country. Today we own and manage 12 shopping centers, two of which are under construction, with over 2600 stores and an annual traffic of approximately 141 million consumers. To our shareholders we can assert that we are pleased with our results. In 2007 our shopping center portfolio had expressive sales, over R$ 4.3 billion, a 20% increase when compared to the previous year. Our gross revenues reached R$ 369 million, growing above 33% and the occupancy rate of our shoppings was 97,4%, that is practically fully leased. Our adjusted net income reached R$ 176 million, a 73% growth over 2006 figures. Our adjusted EBITDA was R$ 212 million, a significant increase of 50% over last year results. Besides the existing developments, we are also working on new projects. Among them is BarraShoppingSul, the largest shopping center in the southern region of the country. The project, which is already 100% leased, forecasts 66 thousand square meters of GLA and will be inaugurated in the second semester of 2008 in Porto Alegre, Rio Grande do Sul. We also recently strated to lease areas in a new shopping center in São Paulo, Shopping Vila Olimpia, which is currently under construction and will be ready by 2009. In 2008 our growth rhythm will be even more intense. We are preparing to launch Maceio Shopping Center in Alagoas, our first investment in the Northeasrtern region of the country as well as other developments which will be announced soon. Aware of consumers’ desire to solve their everyday demands in a single location, we are investing on a new trend in Brazil, the mixed-use projects. A project with commercial and residential buildings, entertainment facilities, shopping center and hotel is being foreseen beside the highly valued MorumbiShopping in São Paulo. The project’s concept expects to take advantage of the high traffic of potential consumers, capturing for our shareholders all the value surrounding a shopping center project. We will continue to evaluate all opportunities to acquire third party shopping centers. But, due to our team’s large experience and our focus on maximizing shareholders’ returns, we will pursue the strategy to develop Greenfield

3

4Q07 Earnings Release projects – an important characteristic of Multiplan’s history in which we acquire areas, create projects with innovative concepts and manage them after construction. During the year of 2008 we will announce new projects both in the residential and commercial real estate segments. We will also announce several new shopping centers, in line with our strategy of having the best shopping centers and to be the best developer in each city we are present. Thank you very much, José Isaac Peres CEO of Multiplan

4

4Q07 Earnings Release

FINANCIAL HIGHLIGHTS Overview Multiplan is the largest mall company in Brazil, developing, owning and managing one of the largest and highestquality mall portfolios, with over 30 years of experience in the sector. The company also has strategic operations in the residential and commercial real estate development sector, generating synergies for its mall-related operations and capitalizing on the price appreciation our malls create on adjacent land properties. On December 31, 2007, Multiplan managed 10 own shopping malls, for total GLA of 392,295 sq.m., 2,631 stores and estimated annual traffic of 141 million consumers, placing the company among the largest mall operators in Brazil, according to the Brazilian Shopping Mall Company (ABRASCE). The company's position as a major player is also borne out by the significant number of awards it has garnered, including winning the "Management Excellence" award – the most coveted and disputed recognition among shopping mall managers – for three straight years. Seeking to control and exercise its management excellence, Multiplan holds majority equity interests in 10 of the 13 malls in its portfolio (including the three malls under development) and currently manages all operating malls.

Consolidated Financial Statements (R$ '000) Rent Service Revenue Key Money Parking Revenue Real Estate Sales Other Gross Revenue Revenue Tax Net Revenue Headquarters Non-recurring expenses (IPO) Shopping Center Parking Cost of Real Estate Sold Equity pickup Amortization Financial Revenue Financial Expenses Non-recurring financial expenses Depreciation Other Operating Revenues/Expenses Operational Income Non-Operating Income Income Before Taxes Tax Income and Social Contribution Deferred Taxes Participation of the minority interests Net Income

Adjusted EBITDA* EBIT FFO Adjusted Income * Adjusted EBITDA is described on page 13.

4Q07 77,001 16,401 5,091 13,333 154 384 112,364 (10,194) 102,170 (17,551) (14,032) (6,437) (1,638) 4,194 (31,884) 11,570 (4,595) (7,263) 434 34,968 74 35,042 (975) (4,504) (88) 29,474

4Q06 71,259 8,360 4,782 3,082 2,585 90,068 (8,236) 81,833 (15,014) (6,229) (11,826) (1,658) (826) (27,594) 2,570 (4,630) (4,965) 522 12,182 (2) 12,180 (603) 1,150 (886) 11,841

Chg. % ▲8.1% ▲96.2% ▲6.4% ▲332.5% ▼94.0% ▲0.0% ▲24.8% ▲23.8% ▲24.9% ▲16.9% ▼100.0% ▲18.7% ▲0.0% ▼1.2% na ▲15.5% ▲350.3% ▼0.8% ▲0.0% ▲46.3% ▼17.0% ▲187.0% na ▲187.7% ▲61.8% na ▼90.0% ▲148.9%

2007 239,394 52,332 18,902 38,718 19,062 384 368,792 (32,399) 336,393 (54,951) (13,344) (46,866) (20,123) (12,618) 8,027 (118,260) 23,470 (22,250) (23,700) (23,712) 1,245 33,309 1,057 34,366 (1,813) (11,230) (165) 21,158

2006 193,079 44,744 13,606 9,422 15,572 64 276,487 (23,517) 252,970 (67,524) (20,081) (32,870) (8,698) (1,529) (83,446) 11,519 (14,597) (30,530) (17,511) 505 (11,792) 949 (10,843) (13,618) 324 (8,053) (32,190)

Chg. % ▲24.0% ▲17.0% ▲38.9% ▲310.9% ▲22.4% ▲497.5% ▲33.4% ▲37.8% ▲33.0% ▼18.6% ▼33.5% ▲42.6% ▲0.0% ▲45.1% na ▲41.7% ▲103.8% ▲52.4% ▼22.4% ▲35.4% ▲146.7% na ▲11.4% na ▼86.7% na ▼97.9% na

67,213 28,066 68,621 61,358

53,029 20,470 50,629 45,664

▲26.7% ▲37.1% ▲35.5% ▲34.4%

212,163 70,191 200,174 176,462

143,804 42,847 119,378 101,867

▲47.5% ▲63.8% ▲67.7% ▲73.2%

5

4Q07 Earnings Release Gross Revenue

Growth in all revenue lines

Multiplan's gross revenue grew by 24.8% to R$112.4 million in 4Q07, compared with R$90.1 million in 4Q06, driven mainly by the higher revenues from rent, services and parking operations. In 2007, gross revenue was R$368.8 million, 33.4% higher versus 2006. Revenue Growth and Breakdown - 4Q07 and 2007 (R$ ‘000) (R$ ‘000) +10,250

