Multiplan Apr 20090416 Eng

4Q08

COMPANY INITIAL PRESENTATION

Version 1.0

4Q08

BRAZIL AND SHOPPING CENTER MARKET MULTIPLAN PRESENTATION

OUR PORTFOLIO GROWTH STRATEGY MODELING FINANCIAL AND OPERATIONAL HIGHLIGHTS

2

4Q08

Highlights – Brazil Brazilian Social Class Structure

Investment Grade Achieved

11.1%

11.6%

12.4%

13.3%

14.2%

15.2%

42.4%

44.4%

46.1%

48.2%

50.2%

52.3%

Class A/B Class C Class D/E

Standard & Poors on 30 of April 2008 upgraded Brazil's long-term foreign currency sovereign debt to

BBB-

46.5%

Fitch Ratings on 29 of May 2008 upgraded Brazil's long-term foreign currency sovereign debt to

BBB-

Consumer Trust Index

Source: Fecomércio SP, IBGE

Real Retail Sales

140

R$ 1,300

A1

1,250

A2

1,200

130 120

1,150

110

1,100

100

1,050

90 80

Dec-03

1,000

Dec-04

Dec-05

38.5%

35.6%

32.5%

2008

Consumption Class Division (2008)

Average Real Income (R$)

150

41.5%

2003 2004 2005 2006 2007 Source: CPS/FGV based on the data from PME/IBGE

Retail Growth 160

44.0%

Dec-06

Dec-07

Dec-08

4.6% 17.5%

B1

20.0%

B2

24.6%

C1

17.4%

C2

9.9%

D E

5.7% 0.3%

Source: Target Marketing (Projections)

3

4Q08

Selected Snapshot: Brazil, Retail and SC’s Higher Purchase Power Avg. Income (R$/Month)

1, 300

9.7%

1, 200

8.9%

Inflation Under Control

1,132

1, 150

IPCA - Consumer Price Index IGP-DI - General Price Index

1,260

Unemployment

1, 250

1,118

1,219

9.4%

1,136

12. 0%

11. 0%

1,181

10. 0%

8.4%

Credit Increase

9. 0%

7.4%

1, 100

Consumer Credit (R$)

8. 0%

6.8%

Interest Rate

400. 0 Bi

7. 0%

1, 050

350. 0 Bi 6. 0%

12.1% 9.3% 5.7% 7.6%

1.2%

5. 0%

9.1%

7.9%

7.7%

17.7%

300. 0 Bi

1, 000

250. 0 Bi

2003

2004

2005

Source: IBGE/PNAB

3.1%

2007

2008

150. 0 Bi

100. 0 Bi

18.5%

16.3%

200. 0 Bi

5.9%

4.5%

3.8%

2006

22. 0%

88.0 Bi

334.4 Bi

155.0 Bi 113.0 Bi

20. 0%

192.0 Bi

235.0 Bi

18. 0%

16. 0%

13.7%

13.2%

14. 0%

11.2%

12. 0%

50. 0 Bi

0. 0 Bi

2003

2004

2005

2006

2007

2008

10. 0%

2003

SC Sales Evolution

Source: IBGE/FGV

2004

2005

2006

2007

2008

Source: BACEN

(Higher than retail)

Shopping Center Sales Total Retail Sales

16.0%

15.8%

13.3%

More Shopping Centers 367

GLA (m²)

9. 5 M

10.0%

11.0%

10.3%

9.3%

9.3%

8. 5 M

7. 5 M

317

326

335

346

8.2 M

9.1%

Increase of Retail Sales in % (% of retail sales in SC)

6.2% 4.8%

8.6 M

Canada

65.5%

EUA

51.3%

Mexico

50.0%

France

28.0%

Brazil

18.3%

350

7.5 M

330

6.2 M 6.3 M

6. 5 M

9.6%

377 370

Units

10.0%

310

5.6 M

290

-1.3%

-0.7%

2001

2002

-3.7% 2003

2004

2005

2006

2007

Source: IBGE and ABRASCE

2008

5. 5 M 270

4. 5 M

250

2003

2004

Source: ABRASCE

2005

2006

2007

2008

Source: ICSC of 2006 and 2007; ABRASCE of 2008 *Does not consider fuel and lubrificants; Construction material, tools, etc...; GLP.

4

4Q08

Shopping Centers in Brazil North

Total GLA: 8.7 million m²

2.5% of the GLA

Shopping Centers: 9 GLA: 219,220 m² Population: 14.6 million GDP per Capita: R$8.2 thousand

Northeast

13.6% of the GLA Shopping Centers: 51 GLA: 1,178,187 m² Population: 51.5 million GDP per Capita: R$6.0 thousand

Southeast

60.4% of the GLA Shopping Centers: 209 GLA: 5,219,638 m² Population: 77.9 million GDP per Capita: R$17.3 thousand

Midwest

8.3% of the GLA

Shopping Centers: 34 GLA: 713,579 m² Population: 13.2 million GDP per Capita: R$15.6 thousand

152

South

5,412

Cities with Shopping Center

377 shopping centers under operation, from which 194 are located in big cities Around 325 million visitors per month

5 largest companies hold 36.5% of total GLA GLA of 47 m² per 1,000 people; in the USA this number is 43 times greater

15.2% of the GLA Shopping Centers: 74 GLA: 1,314,376 m² Population: 26.7 million GDP per Capita: R$14.5 thousand

Cities without Shopping Center

Source: Abrasce (2008) and IBGE (2007)

5

4Q08

Advantages of the Sector

Solution for the urban chaos Synergy with the real estate sector (Mixed-use projects) Results leveraged by retail growth (Low seasonality) High operational margins (NOI margin > 80%) Leasing contracts indexed to the inflation index (IGP-DI) Cash flow’s predictability (average 5 year contracts) Two appreciation drivers (retail and real estate sector) = Defensive play, but with growth