+384 112,364

Others, 0.1%

-2,431 +8,041

Real Estate Sales, 5.2%

+308

Parking, 10.5%

+5,742

Minimum, 84.3% Rent, 64.9%

Key Money, 5.1%

90,068

Services, 14.2% Merchandising, 11.2% Gross Revenue 4Q06

Rent

Services

Key Money

Parking

Real Estate Sales

Others

Overage, 4.5%

Gross Revenue 4Q07

Gross Revenue 4Q07 vs. 4Q06

Revenue Breakdown - 2007

1. Store Rent

Increased due organic growth, expansions and acquisitions

Rent revenue in 4Q07 was R$77.0 million, up 16.5% in relation to the R$66.1 million recorded in 4Q06. The main driver of rent revenue was the organic growth in revenue from the shopping mall operations, as well as the acquisitions made in the period (conclusion of the acquisition of the interests of 83.8% in Shopping PátioSavassi, 45% in IBR in the DiamondMall and 9.5% in MorumbiShopping) and the opening of the expansion at MorumbiShopping. This figure does not include the revenue of R$1.7 million generated in 4Q07 from the acquisition of an additional 20% interest in RibeirãoShopping, which will be included in the company's balance sheet and operating income in 2008, but does consider the 6% interest reduction in ParkShoppingBarigüi, in exchange for a land adjacent to the mall. Rent Revenue/Shopping (R$ '000) 4Q07 4Q06 Chg. % 2007 2006 Chg. % ▼0.9% ▲7.5% 11,217 BHShopping 11,315 36,755 34,189 ▲10.3% 4,652 RibeirãoShopping 4,218 14,972 12,197 ▲22.8% ▲0.1% 15,264 BarraShopping 15,249 50,773 44,121 ▲15.1% ▲29.4% MorumbiShopping 17,420 13,466 52,031 36,314 ▲43.3% ▲4.5% ParkShopping 5,954 5,700 19,101 16,499 ▲15.8% ▲46.5% DiamondMall 6,519 4,450 20,711 10,802 ▲91.7% ▲4.7% ▲23.5% New York City Center 1,427 1,363 5,067 4,101 ▲12.8% Shopping AnáliaFranco 3,685 3,268 11,928 10,394 ▲14.8% ▲2.7% ParkShoppingBarigüi 7,275 7,085 22,791 19,272 ▲18.3% Pátio Savassi 3,580 - ▲100.0% 5,245 - ▲100.0% ▲0.4% ▼62.6% BarraShoppingSul 7 7 20 53 Sub-Total 77,001 66,121 ▲16.5% 239,394 187,941 ▲27.4% Increase in Accounts Receivables 5,138 ▼100.0% 5,138 ▼100.0% ▲8.1% 239,394 193,079 ▲24.0% 77,001 Portfolio Total 71,259 +9,6%

Lease revenue benefited by the increase in SSR R$/sq.m.

The 9.0% increase in same store rent/sq.m. was a key factor in this growth, showing Multiplan's capacity to deliver services, as well as its strong brand and sales growth that translates into higher rent rates.

922

1,011

+9,0%

285

310

4Q06

4Q07

2006

2007

‘

Same Store Rent R$/sq.m. Evolution

6

4Q07 Earnings Release Tenants success reduces delinquency and boosts revenue

Similarly, the good financial health of tenants led to lower deliquency rates supporting revenues increase. 6.4%

6.6% 6.7% 6.8%

2006

5.8%

5.5%

4.8%

2007

Jan

Average delinquency in 2007 vs. 2006

Feb

Mar

4.7%

Apr

May

4.3% 4.1%

Jun

Jul

Aug

5.0% 3.6%

Sep

Oct

2.7%

Nov

2.1%

Dec

Delinquency by Month in 2007

High occupancy rates open up expansion opportunities

The average occupancy rate in 2007 was 97.4%, one of the factors that stimulate Multiplan to accelerate its expansion plans and announce new expansions. 97,4%

99.4%

98.9%

99.0%

98.9% 98.1%

98.0%

96,0%

96,1%

95,4%

95.4% 94.4%

PSV

PKB

SAF

NYCC

DMM

PKS

2007

MBS

2006

BRS

2005

Annual Occupancy Rates

94.3%

RBS

2004

BHS

94,2%

2003

BHS: BHShopping RBS: RibeirãoShopping BRS: BarraShopping MBS: MorumbiShopping PKS: ParkShopping DMM: DiamondMall NYCC: New York City Center SAF: Shopping AnáliaFranco PKB: ParkShoppingBarigüi PSV: Pátio Savassi

97.0%

Average Monthly Occupancy Rate by Mall in 2007

Due to these expansion and renovation projects, some tenants were relocated in the shopping mall or in the future expansion, generating temporary vacancies in malls such as BHShopping, BarraShopping, DiamondMall and ParkShopping. The vacancy at Shopping AnáliaFranco is related to the anchor store FastShop, which is scheduled to open in 2008 (GLA of 1,999.30 sq.m.).

With successful sales, more stores are starting to pay overage rent

Given the sales growth of 17.4% year on year in the quarter, the overage rent at malls increased by 65.3%, mainly due to the number of stores surpassing the equilibrium point between the minimum rent and the rent based on a percentage of sales in the month established in the rent contract. +15,9%

+20.7%

11,263

4,320,849

9,720

3,581,348 +17.4%

+11,4%

1,173,432

1,377,449

4Q06

4Q07

2006

Sales Growth - 4Q07 and 2007 (R$ ‘000)

2007

3,151

3,510

4Q06

4Q07

2006

2007

Same Store Sales R$/sq.m

Higher traffic has led to an increase in merchandising revenue

The minimum rent rose by 12.0% and this growth was adversely affected by the shopping malls that were forced to give up space for expansions and renovations. Meanwhile, merchandising revenue grew by 38.2% year on year in 4Q07 and by 14.5% in the year, driven by an increase in rent contracts and/or higher rent rates. This demand is supported by the increase in customer flows/year of 11% to 141 million people, offering excellent brand exposure to a high-quality public.

7

4Q07 Earnings Release Rent Revenue/Shopping (R$ '000) Minimum BH Shopping 9,455 RibeirãoShopping 3,758 BarraShopping 13,559 MorumbiShopping 14,216 ParkShopping 4,569 DiamondMall 5,652 New York City Center 1,156 Shopping AnáliaFranco 2,902 ParkShoppingBarigüi 5,991 Shopping PátioSavassi 2,864 BarraShoppingSul (BIG) 7 Portfolio Total 64,128

4Q07 Overage Merchandising Minimum 397 1,365 9,899 231 663 3,646 411 1,295 13,690 679 2,525 11,710 463 922 4,444 418 449 4,164 109 162 1,171 257 526 2,659 398 886 5,857 348 368 7 3,712 9,162 57,246

4Q06 Overage Merchandising 216 1,200 135 438 337 1,222 178 1,578 482 773 101 184 48 145 194 416 555 673 2,246 6,629

Rent Revenue/Shopping (R$ '000) Minimum BH Shopping 31,385 RibeirãoShopping 12,446 BarraShopping 44,763 MorumbiShopping 43,266 ParkShopping 15,013 DiamondMall 17,941 New York City Center 4,302 Shopping AnáliaFranco 9,461 ParkShoppingBarigüi 18,941 Shopping PátioSavassi 4,214 BarraShoppingSul (BIG) 20 Portfolio Total 201,753

2007 Overage Merchandising Minimum 1,145 4,225 28,955 609 1,917 10,075 1,535 4,475 39,000 2,249 6,516 30,414 1,380 2,708 13,052 1,263 1,507 9,693 214 550 3,495 744 1,723 8,547 1,226 2,624 15,356 474 558 53 10,838 26,803 158,641

2006 Overage Merchandising 630 4,604 397 1,725 962 4,159 586 5,314 1,026 2,421 325 783 101 505 423 1,423 1,449 2,467 5,898 23,401

Breakdown of Rent Revenue (R$ ‘000) +3,402 +2,532

+4,940

77,001

239,394

+43,112

+1,466 +6,882

187,941

Rent Revenue – 4Q07 vs. 4Q06 * Does not consider increase in accounts receivables $ ‘000)

Rent 2007

Merchandising

Overage

Minimum

Rent 2006

Rent 4Q07

Merchandising

Overage

Minimum

Rent 4Q06*

66,121

Rent Revenue – 2007 vs. 2006 (R$ ‘000)

Consistent growth in rent revenue per sq.m. in the year

All malls posted a double-digit increase in rent per sq.m., demonstrating the strong potential for organic growth in Multiplan's portfolio. Although DiamondMall posted an increase of 91.7% in its income for Multiplan, it was the only mall not to post growth over 10%, which was due to its market place remodeling, the conclusion of which is anxiously awaited in Belo Horizonte. In 2007, Multiplan posted an increase in rent/sq.m. of 11.1% year on year, and expects to repeat this performance in 2008.

8

4Q07 Earnings Release Minimum and Overage Rent /Shopping (R$ '000) 2007 BH Shopping 32,530 RibeirãoShopping 13,056 BarraShopping 46,298 MorumbiShopping 45,515 ParkShopping 16,393 DiamondMall 19,204 New York City Center 4,516 Shopping AnáliaFranco 10,205 ParkShoppingBarigüi 20,167 Shopping PátioSavassi 4,687 BarraShoppingSul (BIG) 20 Portfolio Total 212,591

2006 29,585 10,472 39,962 30,999 14,078 10,019 3,596 8,970 16,805 53 164,40

Chg. % ▲10.0% ▲24.7% ▲15.9% ▲46.8% ▲16.4% ▲91.7% ▲25.6% ▲13.8% ▲20.0% ▲100.0% ▼62.6% ▲29.2%

R$/sq.m. 2007 1,147 593 1,298 1,258 696 1,026 409 865 580 360 1 852

2006 1,043 476 1,129 1,001 598 1,073 326 761 481 7 767

Chg. % ▲10.0% ▲24.5% ▲15.0% ▲25.6% ▲16.4% ▼4.4% ▲25.6% ▲13.8% ▲20.5% ▲100.0% ▼81.3% ▲11.1%

2. Services

Service revenue boosted by mall improvements and new malls

Revenue from services increased by 96.2%, from R$8.4 million in 4Q06 to R$16.4 million in 4Q07. The main drivers of this increase were the new revenue stream from management of Pátio Savassi, the higher brokerage fee revenue from the leasing of projects under development and merchandising contracts, associated with the better performance of the shopping malls. On the other hand, the restruction of the companies by the end of 2006 led to a reduction of R$ 2.3 million in accounts receivable for services. Considering this adjustment, services revenue would have grown by 53.9%. This reduction only impacted the revenues of own shopping centers and is referring to the brokerage fees charged by CCP to Multiplan. As announced in its 3Q07 earnings release, Multiplan no longer manages third-party malls, dedicating 100% of its efforts and know-how in shoppings where it holds interest. As such, since December 2007, the company ceased managing the four malls in which it does not hold any ownership: Shopping Recreio and Sider Shopping (both in Rio de Janeiro), and Shopping Eldorado and ShoppingColinas (both in São Paulo). Services Revenue/Group (R$ ‘000) Owned Shopping Centers Third-Party Shoppings Centers Real Estate Portfolio Total

4Q07 14,737 1,300 365 16,401

4Q06 6,694 1,404 261 8,360

Chg. % ▲120.1% ▼7.4% ▼16.9% ▲96.2%

3. Key Money

Excellent prospects from new developments

Revenue from key money (sale of the rights for tenants to operate in the malls) grew by 6.5% in the quarter to R$5.1 million, from R$4.8 million in 4Q06. This growth derived mainly from the expansion of MorumbiShopping and the recent acquisition of Shopping PátioSavassi, of IBR (DiamondMall) and of Solução and Philips (MorumbiShopping) Key Money Revenue/Type (R$ '000) Operational (recurring) New Projects Key Money (non-recurring) Total

4Q07 2,325 2,765 5,091

4Q06 2,615 2,167 4,782

Chg. % ▼11.1% ▲27.6% ▲6.5%

In 2007, Multiplan signed 534 new contracts, involving key money revenue of R$61 million and an area of 73,700 sq.m., confirming the company's lease capability as well as tenants interest in Multiplan shopping malls. According to Brazil's accounting standards, key money should be recognized into income over the lease period, therefore, the contracts for Multiplan's new developments are accrued in the expected income line and will be recognized as of the respective openings. This line grew from R$57.0 million at the close of 2006 to R$96.4 million at the close of 2007, showing the increase in the stream of future revenue for Multiplan.

9

4Q07 Earnings Release 4. Parking

Parking gross revenue increased by 3 fold

Revenue from parking operations in 4Q07 was R$13.3 million, increasing by 332.5% from the R$3.1 million in 4Q06. The main factor of this increase was the recognition of gross revenue from parking starting in 2Q07, which contrasts with Multiplan's previous method of recognizing the net revenue corresponding to its interest. Multiplan expects the revenue streams from the parking operations at ParkShoppingBarigüi and Shopping AnáliaFranco to start in 2008. Parking Revenue/Shopping (R$ '000) BHShopping BarraShopping MorumbiShopping DiamondMall New York City Center Shopping PátioSavassi Total

4Q07 1,566 4,535 4,621 818 951 842 13,333

4Q06 426 936 996 356 368 3,082

Chg. % ▲267.6% ▲384.4% ▲363.8% ▲130.2% ▲158.2% ▲100.0% ▲332.5%

5. Real Estate

Centro Profissional MorumbiShopping: Construction concluded!

Development revenue in 4Q07 was R$0.2 million, compared with R$2.6 million in 4Q06, mainly due to the conclusion of Centro Profissional MorumbiShopping in October 2007, with revenue in 4Q07 coming almost exclusively from the monetary indexation of deferred revenue.

MBS Real estate: before construction…

…during…

... and successfully completed!

Expenses 1. Mall Expenses

Efficiency gains with revenue growth outpacing costs

Mall expenses increased from R$11.8 million in 4Q06 to R$14.0 million in 4Q07, growing by 18.7% and lagging the growth of 24.8% in gross revenue. This efficiency gain was due to cost reduction in administrative areas and in mall condominium operations. These reductions led to declines in expenses with fees of 24.1%, even considering the expenses with stores reserved for future expansions. The increase of 18.7% in the year was mainly generated by costs with the brokerage fees of the new projects, which totaled R$2.5 million in 4Q07, demonstrating Multiplan's excellent success in leasing its development projects. 2. Parking Expenses

Parking Net results demonstrate the success of new operations

By fully incorporating the revenue from its new parking operations into its income statement, Multiplan also began recording a new expense line related to the parking operations. In 4Q07, these expenses totaled R$6.4 million. Previously, the parking operations were considered as net revenue included in the company's income statement, which distorted operating margins. Through its administrator MTA, Multiplan was able to double its net parking revenue in 2007 versus 2006. The result should continue to grow meaningfully, given that, at the moment, parking fees are charged in only five shopping malls.

10

4Q07 Earnings Release Net Revenues (R$ '000) Parking Revenue Parking Expenses Total

4Q07 13,333 (6,437) 6,896

4Q06 Chg. % 3,082 ▲332.6% na 3,082 ▲123.8%

2007 38,718 (20,123) 18,594

2006 9,422 9,422

Chg. % ▲310.9% na ▲97.3%

3. Operating and Development Expenses

Investments in developing a new pipeline

Head office expenses in the quarter increased by 16.9% year on year. These costs are directly linked to a variety of projects under development. Also included in these expenses are purchase options and expenses with land prospecting for future developments. Excluding the development expenses, Multiplan reduced its costs by 3% as a result of the processes implemented at the end of 2006, such as the consolidation of subsidiaries, the dissolution of other subsidiaries and the implementation of more advanced management systems. G&A Expenses (R$ '000) Shopping Development Total

4Q07 9,201 8,349 17,551

4Q06 9,524 5,490 15,014

Chg. % ▼3.4% ▲52.1% ▲16.9%

2007 32,858 22,093 54,951

2006 43,506 24,017 67,523

Chg. % ▼24.5% ▼8.0% ▼18.6%

Consolidation of subsidiaries and expenses reduction yield results

Head office expenses in 2007 were down 18.6% versus a year earlier, and were 9.2% lower than the amount planned at the start of the year of R$60.5 million, as shown in the chart below. The lower costs reinforce the investments and consolidations described above, as well as the company's determination to cut expenses in all sectors, seeking to achieve higher returns for investors. 67,524

-18.6% -9.2%

60,525

54,951

2006

2007

2007 Plan

G&A Expenses: Actual 2006 vs. Actual 2007 vs. Planned 2007 (R$ '000)