6

4Q08

USA and Brazil Shopping Center Sectors

USA

Brazil

. Consolidated market

. Lack of shopping centers

. Low revenue increase

. High revenue growth, indexed to the inflation

. Reit structure . Real Estate driven . Large tenants with high bargain power

X

. Company structure . Real Estate & retail driven . Small tenants with low bargain power

. Payment of TI (Tenants induction)

. Key money Revenue

. Dividend play

. Growth play

7

4Q08

BRAZIL AND SHOPPING CENTER MARKET MULTIPLAN PRESENTATION

OUR PORTFOLIO GROWTH STRATEGY MODELING FINANCIAL AND OPERATIONAL HIGHLIGHTS

8

4Q08

Reference for the Sector Since the 1970’s Foundation

Creating Competitive Edge

1975 - 1979

1980’s

1990’s

2000 - 2006

2007 - 2008

45,000 m²

72,000 m²

232,000 m²

484,373 m²

12,000 m²

RibeirãoShopping BHShopping

Barrashopping MorumbiShopping ParkShopping

High Growth Strategy

Shopping Center abroad (Portugal) DiamondMall

ParkShoppingBariguí Numerous acquisitions

Santa Elena Residential Project Morumbi Office Tower Project

Golden Green Residental Project

BarraShoppingSul Acquisition of Pátio Savassi Acquisition of Shopping Santa Úrsula

New York City Center

Three expansions delivered (PKS Fashion, RBS – 1st phase, PKB Gourmet)

Shopping Anália Franco

Mall management company is created

Consolidation

BarraShopping Office Center MorumbiShopping Office Complex

IPO Bovespa Cristal Tower

Peninsula Green & Royal Green Residential Projects

Global Partnerships

9

4Q08

Ownership Structure 2008 Ontario Teachers Pension Fund Partnership as of Feb 2006

Ownership Structure (147,799,441 shares)

Free-Float 25%

MTP & Peres 40%

Ontario 35%

Preferred Common Stocks* 16% Stocks 19%

Financial Index* Gross Revenue NOI Asset Value Operational Index Shoppings Office

CND$ M 1,708 936 16,200 '000 m² 3,000 m² 1,500 m²

* Conversion USD$1 = CND$1.22

Source: Company (Dec 2008) Geographies: USA, Canada, Brazil, United Kingdom, and China

IPO (July 27th, 2007)

BoardTeachers of Directors Ontario Pension Fund Partnership (Feb 2 Name

Offering Type

Shares Offered

Price

Offering Size

74% primary / 26% secondary 37.0 million common shares with voting rights and 100% tag along rights (Bovespa Nível II), R$ 25.00 / common shares

R$ 924.5 million

Position

José Isaac Peres

President

Eduardo K. Peres

Vice-President

Manoel Mendes

Member

Leonard Peter Sharpe

Member

Andrea Mary Stephen

Member

José S. Barata Edson de Godoy Bueno

Independent Member Member

* These preferred stocks were only created for Ontario Teachers Pension Fund, because the Canadian law only allows a pension fund to have a limit of 30% of the voting stocks

10

4Q08

Multiplan Effect BH Shopping (MG)

RibeirãoShopping (SP)

Shopping AnáliaFranco (SP)

1997

1984

1999

2008

2008

2008

BHS

1997

GLA 18,974 m² Interest 32.5% Nº of Stores 130

2008 36,895 m² 80.0% 295

1984 RBS GLA 17,268 m² Interest 20.0% Nº of Stores 110

2008 46,221 m² 76.2% 218

SAF

1999

GLA 39,636 m² Interest 30.0% Nº of Stores 236

2008 39,310 m² 30.0% 236

11

4Q08

Cycle of High Returns of our Leading Shoppings High Returns Same Store Rent (R$/m²) + 10.6%

1,034

935

Higher Sales

More Investments

Same Store Sales (R$/m²) + 10.3%

Increase in GLA ( ’000 m²)

13,030

+ 88.9% 11,810

Tenant 2007

2008

Tenant

Multiplan Ranking for Multiplan Stores / Tenant Total Stores (1)

2007

295 m²

2008

Original GLA

# Ranking 1Multiplan7for/ 60 Multiplan Stores /

Best Tenants

Tenant

#1

#1

4/4

#1

#1

#1 #1

Total Stores (1)

557 m²

Future GLA*

* After expansions

Higher Atraction Power

7 / 60 4/4

6 / 11

6 / 11 6 / 84

12

4Q08 98,0%

Control, Management & Innovation 97,9%

Majority interest in the shopping malls represents a key competitive advantage to achieve long-term performance in the industry

Average Interest & Control in Malls

68% Rationale Strategic Control of the Malls

83%

100%

Strategic Approach Ability to change tenant mix and a higher capacity to negotiate with retailers

Ability to Expand and Adapt to Market Trends

Full control over the refurbishment and expansions in terms of timing, size and tenant mix

Control over the Malls

Majority interest allows MTE to implement its state-of-the-art management tools and techniques

Source: Companies’ Reports Considering operating portfolio, BarraShoppingSul and Shopping Vila Olímpia ownership interest

AverageInterest interest Average 4Q08

Malls Malls with with 50% 50% or or more moreof ofinterest interest

Control over over Control management management

Award - Best Shopping

Fashion Week, a success

Medical Center integrated

Mall of São Paulo

created by Multiplan

to a shopping

13

4Q08

Who We Are Quality Shopping Centers

Leadership in the Sector

Rent Revenue/m² - 2008 (R$/m²) 1,139

+46%

(R$ millions) – 2008

453

+25%

Multiplan

Iguatemi

351

912

780

BRMalls 214

241 147

209 121

77

-30 BRMalls

Multiplan

Gross Revenue

Iguatemi

Low Risk Multiplan

Adjusted Net Income

High Returns

Interest, Management and Control

BRMalls

Adjusted FFO

Average unleveraged IRR > 14%

Iguatemi 83%

68%

44%

56%

Average. Interest 1 4Q08

35%

50%

Malls with 50% or 2 more of interest 4Q08

ParkShopping – Frontal Expansion (IRR>20%)