Cost of Property Sold and Equity Pick-Up

As construction progresses, Royal Green Península generates revenue

The cost of property sold decreased by 1.2%, from R$1.66 million in 4Q06 to R$1.64 million in 4Q07, principally due to the conclusion of the Centro Profissional MorumbiShopping development. These costs were recognized in accordance with the physical and financial performance up to the issue of the occupancy license. Construction was concluded in October and the keys were delivered in December 2007. The Centro Profissional MorumbiShopping had total success in its sales, confirming the exceptional liquidity in mixed-use projects integrated to shoppings. From the total offices, 6 were paid as groundlease and 12 were maintened for future Multiplan branch in São Paulo. The total value of these offices is estimated at R$ 7.7 millions. Royal Green Península registered very strong revenue growth given the accelerated pace of construction in 2007, with conclusion of construction expected before the end of this year. As of December 31, 2007, almost 87% of apartments had already been sold. The results from the interest in Royal Green Peninsula in 4Q07 are recognized in the equity income line. (R$ '000) Revenue Royal Green Península 10,538 Centro Profissional MorumbiShopping 0 Others 154 Total 10,692

4Q07 Cost 6,399 1,638 0 8,036

4Q06 Margin 39.3% -100.0% 100.0% 24.8%

Revenue 1,459 2,585 0 4,044

Cost 2,251 1,658 0 3,909

Margin -54.3% 35.9% 0.0% 3.3%

11

4Q07 Earnings Release

Details of the Real State Projects Acummulated (R$ '000) Revenue Cost Margin Royal Green Península 39,909 27,788 30.4% Centro Profissional MorumbiShopping 38,235 23,486 38.6% Total 78,144 51,274 34.4%

Revenue 72,559 45,694 118,253

Budget Cost 42,430 23,839 66,268

Margin 41.5% 47.8% 44.0%

Financial Results, Debt and Cash

New acquisitions impact on capital structure

As a result of the amortization of debt, total loans and financing declined from R$42.8 million in 3Q07 to R$38.3 million in 4Q07 Regarding non-bank debt, the acquisitions of interest owned by PSS in MorumbiShopping and in RibeirãoShopping (R$92.9 million) and the acquisition of Goldman Sachs shares (R$47.0 million) accounted for the largest part of gross debt. Multiplan has a comfortable level of debt that is substantially lower than in 1Q07. The company aims to increase debt as its developments require additional capital and as new attractive acquisition opportunities emerge. Financial expenses remained practically unchanged, while the net proceeds from the IPO led to higher financial revenue.,improving the net financial result in the quarter, when compared with 4Q06. Historical debt R$ 800 M R$ 700 M

31.8 x

R$ 600 M R$ 500 M R$ 400 M R$ 300 M 5.2 x

R$ 200 M

3.9 x

3.9 x

4Q06

1Q07

5.5 x 3.2 x

3.1 x

1.9 x

R$ 100 M 1Q06

Debt (Banks)

2Q06

3Q06

Debt (Others)

2Q07

3Q07

4Q07

(#.#x) Gross Debt/Quarter EBITDA

Debt composition in 4Q07 Institutions (R$ '000) Short Term BNDES Cia Real de Distribuição Others Sub-Total Short Term Long Term BNDES Cia Real de Distribuição Others Sub-Total Long Term Total

Indexation

Interest Rate

4Q07

%

TJLP IGP-M IGP-M, INPC, IPCA

5.20% 4.52%

16,307 26 91,771 108,104

7.9% 0.0% 44.2% 52.1%

TJLP IGP-M IGP-M, INPC, IPCA

5.20% 4.52%

21,098 871 77,510 99,479 207,584

10.2% 0.4% 37.3% 47.9% 100.0%

12

4Q07 Earnings Release Amortization Schedule (R$ '000)

Index Breakdown

46,996 44,775 40,718

Loans and Financings Share Acquisition Obligations for acquisition of good

16,333

19,400

IGP-M 28%

TJLP 20% 4,275

2008

IPCA 51%

17,392

15,290

2009

INPC 1%

2,404 2010

2011

Adjusted Net Income and FFO

Solid operations generate net income, despite goodwill impacts

Adjusted net income in the year grew 73.2% to R$176.5 million, from R$101.9 million in 2006, and in the quarter was R$61.4 million, 34.4% higher than the R$45.7 million in 4Q06. Accounting income in 2007 was R$21.2 million, compared to a loss of R$32.2 million in 2006. Pursuant to CVM Instructions 349/01 and 273/98, Multiplan began to book the amortization from the reverse merge of Bertolino in the deferred income tax and social contribution tax line, aligning its accounting practices with Brazil's new accounting standards. Adjusted Income Calculation (R$ '000) Net Income Non-recurring expenses (IPO) Goodwill Amortization Non-recurring financial expenses Adjusted Income

4Q07 29,474 31,884 61,358

4Q06 Chg. % 2007 2006 Chg. % 11,841 ▲148.91% 21,158 (32,190) na 6,229 ▼100.00% 13,344 20,081 ▼33.55% 27,594 ▲15.55% 118,260 83,446 ▲41.72% ▲0.00% 23,700 30,530 ▼22.37% 45,664 ▲34.37% 176,462 101,867 ▲73.23%

Highest growth potencial due to the highest FFO in the sector

The FFO (Funds From Operations) in 2007 grew 67.7% to R$ 200.1 million, due to best operational performance and the efficient financial planning. The cash flow generation and privileged cash position, allow Multiplan to successfully execute its growth strategy. FFO Calculation (R$ '000) Adjusted Income Depreciation and Amortization Adjusted FFO

4Q07 61,358 7,263 68,621

4Q06 45,664 4,965 50,629

Chg. % ▲34.4% ▲46.3% ▲35.5%

2007 176,462 23,712 200,174

2006 101,867 17,511 119,378

Chg. % ▲73.2% ▲35.4% ▲67.7%

Adjusted EBITDA

Higher margins and organic growth positively impacted adjusted EBITDA

The adjusted EBITDA in 4T07 was R$ 67.2 million, showing a growth of 26.8% when compared to R$ 53.0 million in 4T06. The accumulated adjusted EBITDA of R$ 212,2 million in 2007 surpassed in 47.5%, the R$ 143.8 million in 2006. EBITDA Calculation (R$ '000) Net Income Tax Income and Social Contribution Financial Result Depreciation and Amortization Participation of the minority stockholders Goodwill Amortization Non-recurring expenses (IPO) Adjusted EBITDA

4Q07 29,474 5,479 (6,975) 7,263 88 31,884 67,213

4Q06 Chg. % 2007 2006 Chg. % 11,841 ▲148.91% 21,158 (32,190) na ▼1.89% (547) na 13,043 13,294 2,061 na 22,480 33,608 ▼33.11% ▲46.29% 4,965 23,712 17,511 ▲35.41% ▼90.04% 886 165 8,053 ▼97.95% ▲15.55% 118,260 27,594 83,446 ▲41.72% 6,229 ▼100.00% 13,344 20,081 ▼33.55% ▲26.75% 53,029 212,163 143,804 ▲47.54%

13

4Q07 Earnings Release Multiplan, as a full-service company that is constantly seeking to take advantage of the best real estate opportunities in the areas surrounding its malls, has different margins for each of its businesses (see table below). The head office expenses were divided across the different businesses. On a quarter-on-quarter basis shopping mall margins expanded by 200 basis points from 72.2% to 74.2%, while on an annual basis the margin expansion was 520 bps from 66.8% to 72.0%. This large gain in efficiency is due to the factors described in this report, such as the growth in all revenue lines and the reduction in g&a costs. Quarterly EBITDA margin by business (R$ '000)

4Q07 Cost EBITDA Margin

Net Rev. Shopping Parking Real Estate * Development Equity Pick-up Impact * Other Results

90,009 11,629 10,686 (10,538) 384

Operating Results

4Q06 Cost EBITDA Margin

Net Rev.