MorumbiShopping – Mixed-use (IRR>20%)

Source: Companies report

BarraShoppingSul – New Shopping Center (IRR>20%)

Shopping SantaÚrsula – Acquisition (IRR>14%)

14

4Q08

BRAZIL AND SHOPPING CENTER MARKET MULTIPLAN PRESENTATION

OUR PORTFOLIO GROWTH STRATEGY MODELING FINANCIAL AND OPERATIONAL HIGHLIGHTS

15

4Q08

Control of the Leading Shopping Centers in the Market 5

1

10

14

Numbers confirm leadership in every city Shopping

State

Multiplan Total GLA %

Asset Value ¹

Occupancy Top of 4Q08 Mind ²

In Operation AL 2

6

DF

MG

11

7 SP

1BH Shopping

MG

80.0%

36,895 m²

R$ 963 M

97.2%

1º

2RibeirãoShopping

SP

76.2%

46,221 m²

R$ 687 M

97.4%

1º

3BarraShopping

RJ

51.1%

69,501 m²

R$ 2,119 M

98.9%

1º

4MorumbiShopping

SP

65.8%

54,988 m²

R$ 1,742 M

99.4%

1º

5ParkShopping

DF

59.1%

43,210 m²

R$ 712 M

96.0%

1º

6DiamondMall

MG

90.0%

20,809 m²

R$ 335 M

97.7%

5º

7New York City Center

RJ

50.0%

22,068 m²

R$ 170 M

98.2%

1º

8ShoppingAnáliaFranco

SP

30.0%

39,310 m²

R$ 1,069 M

99.1%

7º

PR

84.0%

42,968 m²

R$ 806 M

99.2%

1º

MG

83.8%

16,172 m²

R$ 264 M

99.1%

2º

9ParkShoppingBarigüi

11

10Pátio Savassi

PR 9

3

8

11Shopping Santa Úrsula

SP

37.5%

24,043 m²

R$ 150 M

72.5%

N/A

12BarraShoppingSul ³

RS

100.0%

68,187 m²

R$ 7,642 M

94.1%

N/A

R$ 16,659 M

96.4%

-

Sub-Total In Operation

RS

68.2% 484,373 m² (% constr.)

Under development 13Shopping Vila Olímpia 12

8

Already Operating

13

4

Under Development/Approval

14Shopping Maceió Portfolio Total

4

SP

42.0%

29,538 m²

AL

50.0%

27,582 m²

65.8% 541,493 m²

1 According to Jones Lang LaSalle evaluation done in Nov/08, considering present and future expansions 2 Researches from Veja SP, IPDM, DataFolha and Tribuna & Recall between 2005 and 2008 in each city. New York City Center is considered as part of BarraShopping 3 Opened in november 18th 4 Interest during construction

16

4Q08

Shopping Centers In Operation BarraShopping

Location: Rio de Janeiro (RJ)

New York City Center Location: Rio de Janeiro (RJ)

One of the first shopping centers in Rio de Janeiro, BarraShopping became a landmark in the development of the neighborhood in which it is located – Barra da Tijuca – and the city, contributing to make the region one of the main retail centers of Brazil. Facade of the mall

Technical Information

New York City Center is the first, most comprehensive entertainment, gourmet and service mall in Rio de Janeiro. It has 39 stores and it is integrated with BarraShopping. Technical Information Opening: 11/04/1999 Facade of the mall

Opening: 10/27/1981

Total stores: 39

Gross Leasable Area: 69,501 m²

Anchor stores: 2

Total stores: 583

Expansions: -

Anchor stores: 7

Customer profile

Expansions: 6

61% classes A/B

Customer profile Outside area perspective

Gross Leasable Area: 22,068 m²

61% classes A/B 72% women

72% women Outside area perspective

Highlights 2008

Highlights 2008 Sales: R$114.1 million Costumer traffic: 8.2 million people

Sales: R$1.02 billion

Vehicles: 1.2 million

Customer traffic: 26.5 million people Vehicles: 6.8 million

Inside view of the mall

Inside view of the mall

17

4Q08

Shopping Centers In Operation ShoppingAnáliaFranco Location: São Paulo (SP)

Facade of the mall

The landscape concept with the environment – natural lighting, lounges, broad hallways, and a high wall footprint - has become a reference in terms of style, quality of life and entertainment experiences, by the neighboring residents. The mall has a complete, highly-qualified store mix and is also distinguished by the services offered.– improves the cultural activities and citizenship awareness initiatives.

MorumbiShopping Location: São Paulo (SP)

Facade of the mall

Technical Information

Technical Information

Opening: 11/9/1999

Opening: 05/03/1982

Gross Leasable Area: 39,310 m²

Gross Leasable Area: 54,958 m²

Total stores: 236

Total stores: 481

Anchor stores: 6 Outside area perspective

Expansions: 1 (under construction)

Anchor stores: 5 Outside area perspective

Customer Profile

Expansions: 5 Customer profile

89% classes A/B

89% classes A/B

56% women

53% women

Highlights 2008

Inside view of the mall

A known trend-maker, as the first mall to have a gym and an area reserved for celebrated, cutting-edge fashion brands. A point of reference is the largest Gourmet center of Latin America, with 23 restaurants, an unprecedented initiative. It was elected three times by Veja magazine – the most well-renowned weekly informative publication in Brazil – as the best shopping center in São Paulo.

Highlights 2008

Sales: R$439.7 million

Sales: R$899.6 million

Customer traffic: 13.7 million people

Customer traffic: 20.3 million people

Vehicles: 4.9 million

Inside view of the mall

Vehicles: 4 million

18

4Q08

Shopping Centers In Operation Shopping Santa Úrsula Location: Ribeirão Preto (SP)

Facade of the mall

With a modern, clean, sophisticated architectural design – the shopping center adopted the concept of sky lights, which allows the use of natural light – it has a pleasant, elegant ambience, which is combined with the best stores and differentiated services. Culture events – such as Exhibits, musical shows, fairs, art auctions, theater plays, and seminars - are part of the shopping center’s daily routine

RibeirãoShopping

Location: Ribeirão Preto (SP) RibeirãoShopping is the main reference in terms of shopping centers in the city and region, attracting customers within a radius of up to 100 kilometers. Adjacent to the shopping center is Centro Empresarial Ribeirão Office Tower and an IBIS chain hotel. Facade of the mall

Opening: 05/05/1981 Gross Leasable Area: 46,221 m²

Technical Information

Total stores: 231

Opening: 09/29/1999

Anchor stores: 8

Gross Leasable Area: 24,043 m²

Expansions: 5 (the 5th under construction)

Total stores: 114 Anchor stores: 5 Outside area perspective

Customer profile

Technical Information

Customer profile Outside area perspective

69% classes A/B

73% classes A/B 53% women

85% women

Highlights 2008

Highlights 2008*

Sales: R$363.3 million

Sales: R$74.5 million

Customer traffic: 15.2 million people

Customer traffic: 2.4 million people

Vehicles: 5.4 million

Vehicles: 489.7 thousand Inside view of the mall

* from May to December

Inside view of the mall

19

4Q08

Shopping Centers In Operation ParkShoppingBarigüi

ParkShopping

Location: Curitiba (PR)

Location: Brasília (DF)

The first shopping center of Multiplan in the South of Brazil, ParkShoppingBarigüi has been consolidated as the development pole of Curitiba, and is distinguished for its complete, diversified mix – combining shopping, services and entertainment – which positions it as one of the best malls in the State of Paraná. Facade of the mall

Technical Information

Facade of the mall

Opening: 11/12/2003

Technical Information

Gross Leasable Area: 42,967 m²

Opening: 11/08/1983

Total stores: 195

Gross Leasable Area: 43,210 m²

Anchor stores: 9

Total stores: 271

Expansions: 2 (The 2nd under construction) Outside area perspective

Customer profile

Anchor stores: 6 Outside area perspective

87% classes A/B

Expansions: 8 (The 8th under construction) Customer profile

54% women

93% classes A/B

Highlights 2008

53% women

Sales: R$431.8 million

Highlights 2008

Customer traffic: 8.9 million people

Sales: R$553.2 million

Vehicles: 3.2 million Inside view of the mall

ParkShopping represented a “turning point” for trade in Brasília, bringing top Brazilian and international brands to the country’s capital. It quickly became a point of reference for fashion, entertainment and services. The stage of large cultural events, shows and exhibits, makes ParkShopping the favorite mall of the city, as shown by surveys prepared by the IPDM in 2003 and 2006.

Customer traffic: 13.5 million Inside view of the mall

Vehicles: 4.8 million

20

4Q08

Shopping Centers In Operation DiamondMall

Location: Belo Horizonte (MG)

Pátio Savassi

Location: Belo Horizonte (MG)

Cosmopolitan and sophisticated mall located in a noble area of Belo Horizonte and built in the shape of a diamond – the result of a bold architectural project. The shopping center has renowned Brazilian and international brand names in the fashion industry. Facade of the mall

Technical Information

The integration of the mall with the streets of the neighborhood through open spaces and the landscaping project makes Pátio Savassi a special place. It is the first lifestyle center in Minas Gerais, which combines shopping and entertainment in a very pleasant place. Facade of the mall

Opening: 11/07/1996

Opening: 05/25/2004

Gross Leasable Area: 20,809 m²

Gross Leasable Area: 16,172 m²

Total stores: 228

Total stores: 127

Anchor stores: -

Anchor stores: 1

Expansions: 3

Expansions: 1

Customer profile

Customer profile

93% classes A/B Outside area perspective

62% women

91% classes A/B Outside area perspective

Highlights 2008

Inside view of the mall

Technical Information

59% women Highlights 2008

Sales: R$287.3 million

Sales: R$218.7 million

Customer traffic: 9 million people

Customer traffic: 9.4 million people

Vehicles: 1.7 million

Vehicles: 1.4 million

Inside view of the mall

21

4Q08

Shopping Centers In Operation BarraShoppingSul Location: Porto Alegre (RS)

The largest mall in the south region of Brazil was built under the mixed use concept. Besides an office tower that is currently under development, the project, in its surroundings, anticipates the construction of a hotel and two residential towers, thus benefiting from the high circulation of potential customers.

Facade of the mall

BH Shopping

Location: Belo Horizonte (MG) The first shopping center developed by Multiplan, BH Shopping was also the first in the city and is one of the largest shopping center in Minas Gerais, named as the favorite by the population in a survey prepared by the IPDM in 2005 and 2007. Technical Information Facade of the mall

Gross Leasable Area: 35,022 m²

Technical Information

Total stores: 295

Opening: 11/18/2008

Anchor stores: 6

Gross Leasable Area: 68,378 m²

Expansions: 5 (the 5th under construction)

Total stores: 215 Anchor stores: 6 Outside area perspective

Highlights 2008*

Customer profile Outside area perspective

84% classes A/B 55% women

Sales: R$71.2 million

Highlights 2008

Customer traffic: 2.6 million

Sales: R$569.4 million

Vehicles: 607.1 thousand *

Opening: 09/13/1979

Customer traffic: 14.7 million people

As of November 18, 2008

Vehicles: 3.7 million Inside view of the mall

Inside view of the mall

22

4Q08

BRAZIL AND SHOPPING CENTER MARKET MULTIPLAN PRESENTATION

OUR PORTFOLIO GROWTH STRATEGY MODELING FINANCIAL AND OPERATIONAL HIGHLIGHTS

23

4Q08

Potential Growth Expansions

New Shopping Centers

(High occupancy rate - %GLA MTE)

Source: ABRASCE in 2008

(Lack of SC’s – GLA/’000 Hab.)