(23,234) (6,437) (8,036) (8,349) 10,592 508

66,776 5,192 2,650 (8,349) 54 892

74.2% 44.6% 24.8% 0.0% -0.5% 232.0%

76,801 2,666 3,824 (1,459) -

(21,349) (3,909) (5,490) 1,424 520

55,452 2,666 (85) (5,490) (34) 520

72.2% 100.0% -2.2% 0.0% 2.3% 0.0%

102,170 (34,956)

67,213

65.8%

81,833 (28,804)

53,029

64.8%

Yearly EBITDA margin by business (R$ '000)

2007 Cost EBITDA Margin

Net Rev. Shopping Parking Real Estate * Development Equity Pick-up Impact * Other Results

284,532 33,855 37,568 (19,947) 384

(79,723) (20,123) (25,587) (22,093) 20,995 2,302

204,809 13,731 11,981 (22,093) 1,048 2,686

2006 Cost EBITDA Margin

Net Rev.

72.0% 40.6% 31.9% 0.0% -5.3% 699.0%

230,265 8,242 17,860 (3,460) 64

(76,376) (13,125) (24,017) 2,898 1,453

153,889 66.8% 8,242 100.0% 4,735 26.5% (24,017) 0.0% (562) 16.3% 1,517 2359.0%

Operating Results 336,392 (124,229) 212,163 63.1% 252,970 (109,167) 143,804 56.8% *The income and expenses from the Royal Green Peninsula project are recognized in the real estate line and adjusted in the effects of equity pick-up line to better show the company's margins in real estate projects.

Breakdown of Adjusted EBITDA (R$ ‘000)

+2,526

+2,735

+11,323

+88

+1,610 +7,246 +1,924

+1,169 212,163

+50,920

-2,859

53,029

Adjusted EBITDA – 4Q07 vs. 4Q06 (R$ '000)

EBITDA 2007

Other Results

Equity Pick-up Impact

Development

Real Estate

Parking

Shopping

EBITDA 2006

EBITDA 4Q07

Other Results

Equity Pick-up Impact

Development

Real Estate

Parking

143,804

Shopping

EBITDA 4Q06

+5,490

+372 67,213

Adjusted EBITDA – 2007 vs. 2006 (R$ '000)

14

4Q07 Earnings Release

MAIN INDICATORS Operating and Financial Performance

Improvement in all financial and operating indicators! Indicators (R$ '000) Financials

4Q07 112,364

4Q06 90,068

Chg. % ▲24.8% ▲24.9%

2007 368,792

2006 276,487

102,170

81,833

17,551

15,014

336,393

252,970

▲16.9% ▲16.5%

54,951

77,001

66,121

67,524

239,394

187,941

Rent Revenue/sq.m. Adjusted EBITDA

327 R$/sq.m.

319 R$/sq.m.

67,213

53,029

▲2.7% ▲26.8%

1,018 R$/sq.m.

906 R$/sq.m.

212,163

143,804

Adjusted EBITDA/sq.m.

286 R$/sq.m. 65.8% 66,776

256 R$/sq.m.

▲11.8%

902 R$/sq.m.

694 R$/sq.m.

▲30.1%

64.8% 55,453

▲1.0 p.p

63.1% 204,809

56.9% 153,889

▲6.2 p.p

284 R$/sq.m. 74.2%

267 R$/sq.m. 72.2%

871 R$/sq.m. 71.98%

742 R$/sq.m. 66.83%

68,621 292 R$/sq.m.

50,629 244 R$/sq.m.

200,174 851 R$/sq.m.

119,378 576 R$/sq.m.

4Q07 377,879 sq.m.

4Q06 359,080 sq.m.

2007 377,879 sq.m.

2006 359,080 sq.m.

207,329 sq.m.

Chg. % ▲5.2% ▲13.4%

235,129 sq.m.

207,329 sq.m.

Chg. % ▲5.2% ▲13.4%

235,129 sq.m. 116,062

97,748

▲18.7%

363,180

NOI/sq.m. Total Sales Total Sales/sq.m.

305,148

▲19.0%

307 R$/sq.m. 1,377,449 3,645 R$/sq.m.

272 R$/sq.m. 1,173,432 3,268 R$/sq.m.

▲12.8% ▲17.4% ▲11.6%

961 R$/sq.m. 4,320,849 11,434 R$/sq.m.

850 R$/sq.m. 3,581,348 9,974 R$/sq.m.

▲13.1% ▲20.7% ▲14.7%

Same Stores Sales/sq.m. Same Stores Rent/sq.m. Turnover

3,510 R$/sq.m.

3,151 R$/sq.m.

9,720 R$/sq.m.

285 R$/sq.m.

▲11.4% ▲9.0%

11,263 R$/sq.m.

310 R$/sq.m.

1,011 R$/sq.m.

922 R$/sq.m.

▲15.9% ▲9.6%

Gross Revenue Net Revenue Headquarters Rent Revenue

Adjusted EBITDA Margin Shopping EBITDA Shopping EBITDA/sq.m. Shopping EBITDA Margin Adjusted FFO Adjusted FFO/sq.m. Performance Total GLA Own GLA NOI

Occupancy Rate

1.67%

0.54%

97.36%

96.13%

▲20.4% ▲6.2% ▲2.0 p.p ▲35.5% ▲19.5%

▲1.1 p.p ▲1.2 p.p

▼2.8 p.p Delinquency 2.77% 5.61% * These areas do not include Supermercado BIG and the additional interest in RibeirãoShopping (20%).

Chg. % ▲33.4% ▲33.0% ▼18.6% ▲27.4% ▲12.3% ▲47.5%

▲33.1% ▲17.4% ▲5.2 p.p ▲67.7% ▲47.9%

5.20%

3.47%

97.36%

96.13%

▲1.7 p.p ▲1.2 p.p

4.83%

6.39%

▼1.6 p.p

Considering the areas of Supermercado BIG and the additional interest in RibeirãoShopping (20%), Multiplan's GLA is calculated as shown below. GLA Effect Initial GLA BarraShoppingSul (BIG) RibeirãoShopping (additional 20%) Final GLA (dec/2007)

2007 235,129 sq.m. 14,400 sq.m. 7,838 sq.m. 257,377 sq.m.

2006 207,329 sq.m. 7,200 sq.m. 0 sq.m. 214,529 sq.m.

Chg. % ▲13.4% ▲100.0% ▲100.0% ▲20.0%

15

4Q07 Earnings Release

GROWTH STRATEGY Timetable of Expansions and New Developments - '000 sq.m. (+58% in Own GLA) 406 sq.m. 406 sq.m. 385 sq.m. 372 sq.m. 352 sq.m.354 sq.m. 340 sq.m. 320 sq.m.

257 sq.m.

Current

Mall Expansions

2H08

1H09

New Mall Development

2H09

1H10

2H10

2H11

2H14

1H15

CAPEX

Higher investments in development of the company's projects

In 4Q07, Multiplan invested R$175.8 million in its growth strategy and a total of R$440.8 million in the year. CAPEX (R$ '000) Renovation Shopping Development

4Q07 8,372 29,974

2007 22,814 102,646

Shopping Expansion

11,255

11,431

Land Acquisition

-

16,183

Shopping Acquisition

-

161,615

% Reference 5.2% All shoppings 23.3% BSS, SVO BHS, SAF, PKS Fashion, PKS 2.6% Frontal, RBS 3.7% BSS PSV 36.7%

126,150

126,150

28.6%

175,751

440,838

100.0%

Minority Acquisition Total

PSS (MBS) e Solução (MBS)

Use of Proceeds

CAPEX surpassed Use of Proceeds

Multiplan estimates investments of R$592.1 million in its expansion strategy over the next two years based on the projects already outlined. The company raised R$665.8 million at its initial public offering, and considering the CAPEX used and budgeted for the next two years, it expects to exceed this amount by 51%. Use of Proceeds (R$ '000)

IPO

2H07

2008

2009

-

10,459

52,785

11,411

Shopping Development

139,800

46,012

200,250

55,116

Shopping Expansion

119,800

11,925

97,875

32,694

93,200

11,388

142,000

-

273,000

287,750

-

-

40,000

44,100

-

-

665,800

411,634

492,910

99,221

Renovation

Land Acquisition Shopping Acquisition and Minority Interest Working Capital Total

Capex/IPO Reference na All shoppings 216% BSS, SVO, MACEIÓ BHS, SAF, PKS 119% Fashion, PKS Frontal, RBS Barra da Tijuca, 165% Jundiai PSV, PSS (MBS), 105% Solução (MBS) 110% General 151%

16

4Q07 Earnings Release Investment in expansions considers only the projects currently monitored, as listed above. This number will increase as other expansions and new developments are announced.