95.4% 94.2%

1,127.9

212.9

81.0

Canada France Mexico

43.2

2004

(Fragmented market - % Own GLA)

Return (IRR)

Third Party Acquisitions Savoy

4.0%

2005

2006

2007

2008*

Minority Acquisitions

(Shares to be acquired - % MTE GLA) PREVI 10.7% A.FRANCO 5.7%

Expansions

New clients and tenants

5.2%

Increases competitiveness

95.1%

Growth Strategies

Future potential for expansions

5.5%

Growth of consumers flow

96.1%

* Adjusted excluding BSS and SSU.

Brazil

Higher attraction power

Cost reduction through scale

2003

Synergies with real estate projects

75.8%

98.2%

97.4%

1,872.2

USA

Opportunity to improve mix

BRMalls Multiplan Sonae Iguatemi

2.6% Aliansce 2.6% Brascan/Malzoni 2.1% 2.3% Others Source: ABRASCE, BNDES and companies (2008)

19%

16%

Mixed-Use Projects New SC’s

Minority Acquisitions

SISTEL 2.4%

Third Party SC’s

Others 8.5%

13% Low

FAPES 2.6%

MTE 68.2%

Medium

Risk

Quick way to grow Access to new markets Consolidation and scale Possible synergy with portfolio

High

USIMINAS 2.0%

No new G&A cost to the company Higher control of mix change, expansions and revitalizations Low risk Faster decision process 24

4Q08

Investment Strategy Development Pipeline

Shopping Centers/Expansions

( ’000 m²)

+ 14.4% Own GLA

390 m ²

380 m ²

378 m²

25 m²

370 m ²

23 m²

360 m ²

350 m ²

340 m ²

330 m²

330 m ²

5 expansions under development

+ 46,958 m²

4 expansions approved

+ 33,158 m²

1 mall under construction

+ 29,538 m²

1 mall under development

+ 27,582 m²

320 m ²

… Not considering lands for mixed-use projects

310 m ²

300 m ²

Shoppings in operation

Shoppings under development

Use of Proceeds (R$ '000)

Expansions under development

Total

100% Project

2007

2008

2009

2010

Reference > 2008

22,814

46,521

32,662

2,285

All shopping centers

102,646

333,704

107,149

1,535

BSS, SVO

Shopping Expansion

11,431

124,314

201,075

25,602

Land Acquisition

16,183

121,437

113,387

-

287,765

28,668

-

-

-

46,946

-

-

440,839

701,591

454,273

Renovations & Others Shopping Development

Shopping Acquisition and Minority Acquisition Others Total

+ 971.245 m²

BHS, RBS, PKB, PKS, SAF

29,421

25

4Q08

Shoppings Under Development Shopping Under Construction – Shopping Vila Olímpia (SP) Located in the heart of Vila Olímpia, a neighborhood that has become synonymous of modernity and entrepreneurship in the City of São Paulo, Shopping Vila Olímpia promises to transform the region even further. The architectural project is inspired on the aesthetics of the factories that occupied the region in the early 20th century.

Project Details

Total stores: 221

NOI 1st year

R$9.3 M

Anchor stores: 5

NOI 3rd year

R$ 11.0 M

Shopping Under Approval – Shopping Maceió (AL) In association with Aliansce Shopping

Centers S.A., Multiplan is planning a new greenfield project, Shopping Maceió. The mall will be built on a 200,000 m² land in the city’s fastestgrowing region. As a result, it will be a mixed-use project, involving residential and commercial buildings as well as a hotel complex. Total stores: 207 Anchor stores: 7

(MTE %)

Launch

Jul/07

Opening

Nov/09

Interest *

42.0%

GLA (m²)

26,538 m²

Key Money

R$21.2 M

CAPEX

R$93.9 M

* During construction, MTE interest is 42%. Due to a ground lease, MTE interest will be 30% after opening.

Project Details

(MTE %)

Launch

TBA**

Opening

TBA**

Interest

50.0%

GLA (m²) Key Money CAPEX

27,582 m² R$8.2 M R$67.3 M

NOI 1st year

R$8.3 M

NOI 3rd year

R$10.9 M

** To be announced

26

4Q08

Expansions Expansions Under Construction Project

Expansions Approved

GLA

MTE %

Open.

Project

ShoppingAnáliaFranco Expansion

11,871 m²

30.0%

Jul/09

RibeirãoShopping Expansion*

7,534 m²

76.2%

ParkShopping Exp. Frontal

8,571 m²

BH Shopping Expansion

GLA

MTE %

BarraShopping Exp. VII

4,894 m²

51.1%

2011

Aug/09

DiamondMall Exp. II

5,299 m²

100.0%

2011

62.5%

Oct/09

ParkShopping Exp. Gourmet

1,327 m²

60.0%

2011

10,972 m²

80.0%

Mar/10

BarraShoppingSul Exp. I

21,638 m²

100.0%

2014

ParkShoppingBarigüi Exp. II

8,010 m²

100.0%

May/10

Total

33,158 m²

91.2%

Total

46,958 m²

67.0%

30,232 m²

 9.2%

30,173 m²

 9.1%

Total Own GLA

Total Own GLA

Open.

* The second phase included 429m² with 11 fast food operations besides 5 new fashion stores. The previous phase opened on November 2008 with 7,105m²

Own GLA SAF Expansion

RBS Expansion

BHS Expansion

PKS Expansions

(’000) 390 m ²

+ 16.5%

30 m²

385 m²

Expansions approved

Total

380 m ²

370 m ²

25 m²

360 m ²

350 m ²

340 m ²

330 m² 330 m ²

320 m ²

310 m ²

300 m ²

Shoppings in operation

Expansions under construction

27

4Q08

Acquisition of Third Party Malls Consolidation in Belo Horizonte (MG)*

GLA Share Administration Vacancy

Pátio Savassi

BHShopping

DiamondMall

16,172 m²

36,895 m²

20,809 m²

83.8%

80.0%

90.0%

Multiplan

Multiplan

Multiplan

1.2%

4.2%

2.6%

Sales / m²

13,526 R$

15,429 R$

13,813 R$

Nº Stores

127

295

228

9.4 million

14.7 million

9.0 million

Customers Flow

Diamond Mall 1 1

1,7 km 1.7 22 Pátio Savassi

5,3 km 5.3 2.503 R$/m²

4,3 km 4.3

BH Shopping

Consolidation in Ribeirão Preto (SP)*

GLA

46,221 m²

37.5%

76.2%

Multiplan

Multiplan

21%

1.9%

Sales / m²

5,034 R$

7,858 R$

Nº Stores

114

232

2.4 million

15.2 million

Share Administration Vacancy

Customers Flow * Based on 2008 figures ** From May to December

Operational synergy Consumer segmentation

Ribeirão Shopping

24,043 m²

Reduce the competition Higher bargain power

33

Shopping Santa Úrsula**

Regional consolidation

2

Improve the marketing effort Entrance barrier

1

28

4Q08

Land Acquisitions Barra da Tijuca (RJ)

Size: 36,748 m² Price: R$ 100 million Type: Office/Retail

São Caetano (SP)

Size: 57,948 m² Price: R$ 81 million Type: Office/Retail

Highlights

Highlights

Highest growth region in RJ Last site available in the region One of the highest income regions of RJ Multiplan region domain

The biggest urban reorganization plan of the country Mixed-use project The only shopping center of the region

Campo Grande (RJ)

Size: 338,913 m² Price: R$5.1 million Type: Office/Retail & Res. Residential Highlights High demographic growth High number of residential and commercial properties launched in the region Possibility of a mixed-use project

29

4Q08

Mixed-Used Strategy Analysis Centro Empresarial BarraShopping 1

Growth of people flow in the region

BarraShopping GLA

Private Area

R$1.02 billion

People Flow

27 million

59,617 m²

Price / m²

R$6,500

People Flow

69,501 m²

Sales (2008)

2

3,6 million

Need of living close to work location

3

Royal Green Peninsula Private Area

24,287 m²

PSV

> R$70 Million

3

Growth of the number of consumers in the region and the demand for new expansions

Development of new commercial projects

4

1

2

5

5

4

Barra da Tijuca, Rio de Janeiro

Land Acquired Area

36,748 m²

Price

R$100 million

Appreciation of the area and new opportunities for investments

New York City Center GLA

22,068 m²

Sales (2008)

R$114 million

People Flow

8 million

30

4Q08

Mixed-Use Projects and Land Bank Land Bank

Cristal Tower – Porto Alegre (RS)

Location

Cristal Tower aerial perspective

Bridge connecting Cristal Tower to BarraShoppingSul.

Highlights: Conclusion Area PSV

2nd Half of 2011 11,910 m² > R$ 70 million

To be sold 31%

Sold 69%

%

Type

Area

Barra da Tijuca

100%

Office/Retail

36,748 m²

BarraShoppingSul

100%

Residential, Hotel

12,099 m²

Campo Grande

50%

Residential and Office/Retail

Maceió

50%

Office/Retail

Jundiaí

100%

Residential, Office/Retail, Hotel

45,000 m²

MorumbiShopping

100%

Office/Retail

21,554 m²

ParkShoppingBarigüi

84%

Apart-Hotel

ParkShoppingBarigüi

94%

Office/Retail

RibeirãoShopping

100%

Residential, Office/Retail, Medical

São Caetano

100%

Office/Retail

57,948 m²

ShoppingAnáliaFranco

36%

Residencial

29,800 m²

Total

70%

338,913 m² 200,000 m²*

843 m² 27,370 m² 200,970 m²

971,245 m²

Contracts with not disclosed land swaps or buy option are not included * The Shopping Maceió is included in our development pipeline and will occupy 70.000m² of land

BarraShopping Complex

BarraShopping

BarraShoppingSul complex

Centro Empresarial

Royal Green

New York City

Barra Shopping

Península

Center

31

4Q08

BRAZIL AND SHOPPING CENTER MARKET MULTIPLAN PRESENTATION

OUR PORTFOLIO GROWTH STRATEGY MODELING FINANCIAL AND OPERATIONAL HIGHLIGHTS

32

4Q08

How Does a Shopping Center Work? Stores Pay Rent to Stay Pay Key Money to Open

Urban Chaos

Shopping Malls

Generate

Pay Condo and

Sales

Promotion Fund

Demand for Shopping Malls

Income: • Rent • Key Money • Service Revenue

Pay Management

• Parking

& Brokerage Fee

Expenses: • Vacant Stores Costs • Headquarter • Refurbishment

Customers drive to Shopping Malls

Parking Lots

Generate People Flow

• Auditing • Legal

Tickets charged for Parking

• Others

33

4Q08

Revenue Breakdown* Real Estate & Others Grows with demand for projects near our malls (Mixed-use)

0.6%

14.9% Key money Grows after oppenings of new SC’s

Parking Revenue Grows with people flow

4.7% 14.6% Merchandising

Service Revenue Grows with higher SC performance

12.9% 3.8%

Rent

Grows with higher demand for alternative marketing Overage Grows with higher sales

65.2%

3 types of revenue

83.2%

Minimum Grows according to indexed contracts

* Based on 2008 figures

34

4Q08

Expenses Breakdown* Operating Expenses Breakdown Depreciation 10.1% Financial expense / revenue -1.1%

Other operating income/expenses -0.3% Headquarters 26.6%

Amortization 40.0%

Shopping malls 17.0% Equity in earnings of affiliates -2.2%

Parking 9.6% Cost of properties sold 0.4%

Taxes Breakdown 3.7%

Operating Expenses Headquarters

G&A expenses and some developments

Shopping center

All expenses related to malls, such as brokerage, vacant stores and auditing

Parking

Parking revenue forwarded to the shopping centers’ condominium

Cost of real estate sold

All costs and expenses related to the construction and selling of the real estate projects

Equity in earnings of affiliates

Comes mainly from the results of the Royal Green Península SPE

Amortization

Goodwill from minority acquisitions

Financial expense / revenue

Bank and non-bank debts and interest paid

Depreciation

Malls’ equipments (avg. 5 years) and the malls themselves (avg. 25 years)