Malls under Development

Three shoppings under development Operational Data Shopping BarraShoppingSul Shopping VilaOlímpia Shopping Maceió Total

GLA 52,229 sq.m. 26,901 sq.m. 36,000 sq.m. 115,130 sq.m.

% 100.0% 30.0% 50.0% 68.0%

Launch Apr-07 Jul-07 Set-08

Opening Sep-08 May-09 Jul-10

Financial Data Shopping

100% Capex

MTE Capex

Actual Capex

BarraShoppingSul Shopping VilaOlímpia Shopping Maceió Total

199.5 123.5 165.3 488.3

199.5 51.9 82.6 334.0

31.7% 9.6% 0.0% 15.4%

Key Money NOI 1st year (% MTE) (% MTE) 30.8 22.6 10.5 63.9

25.2 7.7 9.5 42.4

(R$ ‘000) NOI 3rd year (% MTE) 32.0 9.1 12.3 53.5

BarraShoppingSul

Excellent prospects for opening

BarraShoppingSul, a 100%-Multiplan project under construction in the city of Porto Alegre, had leased 100% of its stores as of December 31, 2007. The mall's opening was postponed until September 2008, due to the heavy summer rains. The mall's total cost is R$200 million, and Multiplan expects to receive R$31 million in key money, for net investment of R$169 million. In addition, the project is expected to generate net operating revenue of R$25.2 million already in its first year of operations, with this figure rising to R$32.0 million by the third year of operation.

Aerial view of the property…

... during construction…

... and artist's rendering of the facade

Shopping VilaOlímpia

New leasings are coming faster

Shopping VilaOlímpia, a project in which Multiplan has a 30% interest, is located in the center of the city of São Paulo and, in Dec/07, already has 35% of its 210 stores leased and 55% under negotiation. The project will cost R$124 million, and Multiplan will be responsible for 42% of the construction cost (due to the exchange agreement), or R$52 million. The net investment (considering the key money from the project) is estimated at R$29 million, and the project is expected to generate net operating revenue for Multiplan in the first 12 months of R$7.7 million, with this figure rising to R$9.1 million by the third year of operation.

Aerial view of the property

Perspective of the facade

Perspective of the interior

17

4Q07 Earnings Release Shopping Maceió

Large mixed-use project in Brazil's Northeast

On February 1st, 2008, Multiplan announced its new greenfield project: Shopping Maceió, in a 50%-50% partnership with Aliansce Shopping Centers S.A.. The new shopping mall will have approximately 36,000 sq.m. of GLA, with anchor and satellite stores, multiplex cinemas and large entertainment and food areas. The mall will be developed on a property of 200,000 sq.m., which allows the development of a mixed-use project. Investment in the shopping mall is estimated at R$165 million. (page 20)

Shopping Mall Expansions

Expanding on back of demand Operational Data Shopping BHShopping Expansion RibeirãoShopping Expansion Shopping AnáliaFranco Expansion ParkShopping Exp. Adequação ParkShopping Exp. Frontal Total

GLA 12,819 sq.m. 8,191 sq.m. 11,786 sq.m. 3,053 sq.m. 7,414 sq.m. 43,263 sq.m.

% 80.00% 76.17% 30.00% 59.98% 59.98% 60.81%

Launch Oct-07 Oct-07 Sep-07 Mar-07 Oct-07

Financial Data Shopping

Capex 100%

Capex MTE

Capex Realized

KM (% MTE)

BHShopping Expansion RibeirãoShopping Expansion Shopping AnáliaFranco Expansion ParkShopping Exp. Adequação ParkShopping Exp. Frontal Total

72.1 23.6 56.7 18.7 53.1 224.1

57.7 17.9 17.0 11.2 31.8 135.7

5.4% 2.6% 1.5% 8.9% 0.9% 5.5%

10.1 1.4 3.7 1.5 5.4 22.0

NOI 1st year (% MTE) 7.9 2.4 2.3 1.8 6.4 20.8

Openning Sep-09 Nov-08 Apr-09 Oct-08 Jun-09

(R$ ‘000) NOI 3rd year (% MTE) 9.2 2.8 2.6 2.2 7.2 23.9

ParkShopping Expansions

Projects successfully launched on March 11, 2008

The ParkShopping Exp. Adequação is expected to be opened in the second half of 2008 and will add 3,053 sq.m. of GLA. Focused on high-profile brands in the market, the project will cost R$19 million, of which Multiplan is responsible for approximately 60%, with expected net operating income of R$1.8 million in its first year of operation. The ParkShopping Exp. Frontal will be opened in the first half of 2009 and will add 7,414 sq.m. of GLA. The project targets exclusively satellite stores, providing high returns. The expansion could account for roughly 20% of the mall's total net operating income in its first year, or approximately R$6.4 million.

Perspective of the expansion's facade

Perspective of the interior of the expansion

Perspective of the mall

Acquisition of Minority Interests Shopping MorumbiShopping MorumbiShopping

Owners Solução Philips

% MBS 0.58% 8.90%

GLA 318 sq.m. 4.897 sq.m.

Date 17/oct/07 21/nov/07

Value R$ 6.2 M R$ 120.0 M

18

4Q07 Earnings Release MorumbiShopping – Acquisition of Solução and Philips

Increase in equity interests in one of Brazil's most profitable malls

In October and November, Multiplan concluded the acquisition of an additional interest of roughly 9.5% in MorumbiShopping held by Solução Imobiliária and PSS – Philips Seguridade Social. These transactions totaled R$126 million, and Multiplan increased its ownership interest to 65.8% in a mall with one of the highest returns per square meter in the country, reinforcing the company's strategy to create value for shareholders. The acquisition was paid 40% cash and 60% was financed in 72 montlhy installments at IPCA plus 7% p.a..

19

4Q07 Earnings Release

RECENT EVENTS Shopping Maceió

Multiplan's first investment in Brazil's Northeast

Multiplan, in partnership with Aliansce, announced the construction of its first shopping mall in the Northeast Region of Brazil. Located in the city of Maceió, Alagoas, the project involves a shopping with a GLA of approximately 36,000 sq.m. Multiplan's holds an interest of 50% in the project. With total investment of R$165 million and opening expected for the second half of 2010, the new project has an estimated nominal and unleveraged internal rate of return over 20%. Shopping Maceió will pave the way for Multiplan's operations in the country's North and Northeast, and is aligned with the company's growth strategy. The project will be executed using the most advanced architectural concepts and will feature large anchor stores, satellite stores, cinemas, entertainment areas and food courts, and will be developed on a property with 200,000 sq.m., which, in the future, will allow the addition of mixed-use project. Shopping Maceió Interest Land (sq.m.) GLA (sq.m.) Capex (R$ '000) Key Money (R$ '000) NOI 1st year NOI 3rd year

50% 200,000 sq.m. 36,000 sq.m. R$ 165.3 M R$ 21.1 M R$ 19.1 M R$ 24.6 M

Shopping Maceió

2

3

1

Aerial view of the land and surrounding developments Key. Legenda: 1: Hotéis Matsubara e Reymar; 2: Supermercado G. Barbosa; 3: Tiradentes College

Shopping Maceió perspective

20

4Q07 Earnings Release New phase in the Investor Relations Department

New Investor Relations Officer: Mr. Armando d’Almeida Neto

In a meeting of the Board of Directors held on February 8, 2008, Mr. Armando d’Almeida Neto was elected the Company's new Chief Financial Officer and Investors Relation Officer, replacing Mr. Mario Augusto Nogueira de Paula, who fulfilled the mission of leading the process of structuring the company ahead of its initial public offering. With experience in important positions in major companies such as Banco Bozano Simonsen, Santander Investment Securities and BullTick Brasil Consultoria (the latter up until recently), and accumulating vast experience and a long-term relationship with the capital markets participants, Multiplan aims to further narrow its relationship with the company's shareholders and the financial community.

Land property in Barra da Tijuca, Rio de Janeiro

Land for commercial development in the fastest-growing region in Rio de Janeiro

On March 11, 2008, Multiplan signed a contract to acquire a property with 36,748 sq.m. adjacent to the Centro Empresarial BarraShopping, located on kilometer 4 of Avenida das Américas in the Barra da Tijuca, Rio de Janeiro. The land is located in one of the most exclusive and fastest-growing regions, and has Total Buildable Area of 27,561 sq.m. for development of a commercial real estate project. The land was acquired for R$100 million, with 60% of this amount financed over 36 months.

Aerial view of the land and surrounding developments Key: 1: Peninsula; 2: Wal-Mart; 3: Centro Empresarial BarraShopping; 4: BarraShopping; 5: New York City Center; 6: Cidade da Música

21

4Q07 Earnings Release

PORTFOLIO (4Q07) 10 13

6 5

AL 1 2

DF

MG

7

8 SP RJ PR

3

9 RS 4 11

12

Operating Under development

Shopping Operating SC's BH Shopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi BarraShoppingSul (BIG) * Sub-Total SC's em Operação Under development SC's/Exp 11 BarraShoppingSul 12 Shopping VilaOlímpia 13 Shopping Maceió BHShopping Expansão RibeirãoShopping Expansão Shopping AnáliaFranco Expansão ParkShopping Exp. Adequação ParkShopping Exp. Frontal Sub-Total Under development SC's/Exp 1 2 3 4 5 6 7 8 9 10

Portfolio Total

State

% MTE

GLA 4Q07

NOI 4Q07 100%

MG SP RJ SP DF BH RJ SP PR BH RS

35,450 sq.m. 80.0% 39,188 sq.m. 76.2% 69,829 sq.m. 51.1% 54,999 sq.m. 65.8% 39,299 sq.m. 60.0% 20,806 sq.m. 90.0% 22,068 sq.m. 50.0% 39,310 sq.m. 30.0% 41,401 sq.m. 84.0% 15,545 sq.m. 83.8% 14,400 sq.m. 100.0% 65.6% 392,295 sq.m.

40,372 22,189 89,646 84,116 28,303 20,249 9,199 34,792 21,683 12,632 363,180

RS SP AL MG SP SP DF DF

52,229 sq.m. 100.0% 26,901 sq.m. 30.0% 36,000 sq.m. 50.0% 12,819 sq.m. 80.0% 8,191 sq.m. 76.2% 11,786 sq.m. 30.0% 3,090 sq.m. 60.0% 7,414 sq.m. 60.0% 66.1% 158,394 sq.m.

-

65.7% 550,689 sq.m.

363,180

NOI 4Q06

Sales 2007 (R$ ‘000)

37,602 498,928 18,436 310,015 82,764 926,584 67,568 782,230 26,162 492,207 17,540 230,866 8,152 134,710 28,950 392,899 17,974 374,471 177,939 305,148 4,320,849 -

-

305,148 4,320,849

* Corresponds to Supermercado BIG, already operating on the land.

22

4Q07 Earnings Release

OWNERSHIP STRUCTURE 2007 The chart below shows Multiplan's ownership structure following the acquisitions made in 2007.

Free Float 22,5%

Maria Helena Kaminitz Peres

0,54% ON

47,25% ON 38,30%Total

77,5%

19,46% ON 100% PN 34,72% Total

1,90% ON 100%

1% Multiplan Administradora de Shopping Centers Ltda. Embraplan Empresa Brasileira de Planejamento Ltda.

Renasce Rede Nacional de Shopping Centers Ltda.

100%

99% Shopping Centers 100%

2% SCP Royal Green

Ontario Teachers’ Pension Plan

1700480 Ontario Inc.

Multiplan Planejamento, Participações e Administração S.A.

Jose Isaac Peres

100%

30,85% ON

98%

100%

BarraShopping New York City Center MorumbiShopping Shopping Anália Franco RibeirãoShopping ParkShopping BHShopping DiamondMall ParkShoppingBarigüi BarraShoppingSul Shopping Vila Olímpia Pátio Savassi Shopping Maceió

% 51.1% 50.0% 65,8% 30.0% 76.2% 60.0% 80.0% 90.0% 84.0% 100.0% 30.0% 83.8% 50,0%

41,96%

100%

100%

100%

CAA Corretagem e Consultoria Publicitária Ltda. CAA Corretagem Imobiliária Ltda. MPH Empreend. Imobiliários Ltda.

Solução Imobiliária Ltda.

Brazil Realty

JPL

23

4Q07 Earnings Release

ATTACHMENTS ATTACHMENT I Profit and Loss (R$ '000) Rent Service Revenue Key Money Parking Revenue Real Estate Sales Other Gross Revenue Revenue Tax Net Revenue Headquarters Non-recurring expenses (IPO) Shopping Center Parking Cost of Real Estate Sold Equity pickup Amortization Financial Revenue Financial Expenses Non-recurring financial expenses Depreciation Other Operating Revenues/Expenses Operational Income Non-Operating Income Income Before Taxes Tax Income and Social Contribution Diferred Taxes Participation of the minority stockholders Net Income

Adjusted EBITDA* EBIT FFO Adjusted Income

4Q07 77,001 16,401 5,091 13,333 154 384 112,364 (10,194) 102,170 (17,551) (14,032) (6,437) (1,638) 4,194 (31,884) 11,570 (4,595) (7,263) 434 34,968 74 35,042 (975) (4,504) (88) 29,474

4Q06 71,259 8,360 4,782 3,082 2,585 90,068 (8,236) 81,833 (15,014) (6,229) (11,826) (1,658) (826) (27,594) 2,570 (4,630) (4,965) 522 12,182 (2) 12,180 (603) 1,150 (886) 11,841

Chg. % ▲8.1% ▲96.2% ▲6.4% ▲332.5% ▼94.0% ▲0.0% ▲24.8% ▲23.8% ▲24.9% ▲16.9% ▼100.0% ▲18.7% ▲0.0% ▼1.2% na ▲15.5% ▲350.3% ▼0.8% ▲0.0% ▲46.3% ▼17.0% ▲187.0% na ▲187.7% ▲61.8% na ▼90.0% ▲148.9%

2007 239,394 52,332 18,902 38,718 19,062 384 368,792 (32,399) 336,393 (54,951) (13,344) (46,866) (20,123) (12,618) 8,027 (118,260) 23,470 (22,250) (23,700) (23,712) 1,245 33,309 1,057 34,366 (1,813) (11,230) (165) 21,158

2006 193,079 44,744 13,606 9,422 15,572 64 276,487 (23,517) 252,970 (67,524) (20,081) (32,870) (8,698) (1,529) (83,446) 11,519 (14,597) (30,530) (17,511) 505 (11,792) 949 (10,843) (13,618) 324 (8,053) (32,190)

Chg. % ▲24.0% ▲17.0% ▲38.9% ▲310.9% ▲22.4% ▲497.5% ▲33.4% ▲37.8% ▲33.0% ▼18.6% ▼33.5% ▲42.6% ▲0.0% ▲45.1% na ▲41.7% ▲103.8% ▲52.4% ▼22.4% ▲35.4% ▲146.7% na ▲11.4% na ▼86.7% na ▼97.9% na