Other operating revenues / expenses

Results that do not fit in the ordinary accounts mentioned above Taxes

Minority interest

34.3%

Deferred income and social contribution taxes Income and social contribution taxes

Tax income and social contribution

25% income tax, 9% social contribution

Differed taxes

Taxes related to the Bertolino’s reverse acquisition goodwill

Participation of the minority stockholders

Amount payed to the minority stockholders in consolidated companies

62.0%

* Based on 2008 figures

35

4Q08

Greenfield Ramp-Up

Assumptions of a Shopping Center project

Construction start: 6 months after the launch Construction Duration: 12-24 months (Expansions are usually faster than greenfields) Construction Cost: 3,000-6,000 R$/m² (Vertical Shoppings are more expensive than horizontal Shoppings. The parking may influence this cost) – average of 4,500 R$/m² Land Cost: 0-20,000 R$/m² (Sometimes, expansions account the former land of the shopping center. Hence, the price varies a lot) – average of 1,000 R$/m² Store Mix: 50% satellites in new shopping centers and 70% in expansions (May vary according with the location and purpose). Key money: 0-8,000 R$/m² (Anchors usually do not pay this fee) average of 1.500 R$/m² Standard Key money contracts: 20% on the signature of the contract and the rest in 24 monthly installments, beginning at the signature date. (Multiplan accrues this revenue, in our balance sheet, in 60 monthly installments after the opening). Until this date this amount was accumulated in our deferred income account). Satellites’ Rent: 50-250 R$/² per month, indexed by the IGP-DI with a real increase after the second and forth year, and a double rent in December – average of 80 R$/m² per month (indexed value) Anchors’ Rent: these stores usually pay a percentage over their monthly revenue instead of the base rent. This fact occurs due to the anchors’ rent be four times less than the satellites’ rent – Average of 25 R$/m² per month (indexed by the IGP-DI). Others Revenues: Complementary: 2% of rent, merchandising: 8% of the rent and parking: 10% of the rent. All of these additional revenues are accounted only after the third year, depending on the project. NOI margin: 80-90% - average of 85%. Furthermore, still using this example, one can realize that in the third year there is a stronger increase (10%+2%+8%+10% = 30% + IGP-DI) and in the fifth year, there is a lesser increase of 10%. Multiplan tries to maintain this type of contract when the company has to renew it, thus, keeping both real increases of 10%.This is just an example, for more detailed information and examples, please consult our Earnings. DISCLAIMER: These are only assumptions which may vary significantly from one Shopping Center to another, therefore showing numbers substantially Different from the ones showed above. The company uses this as an example of a greenfield project, but does not consider as a guidance or goal. 36

4Q08

BRAZIL AND SHOPPING CENTER MARKET MULTIPLAN PRESENTATION

OUR PORTFOLIO GROWTH STRATEGY MODELING FINANCIAL AND OPERATIONAL HIGHLIGHTS

37

4Q08

Operational Highlights * Total Sales

Rent Revenue

(R$ ’000)

+ 18.7%

5,069,694

(R$ ’000)

+ 23.3%

+263.8%

+84.3%

239,394

4,272,289 193,079

3,581,348

3,112,137 81,160

2,751,338

2004

2005

2006

2007

2008

Same Store Sales/m²

91,740

2004

2005

2006

2007

2008

Same Store Rent/m² 15.9%

13.9%

14.0%

11.6%

11.4%

10.3%

9.9%

* Considering 100% interest

2Q08

3Q08

4Q08

9.6%

9.0%

10.6%

7.7%

7.9%

1Q08

295,252

2007

2008

1Q08

2Q08

3Q08

4Q08

2007

2008

38

4Q08

Financial Highlights Net Revenue

Adj. Ebitda

(R$ ’000)

+ 22%

+257%

(R$ ’000)

+ 18%

411,231 +354%

336,393 252,970

75,040

55,200

2004

2005

2006

2007

2008

2004

240,599

33,700

2004

2005

+1,454%

2008

209,185

176,007

200,174

101,867

13,460 2006

2007

+ 19%

119,378

23,850

2006

(R$ ’000)

+ 20%

+909%

2005

Adj. Net Income

Adj. FFO (Funds From Operations) (R$ ’000)

212,163 143,804

138,110

115,240

250,621

2007

2008

2004

23,790

2005

2006

2007

2008

39

4Q08

Debt Position Gross Debt/Adjusted EBITDA – Annualized *

Gross Debt (R$ ’000)

371,542 R$ 800 M

7.5 x

R$ 700 M

206,779

207,584

106,127

99,479 108,104

100,652

218,960

R$ 600 M R$ 500 M

1.4 x

R$ 400 M R$ 300 M

152,582

1.2 x

R$ 200 M

1.2 x 0.9 x

1.3 x 0.7 x

1.0 x

1.1 x 2.7 x

0.7 x

0.4 x

R$ 100 M

-

2006

2007

Short Term

2008

Long Term

1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 (#.#x) Gross Debt/Annual EBITDA Debt (Others) IPCA

Net Debt

Amortization Schedule

(R$ ’000)

(R$ ‘000,000)

203,957

195,511

107.4

Loans and financings Obligations for acquisition of goods

45.2

(208,861)

40.1 24.1

2006

2007

* Considering that EBITDA is doubled on December

2008

2009

2010

21.0

24.4

2011

19.6

13.3

2012

18.6

12.2

2013

18.3

18.1

9.2

2014

2015

>=2016

40

4Q08

Main Figures Financials (R$ ’000) Financials (MTE %) Gross Revenue Net Revenue Headquarters Rental Revenue Rental Revenue/m² Adjusted EBITDA Adjusted EBITDA/m² Adjusted EBITDA Margin Shopping EBITDA Shopping EBITDA/m² Shopping EBITDA Margin Adjusted FFO Adjusted FFO/m²

2008 452,914 411,231 (83,051) 295,252 1,139 R$/m² 250,621 967 R$/m² 60.94% 257,569 1,021 R$/m² 73.67% 240,599 928 R$/m²

2007 368,792 336,393 (54,951) 239,394 1,021 R$/m² 212,163 905 R$/m² 63.07% 212,753 925 R$/m² 75.01% 200,174 854 R$/m²

2008 405,103 m² 259,127 m² 465,197 1,148 R$/m² 5,071,404 12,519 R$/m² 13,030 R$/m² 1,034 R$/m² 13.01% 7.99% 5.02% 6.83% 98.16% 3.63%

2007 376,827 m² 234,358 m² 382,790 1,016 R$/m² 4,272,289 11,338 R$/m² 11,810 R$/m² 935 R$/m² 14.90% 8.42% 6.48% 5.20% 97.36% 5.43%

Chg. % ▲22.8% ▲22.2% ▲51.1% ▲23.3% ▲11.5% ▲18.1% ▲6.8% ▼2.1 b.p ▲21.1% ▲10.3% ▼1.3 b.p ▲20.2% ▲8.7%

4Q08 138,129 125,134 (21,792) 97,923 334 R$/m² 79,210 270 R$/m² 63.30% 77,524 307 R$/m² 72.88% 65,815 224 R$/m²

4Q07 112,364 102,170 (17,551) 77,001 327 R$/m² 67,213 286 R$/m² 65.79% 68,615 298 R$/m² 76.24% 68,621 292 R$/m²

4Q08 446,010 m² 293,359 m² 151,724 340 R$/m² 1,650,592 3,701 R$/m² 4,064 R$/m² 333 R$/m² 12.32% 8.07% 4.25% 1.71% 98.30% 3.74%

4Q07 377,884 m² 235,133 m² 121,749 322 R$/m² 1,377,449 3,645 R$/m² 3,768 R$/m² 292 R$/m² 13.41% 8.04% 5.37% 1.67% 96.98% 4.41%

Chg. % ▲22.9% ▲22.5% ▲24.2% ▲27.2% ▲1.9% ▲17.8% ▼5.5% ▼2.5 b.p ▲13.0% ▲2.9% ▼3.4 b.p ▼4.1% ▼23.1%

Performance Performance 100% Adjusted Total GLA (avg.) Adjusted Own GLA (avg.) Rental Revenue Rental Revenue /m² Total Sales Total Sales/m² Same Stores Sales/m² Same Stores Rent/m² Occupancy Costs Rent as Sales % Others as Sales % Turnover Occupancy Rate Delinquency

Chg. % ▲7.5% ▲10.6% ▲21.5% ▲13.0% ▲18.7% ▲10.4% ▲10.3% ▲10.6% ▼190 ▼43 ▼147 ▲163 ▲80 ▼179

b.p b.p b.p b.p b.p b.p

Chg. % ▲18.0% ▲24.8% ▲24.6% ▲5.6% ▲19.8% ▲1.5% ▲7.9% ▲13.9% ▼109 ▲0.0 ▼1.1 ▲0.0 ▲1.3 ▼0.7

b.p b.p b.p b.p b.p b.p

41

4Q08

Glossary Adjusted EBITDA: EBITDA adjusted for the non-recurring expenses with the IPO and restructuring costs. Adjusted Funds from Operations (FFO): sum of adjusted net income, 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 (including deferred taxes). 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 m² to be considered anchors. Base Rent: The minimum rent of a tenant lease contract. If the tenant does not have a base rent, the minimum rent is a percentage of sales. Complementary Rent: The difference between the base 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 base rent. 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. Expected Income: Deferred key money and store buy back expenses. 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. Key Money (KM): Key money is the money paid by a tenant in order to have the right to be in a store. The key money contract when signed is accrued in the expected income account and accounts receivable, but its revenue is accrued in the key money revenue account in linear installments on the term of the leasing contract. Key money from initial leasing is contracts from new stores of green fields or expansions (opened in the last 5 years); ’Operating’ key money from turnover are contracts from stores that are moving in a mall already in operations. 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. Net Operating Income (NOI): Refers to the sum of the operating income (rent revenue and shopping expenses) and income from parking operations (revenue and expenses). Revenue taxes are not considered. The NOI + KM also includes the key money from the contracts signed in the same period. Occupancy: Leased area divided by the total GLA of a mall. Own GLA: or Company's GLA or Multiplan GLA, refers to total GLA weighted by Multiplan’s interest in each mall. Parking: Parking revenue is the total amount (100%) of revenue collected by the shopping centers. The parking expenses is the share of the parking revenue that needs to be passed to the companies partners and condominiums. Potential Sales Volume (PSV) or Total Sell Out: Refers to the total number of units for sale in a real estate development, multiplied by the list price of each. Sales: Sales declared by the stores in each of the malls. Same-Store Rent/m²: Rent earned from stores that were in operation for over a year. Same-Store Sales/m²: Sales of stores that were in operation for over a year. Satellite Stores: Small stores with no special marketing and structural features located around the anchor stores and intended for general retailing.

42

4Q08

IR Contact Armando d’Almeida Neto CFO and Investors Relation Director

Hans Christian Melchers

Planning & Investor Relations Manager

Rodrigo Tiraboschi

Investor Relations Analyst Senior

Franco Carrion

Investor Relations Analyst

Tel.: +55 (21) 3031-5224 Fax: +55 (21) 3031-5322

E-mail: [email protected]

http://www.multiplan.com.br/ri Disclaimer This document may contain prospective statements. which are subject to risks and uncertainties. as they were based on expectations of the Company’s management and on available information. These prospects include statements concerning our management’s current intentions or expectations. Readers/investors should be aware that many factors may mean that our future results differ from the forward-looking statements in this document. The Company has no obligation to update said statements. The words "anticipate“, “wish“, "expect“, “foresee“, “intend“, "plan“, "predict“, “forecast“, “aim" and similar words are intended to identify affirmations. Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results, market share and competitive positioning may differ substantially from those expressed or suggested by said forward-looking statements. Many factors and values that can establish these results are outside the company’s control or expectation. The reader/investor is encouraged not to completely rely on the information above. 43