67,213 28,066 68,621 61,358

53,029 20,470 50,629 45,664

▲26.7% ▲37.1% ▲35.5% ▲34.4%

212,163 70,191 200,174 176,462

143,804 42,847 119,378 101,867

▲47.5% ▲63.8% ▲67.7% ▲73.2%

24

4Q07 Earnings Release ATTACHMENT II Balance Sheet ASSETS Short Term Assets Cash Accounts Receivable Loans Receivable and Prepaid Acc. ST Diverse loans and advancings Credit with related Parties Taxes and contributions to recoup Differed income tax Other Total Short Term Assets Long Term Assets Credit with related Parties Accounts Receivable Loans Receivable and Prepaid Acc. LT Fixed assets to be sold Diverse loans and advancings Legal Deposit Differed income tax Other Total Long Term Assets Permanent Investments Fixed Assets Intangible Differed Assets Total Permanent Total Assets

4Q07

3Q07

416.445 80.220 3.087 11.384 16.840 172 528.148

475,243 58,830 817 3,884 8,210 (0) 546,983

1,201 16,106 76,810 1,569 166,208 1,431 263,325

(0) 210 12,088 76,032 2,915 14,404 187,815 840 294,304

48,561 916,278 427,793 26,311 1,418,942

153.784 711.650 416.904 1.282.338

2,210,415

2,123,625

4Q07

3Q07

16,333 46,996 8,934 44,775 9,115 263 1,488 6,128 134,034

17,532 48,994 9,471 44,874 6,564 253 211 3 340 2,634 130,876

LIABILITIES Short Term Liabilities Loans and Financings Share Acquisition Accounts payable Obligations for acquisition of good Taxes and contributions to collect Tax payments Difered Taxes Dividends to pay Debt with Related Parties Advancings for customers Other Total Short Term Liabilities Long Term Liabilities Loans and Financings Aquisiton of Assets Debt with Related Parties Obligations for acquisition of good Tax payments Difered Taxes Provision for contingencies Total Long Term Expected Incomes Participation of the minority stockholders Equity Capital Capital Reserves UTD Income Total Equity

21,969 0 77,510 1,755 3,363 104,597 96,381 1,317

25,260 0 21,137 1,807 17,271 65,475 81,194 1,280

952,747 932,425 (11,086) 1,971,784

952,747 932,425 (40,371) 1,927,275

Total Liabilities

2,210,415

2,123,625

25

4Q07 Earnings Release ATTACHMENT III Cash Flow Operational Cash Flow Net Income Adjustments Depreciation Amortization Equity pickup Fixed assets sales Minority parties interests Expected incomes appropriation Diferred Taxes Positive result of not previously recognized controlled parties and negative equity of controlled parties Adjusted Net Income Increase (decrease) in operational assets Increase in inventory Increase in accounts Receivable Interest receivable for diverse loans and advancings Increase (decrease) in taxes and contributions to recoup Increase in Diferred Taxes accounts Increase (decrease) in other assets Increase (decrease) in operational liabilities Interest payment for loans and financing obtained Interest payment for loans with related parties Increase in accounts payable Increase in obligations for acquisition of goods Increase (decrease) in taxes and contributions to collect Increase (decrease) in share acquisition Increase (decrease) in taxes parceled out Increase (decrease) in contingencies provision Increase in expected incomes Increase (decrease) in others obligations Operational Cash Flow Investments Cash Flow Increase (decrease) in diverse loans and advancings Increase (decrease) in credits receivable with related parties Addition in investments Addition in Fixed Assets Addition in Differed Assets Addition in Goodwill Addition in Intangible Assets Cash Flow generated by investment activities Financing Cash Flow Increase (decrease) in loans and financing Decrease in credits payable with related parties Increase in capital reserve Increase in capital Minority interest Cash Flow generated by financing activities Cash Flow Initial Cash Final Cash Cash change

2007

2006

21.158

(32.190)

23.712 118.260 (8.027) (46) 165 (18.902) 13.097

17.511 83.446 1.529 (452) 8.053 (13.606) -

(790)

(2.695)

148.627

61.596

(50.082) (36.637) (434) (6.160) (188.980) 2.207

(24.450) (28.520) (550) 11.776 (5.560) 1.576

11.487 9 3.614 67.497 2.439 (46.970) (923) (954) 58.324 908 (36.028)

37.627 800 505 37.863 (16.560) 93.966 (1.656) (701) 39.476 (2.182) 205.006

2.344 1.131 588 (324.762) (15.468) (65.528) (401.695)

585 4.042 (42.454) (350.624) (457) (563.515) (952.423)

(31.211) (1.165) 186.548 688.328 1.069 843.569 405.846 10.598 416.444 405.846

(12.559) (112.699) 745.877 208.155 (103.379) 725.395 (22.022) 32.620 10.598 (22.022)

26

4Q07 Earnings Release

GLOSSARY GCA: Gross Commercial Area, equivalent to the sum of all commercial areas in malls, in other words, GLA plus the stores sold. GLA: Gross Leasable Area, equivalent to the sum of all the areas available for lease in malls, excluding kiosks. Own GLA: or Company's GLA or Multiplan GLA, refers to total GLA weighted by Multiplan’s interest in each mall. Net Operating Income (NOI): Refers to the sum of the operating income and income from parking operations. To calculate NOI, the management fee is considered an expense. Revenue taxes are not considered. EBITDA: Net income (loss) plus expenses with income tax and social contribution on net income, non-operating income, financial result, depreciation and amortization, minority interest and non-recurring expenses. EBITDA does not have a single definition, and this definition of EBITDA may not be comparable with the EBITDA used by other companies. Adjusted EBITDA: EBITDA adjusted for the non-recurring expenses with the IPO, restructuring costs, depreciation and amortization. Adjusted Net Income: net income adjusted for non-recurring expenses with the IPO, restructuring costs and amortization of goodwill from acquisitions and mergers. Adjusted Funds from Operations (FFO): sum of adjusted net income, depreciation and amortization. Minimum Rent: Base rent of a tenant lease contract. If the tenant does not have a base rent, the minimum rent is a percentage of sales. Overage Rent: The difference between the minimum rent and the rent consisting of a percentage of sales, as determined in the lease agreement. This amount is only paid if the percentage rent is higher than the minimum rent. Merchandising: Merchandising consists of all leases in a mall not involving the GLA area of the mall. Merchandise includes revenue from kiosks, stands, posters, leasing of pillar space, doors and escalators and other display locations in a mall. Anchor Stores: Large, well known stores with special marketing and structural features that can attract consumers, thus ensuring permanent attraction and uniform traffic in all areas of the mall. Stores must have more than 1,000 sq.m. to be considered anchors. Satellite Stores: Small stores with no special marketing and structural features located around the anchor stores and intended for general retailing. Sales: Declared sales of stores in each of the malls in the quarter. Same-Store Sales/sq.m.: Sales of stores that were in operation in both 3Q06 and 3Q07 divided by the average GLA of the mall. Same-Store Rent/sq.m.: Rent earned from stores that were in operation in both 3Q06 and 3Q07 divided by the average GLA of the mall. Occupancy: Total GLA of a mall divided by the area leased. Potential Sales Volume (PSV): Refers to the total number of units for sale in a real estate development, multiplied by the list price of units.

27

4Q07 Earnings Release

INVESTOR RELATIONS As part of the good relations we aim to develop with our new investors, and with the objective of transparency, Multiplan invites you all to a conference call to discuss the Company’s fourth quarter 2007 results.

Conference Call Portuguese March 25, 2008 11:00 a.m. (Brasília) 10:00 a.m. (U.S. EST) Tel: +55 (11) 2188-0188 Replay: +55 (11) 2188-0188 Code: MULTIPLAN

English March 25, 2008 12:30 a.m. (Brasília) 11:30 a.m. (U.S. EST) Tel: +1 (973) 935-8893 Replay: +1 (706) 645-9291 Code: 34843673

If you still have questions or need further information after the event, Multiplan is entirely at your disposal for additional clarifications. Please contact: Armando d’Almeida Neto Vice-President and Investor Relations Officer Hans Christian Melchers Planning and Investor Relations Manager Tel.: +55 (21) 3433-5224 Fax: +55 (21) 3433-5322 E-mail: [email protected]

28